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Renegotiation, investment horizons, and managerial discretion

Abstract:

In this article, the authors show that the evolution of managerial entrenchment can distort investment horizons. Both myopic and hypermetropic distortions can arise. The direction of these distortions is determined by the locus of control and their pervasiveness by the degree of management entrenchment. Myopic distortions occur when shareholders directly determine investment policy. Hypermetropic distortions occur when management sets investment policy. The inherent hypermetropic bias of mana...

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Publication date:
1997-01-01
UUID:
uuid:4aa63383-3ac7-4523-b569-e9bc30856eac
Local pid:
oai:eureka.sbs.ox.ac.uk:1131
Deposit date:
2011-11-11

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