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School Research Seminar Series - Corporate Governance and the Efficiency of the Internal Capital Markets

7 May 2014

Time: 1:00 - 2:00pm
Venue: FB 1.15, 4th Floor Bancroft Building, Mile End Campus, E1 4NS

Speaker

Oktay Urcan – London Business School

Research themes

Globalisation; Business Eco-systems , Behavioural Finance Working Group

Abstract

We examine how governance properties within a business group determine the efficiency of resource allocation across its subsidiaries. Using ORBIS data that allows us to capture corporate governance at the parent level as well within the business group, we test Scharfstein and Stein (2000)’s prediction that agency conflicts in the lower tiers of the business structure also play an important role in shaping the efficiency of internal capital markets. Our findings are consistent with this prediction.

Brief Bio

Oktay Urcan is an Assistant Professor of Accounting at London Business School. He received his PhD in Accounting from University of Texas, USA and joined LBS in 2007. He completed his undergraduate studies in Business Administration at Bogazici University, Turkey in 2002. His research interests are in debt market relevance of accounting information and voluntary accounting disclosures. He is a member of the American Accounting Association and American Finance Association


*Chaired by Professor Gulnur Muradoglu
* Lunch from 12:30pm in the kitchen

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