Opening the Black Box: Internal Capital Markets and Managerial Power

Material TypeArticleLanguageEnglish
TitleOpening the Black Box: Internal Capital Markets and Managerial Power Author(S)MARKUS GLASER (Author)
Abstract  We analyze the internal capital markets of a multinational conglomerate, using a unique panel data set of planned and actual allocations to business units and a survey of unit CEOs. Following cash windfalls, more powerful managers obtain larger allocations and increase investment substantially more than their less connected peers. ...Paginationp 1577
SubjectEconomicsDescriptorsFinance
Journal TitleThe Journal of Finance  
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