The problems of agency theory related to security valuation are normally discussed in the context of “owner-managers” and “outside shareholders”, and/or equity-holders and debt-holders. In this paper we discuss agency problems that emerge when there is only one shareholder (and no debt), but where the shareholder is a trust with separate income and capital beneficiaries. Trust ownership of this sort is not uncommon. The agency problems emerge as the two classes of beneficiaries have claims on cash flows that occur at different times, with income beneficiaries having claims until “capital” is transferred to the capital beneficiaries. The agency problems that are discussed are dividends, risk shifting, capital structure, cost capitalization, ...
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The Financial Coalition Against Child Pornography ("Coalition") was formed in 2006 to address the al...
Due to the complex structure of certification schemes the risk of flaws and scandals is generally hi...
Political scientists and economists increasingly agree that institutions may influence economic grow...
In the centre of attention of Recovery Plan of the EU for period 2010‐14 are, so called, “smart inve...
How was CSR effectuated by Scandinavian management; does CSR make a difference/corporate relationshi...
Under the EU/IMF Programme for Financial Support for Ireland, the government undertook to consider t...
available at: https://www.law.kuleuven.be/citip/blog/to-retain-or-not-to-retaina-decision-up-to-each...
The financial crisis of 2008-9 has revealed that our broad model of corporate governance is broken, ...
Within the IS security field, employee computer crime has received increased attention. Indeed, a nu...
This Article is about the incentives that motivate the Securities and Exchange Commission (SEC) and ...
This research project examines the extent to which Australian superannuation funds have varied their...
This paper examines theoretical properties of incentive contracts in the hedge fund industry. We sho...
The financial crisis has revealed that the growth regime characterizing the world before 2008 was un...
The Internet operates in a space far removed from Westphalian sovereignty, where mostly self-regulat...
Imagine that you have reached the pinnacle of your career, and you are sitting in the driver’s seat ...
The Financial Coalition Against Child Pornography ("Coalition") was formed in 2006 to address the al...
Due to the complex structure of certification schemes the risk of flaws and scandals is generally hi...
Political scientists and economists increasingly agree that institutions may influence economic grow...