Milton Harris, Milton Harris, Artur Raviv, Artur Raviv
This paper attempts to explain organization structure based on optimal coordination of interactions among activities. The main idea is that each manager is capable of detecting and coordinating...
A Theory of Board Control and Size (2008)
This article presents a model of optimal control of corporate boards of directors. We determine when one would expect inside versus outside directors to control the board, when the controlling party...
A Theory of Board Control and Size (2006)
This paper presents a model of optimal control of corporate boards of directors. We determine when one would expect inside versus outside directors to control the board, when the controlling party...
We extend the traditional view of corporate boards as monitors to include a role for outside board members as suppliers of expertise or information. Indeed, both outsiders and insiders may have...
Mathematical models for optional insurance policy selection /--Artur Raviv. (1975)
Thesis (Ph. D.)--Northwestern University, 1975.
Allocation of Decision-making Authority
This paper addresses the question of what determines where in a firm’s hierarchy investment decisions are made. We present a simple model of a CEO and a division manager to analyze when the CEO...
The Capital Budgeting Process: Incentives and Information.
The authors study the capital allocation process within firms. Observed budgeting processes are explained as a response to decentralized information and incentive problems. It is shown that these...
The Theory of Capital Structure.
This paper surveys capital structure theories based on agency costs, asymmetric information, product/input market interactions, and corporate control considerations (but excluding tax-based...
Capital Structure and the Informational Role of Debt.
This paper provides a theory of capital structure based on the effect of debt on investors' information about the firm and on their ability to oversee management. The authors postulate that managers...
The Role of Games in Security Design.
We contend that security design should be approached as a problem of game design. That is, contracts should specify the procedures that govern the behavior of contract participants in determining...
Differences of Opinion Make a Horse Race.
A model of trading in speculative markets is developed based on differences of opinion among traders. Our purpose is to explain some of the empirical regularities that have been documented concerning...
Allocation of Decision-making Authority
This paper addresses the question of what determines where in a firm's hierarchy investment decisions are made. We present a simple model of a CEO and a division manager to analyze when the CEO will...