EINLADUNG
Sehr geehrte Damen und Herren,
wir laden Sie herzlich zum VOSTA Freitagsseminar mit Herrn Michel A. Habib, Universität Zürich, mit
dem Titel "Principle or Opportunism? Discretion, Capital and Incentives" ein.
Termin:
Freitag, 18. Jänner 2019 um 11.00 Uhr
Ort:
Oesterreichische Nationalbank
Veranstaltungssaal, Erdgeschoss
Otto-Wagner-Platz 3
1090 Wien
Abstract:
When should shareholders afford a manager the discretion to be opportunistic and when should they constrain him to be principled? We show that discretion is associated
with lower powered incentives than is constraint: opportunism may put shareholder capital at risk; shareholder can lessen that risk by lowering the power of managerial incentives, thereby decreasing the manager's incentives to spurn principle for opportunity.
We further show that the cost of capital plays a central role in favoring discretion over constraint: the use of capital constitutes an externality; when the cost of capital is low, the externality is of relatively little importance, and the manager is afforded
the discretion to be opportunistic.
Um Ihre verlässliche
An- bzw. Abmeldung ersuchen wir bis
Dienstag, 15. Jänner 2019, unter
event-management@oenb.at.
Mit freundlichen Grüßen
Event-Management
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