Now showing items 1-3 of 3

  • CEO risk incentives and corporate cash holdings 

    Tong, Zhenxu (Wiley-Blackwell, 2010-12)
    We empirically test the risk-reduction hypothesis of the agency theory in the context of corporate cash holdings. Since corporate cash holdings can be viewed as risk-free investments, the risk-reduction hypothesis predicts ...
  • Deviations from optimal CEO ownership and firm value 

    Tong, Zhenxu (Elsevier, 2008-11)
    The transaction cost theory of managerial ownership and firm value predicts that deviations from optimal managerial ownership reduce firm value. This paper empirically tests the transaction cost theory by studying the ...
  • Firm diversification and the value of corporate cash holdings 

    Tong, Zhenxu (Elsevier, 2011-06)
    This paper studies how firm diversification affects the value of corporate cash holdings. We develop four hypotheses based on efficient internal capital market, agency problems, coinsurance effect, and shareholder-bondholder ...