CEIS-Tor Vergata is pleased to inform you that, on Friday May 16th, 2014 at 12.00 pm, Giorgia Piacentino (Washington University in St. Louis) will present a paper on “The Wall Street Walk When Investors Compete for Flows†ABSTRACT Effective monitoring by equity blockholders is important for good corporate governance. A prominent theoretical literature argues that the threat of block sale (“exitâ€) can be an affective governance mechanism. Many blockholders are money managers. We show that when money managers compete for investor capital, the threat of exit loses credibility, weakening its governance role. Money managers with more explicitly profit-linked compensation will govern more successfully using exit. When exit complements shareholder voice, these results apply to a wider range of governance activities. Our results link widely prevalent incentives in the money management industry to the nature of corporate governance.​ The Seminar will be held at the Faculty of Economics, University of Rome "Tor Vergata", B-building, 1° floor, room B Please, go to www.ceistorvergata.it for the complete list of seminars and events at CEIS. How to reach us: http://web.uniroma2.it/mobilita/index.html http://www.economia.uniroma2.it/area.asp?a=867 Barbara Piazzi __________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 9787 (20140512) __________ Il messaggio è stato controllato da ESET NOD32 Antivirus. www.nod32.it |
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