presse@iwh-halle.de
"Energiekrise: Waren die Warnungen vor den Folgen eines Stopps russischer Gaslieferungen übertrieben?"
Oliver Holtemöller
in: Merkur.de, 21. Januar 2023
This paper extends the classic risk-return tradeoff of asset pricing to a risk-effort tradeoff, by assuming that managerial effort is necessary to generate cash flows. Corporate governance standards influence the manager's return to effort, her exposure to corporate risk, and the dilution of shareholder value.
