Dynamic agency and investment theory with time-inconsistent preferences

doi:10.1016/j.frl.2016.09.017

CORC > 上海财经大学 > 上海财经大学

	Dynamic agency and investment theory with time-inconsistent preferences
	Liu, Bo 1; Mu, Congming 2; Yang, Jinqiang 3
刊名	FINANCE RESEARCH LETTERS
	2017-02
卷号	20 页码:88-95
关键词	Principal-agency problem q Theory Under-investment Time-inconsistent preferences Cash payout
ISSN号	1544-6123
DOI	10.1016/j.frl.2016.09.017
英文摘要	We incorporate managers' time-inconsistent preferences into the DeMarzo et al. (2012) model of dynamic agency and the q theory of investment. Our model provides an alternative explanation for underinvestment from the perspective of managers' time inconsistency. It also shows that firms prefer delaying a cash payout due to managers' time inconsistent preferences, and the corresponding distorted investment and payout decisions significantly decrease a firm's average q and marginal q. (C) 2016 Elsevier Inc. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ACADEMIC PRESS INC ELSEVIER SCIENCE
WOS记录号	WOS:000393720200012
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1040]
专题	上海财经大学
通讯作者	Liu, Bo
作者单位	1.Univ Elect Sci & Technol China, Sch Management & Econ, Chengdu 611731, Sichuan, Peoples R China; 2.Shanghai Univ Finance & Econ, Sch Finance, Shanghai 200433, Peoples R China; 3.Shanghai Univ Finance & Econ, Shanghai Key Lab Financial Informat Technol, Sch Finance, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Liu, Bo,Mu, Congming,Yang, Jinqiang. Dynamic agency and investment theory with time-inconsistent preferences[J]. FINANCE RESEARCH LETTERS,2017,20:88-95.
APA	Liu, Bo,Mu, Congming,&Yang, Jinqiang.(2017).Dynamic agency and investment theory with time-inconsistent preferences.FINANCE RESEARCH LETTERS,20,88-95.
MLA	Liu, Bo,et al."Dynamic agency and investment theory with time-inconsistent preferences".FINANCE RESEARCH LETTERS 20(2017):88-95.