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The connection between managerial turnover and switching costs is studied within a model under conditions of declining performance. Utilizing the online decision theory, this paper characterizes optimal managerial turnover policies as a function of the time series properties of performance measure and switching costs. When the owner of an enterprise, e.g. stockholder, is risk aversion, we provide...
In order to maximize portfolio return of a fund which is managed by multi-managers not belonging to a managerial hierarchy in a large investment institution, we introduce a decentralized investment method by which an optimal portfolio and optimal firm utility can be obtained. The analytical result shows that the firm performance with decentralized investment is different from that with centralized...
The determinants of investment decision making under uncertainty have been widespread discussed. Yet it remains few empirical examining focusing on distinct risky investments. By integrating risk aversion and information search aspects and by theorizing the moderator of gender, this study has three contributions: (1) clarifying the likely direct effects of both risk aversion and information searches...
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