英语翻译Harvey et al adopted a refined setting.In particular,they focused on emerging markets and international debt markets.In emerging markets,managers and families routinely employ pyramid ownership structures to give themselves control rights
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英语翻译Harvey et al adopted a refined setting.In particular,they focused on emerging markets and international debt markets.In emerging markets,managers and families routinely employ pyramid ownership structures to give themselves control rights
英语翻译
Harvey et al adopted a refined setting.In particular,they focused on emerging markets and international debt markets.In emerging markets,managers and families routinely employ pyramid ownership structures to give themselves control rights that far exceed their proportional cash flow ownership,and consequently there potentially exist extreme agency costs.Also,in international debt markets,financial disclosure standards are higher,creditor rights are more effective and environment for monitoring is better,with respect to domestic debt markets.Taking together,if debt can mitigate the agency cost,the results are manifested in above mentioned refined setting.
英语翻译Harvey et al adopted a refined setting.In particular,they focused on emerging markets and international debt markets.In emerging markets,managers and families routinely employ pyramid ownership structures to give themselves control rights
哈维等人采取了完善的设置.特别是,他们侧重于新兴市场和国际债务市场.在新兴市场,经理人员和家属定期聘请金字塔的所有制结构,使自己的控制权远远超过其比例的现金流量的所有权,因此有可能存在着极端的代理成本.此外,在国际债务市场,金融的披露标准较高,债权人的权利,更有效和环境监测,是更好的,恕我直言,以国内债务市场.以两者合计,如果债务可以减轻代理成本,结果是体现在上述精制设置.