Cornelli is at London Business School and CEPR, Kominek is at the European Bank of Reconstruction and Development (EBRD), and Ljungqvist is at New York University Stern School of Business and NBER. The views expressed in this paper are those of the authors and not necessarily of the EBRD. We are grateful to the staff of the EBRD for advice and help with the data, in particular to Erik Berglöf, Gian Piero Cigna, Simon Commander, Henry Potter, and Hans Peter Lankes as well as to members of their respective departments. Thanks for helpful discussions go to Renée Adams, Huasheng Gao, Simon Gervais, Radhu Gopalan, Simon Johnson, Fausto Panunzi, Daniel Paravisini, Antoine Renucci, Geoff Tate, and Alexander Vedrashko. We also thank Cam Harvey (the Editor), two anonymous reviewers, Ashwini Agrawal, Giacinta Cestone, Theo Dimopoulos, William Greene, Denis Gromb, Christopher Hennessy, William Janeway, Dirk Jenter, Marco Manacorda, Holger Mueller, Philipp Schnabl, and Tarun Ramadorai, as well as to audiences at various seminars and conferences. Nelson Costa-Nato provided excellent research assistance and Katrin Robeck provided invaluable help assembling the data while interning at the EBRD. Ljungqvist thanks the Ewing Marion Kauffman Foundation for generous financial support and Cornelli thanks London Business School for a RAMD Research Grant. Part of the research was conducted while Cornelli visited the Einaudi Institute in Rome, whose hospitality is gratefully acknowledged.
Monitoring Managers: Does It Matter?
Version of Record online: 7 MAR 2013
© 2013 the American Finance Association
The Journal of Finance
Volume 68, Issue 2, pages 431–481, April 2013
How to Cite
CORNELLI, F., KOMINEK, Z. and LJUNGQVIST, A. (2013), Monitoring Managers: Does It Matter?. The Journal of Finance, 68: 431–481. doi: 10.1111/jofi.12004
- Issue online: 7 MAR 2013
- Version of Record online: 7 MAR 2013
- Accepted manuscript online: 26 NOV 2012 12:00AM EST
- Initial submission: December 22, 2010; Final version received: July 29, 2012
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