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Autor:innen: 
Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
Serie Documentos de Trabajo No. 220
Verlag: 
Universidad del Centro de Estudios Macroeconómicos de Argentina (UCEMA), Buenos Aires
Zusammenfassung: 
This paper attempts to make of the standard incremental cash flow model (SICFM) a functional vehicle for coping with conflicts of interest. After outlining the model, residual rights to cash flows are linked to residual risks. Then, the underlying information sets to cash flows are brought to light, stressing the nurturing factors behind conflicts of interest: bounded rationality, asymmetric information, opportunistic behavior and transaction costs. Next, decision rights and organization forms are included into the frame of the paper. Finally, the core subject section shows how incremental cash flows come in handy to root out conflicts of interest, firstly by disclosing the residual information sets that divide managers, stockholders and creditors and, secondly, by advocating the design of ex~ante restrictive covenants on the uses and sources of incremental expected cash flows.
Schlagwörter: 
cash flow
conflict of interest
information set
residual rights
JEL: 
G30
G32
G34
Dokumentart: 
Working Paper

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