Zobrazeno 1 - 10
of 35
pro vyhledávání: '"Grzegorz Pawlina"'
It is well documented that since at least the 1970s investment-cash flow (I-CF) sensitivity has been decreasing over time to disappear almost completely by the late 2000s. Based on a neoclassical investment model with costly external financing, we sh
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::0e78793fce67ea972c062949f4842e3e
https://doi.org/10.1017/S0022109023000418
https://doi.org/10.1017/S0022109023000418
Publikováno v:
Lancaster University-Pure
We develop a dynamic model of a firm in which cash management is partially delegated to a self-interested manager. Shareholders trade off the cost of dismissing the manager with the cost of managerial discretion over the use of liquid funds. An impro
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::95e007a619ccc331312cbb1152e82638
https://eprints.lancs.ac.uk/id/eprint/174159/
https://eprints.lancs.ac.uk/id/eprint/174159/
Publikováno v:
SSRN Electronic Journal.
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::86c427f30bd482d41a11151fe24e597d
https://doi.org/10.2139/ssrn.4140922
https://doi.org/10.2139/ssrn.4140922
Publikováno v:
Review of Finance. 20:1013-1043
We present a real options model of a firm’s make-or-buy decision under demand uncertainty. “Making” is subject to decreasing returns to scale, fixed costs, and capital investment. “Buying” happens at a fixed price and requires no investment
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::324d431a3bd06def6d2b77a27d6290be
https://doi.org/10.1093/rof/rfv027
https://doi.org/10.1093/rof/rfv027
Publikováno v:
Journal of Business Finance & Accounting. 38:1016-1052
In this paper we develop a stochastic model for household liquidity. In the model, the optimal liquidity policy takes the form of a liquidity range. Subsequently, we use the model to calibrate the upper bound of the predicted liquidity range. Equippe
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::a70aa7d6b4487b535179eee94f91cd89
https://doi.org/10.1111/j.1468-5957.2011.02248.x
https://doi.org/10.1111/j.1468-5957.2011.02248.x
Autor:
Grzegorz Pawlina
Publikováno v:
Journal of Corporate Finance. 16:679-702
This paper shows that shareholders' option to renegotiate debt in a period of financial distress exacerbates Myers' (1977) underinvestment problem at the time of the firm's expansion. This result is a consequence of a higher wealth transfer from shar
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::15dd2cb4f64faa282959d46e0c7bf69a
https://doi.org/10.1016/j.jcorpfin.2010.06.010
https://doi.org/10.1016/j.jcorpfin.2010.06.010
Autor:
Grzegorz Pawlina, Luc Renneboog
Publikováno v:
European Financial Management. 11:483-513
We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and confirm that investment is strongly cash flow-sensitive. Is this sensitivity a result of agency problems when managers with high discretion overinvest, o
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::c251bf4b16fcfd8bb8e03b5e057d146a
https://doi.org/10.1111/j.1354-7798.2005.00294.x
https://doi.org/10.1111/j.1354-7798.2005.00294.x
Autor:
Grzegorz Pawlina, Peter M. Kort
Publikováno v:
OR Spectrum
In this paper, the impact of product market uncertainty on the optimal replacement timing of a production facility is studied. The existing production facility can be replaced by a technologically more advanced and thus more cost-effective one. Strat
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::37c03c4bdeef19f53b85880862f570d8
https://doi.org/10.1007/s00291-003-0137-3
https://doi.org/10.1007/s00291-003-0137-3
Publikováno v:
Banerjee, S, Gucbilmez, U & Pawlina, G 2014, ' Optimal exercise of jointly held real options : A Nash bargaining approach with value diversion ', European Journal of Operational Research, vol. 239, no. 2, pp. 565–578 . https://doi.org/10.1016/j.ejor.2014.06.004
Banerjee, S, Güçbilmez, U & Pawlina, G 2014, ' Optimal exercise of jointly held real options : a Nash bargaining approach with value diversion ', European Journal of Operational Research, vol. 239, no. 2, pp. 565-578 . https://doi.org/10.1016/j.ejor.2014.06.004
Banerjee, S, Güçbilmez, U & Pawlina, G 2014, ' Optimal exercise of jointly held real options : a Nash bargaining approach with value diversion ', European Journal of Operational Research, vol. 239, no. 2, pp. 565-578 . https://doi.org/10.1016/j.ejor.2014.06.004
This paper provides a two-stage decision framework in which two or more parties exercise a jointly held real option. We show that a single party’s timing decision is always socially efficient if it precedes bargaining on the terms of sharing. Howev
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::af2495631a7a264c9c2ccb0e9d8ca61d
https://hdl.handle.net/20.500.11820/8e483a2b-6464-457a-812d-686e9a9ca3f3
https://hdl.handle.net/20.500.11820/8e483a2b-6464-457a-812d-686e9a9ca3f3
Autor:
Grzegorz Pawlina, Bart M. Lambrecht
Traditional theories of capital structure do not explain the puzzling phenomena of zero-leverage firms and negative net debt ratios. We develop a theory where firms adopt a net debt target that acts as a balancing variable between equityholders and m
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::e9fba312ab0a9476d4f50581df55615f
https://doi.org/10.1093/rof/rfs011
https://doi.org/10.1093/rof/rfs011