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Definition of Underinvestment problem
The mirror image of the asset substitution problem, wherein stockholders refuse
Conflicts of interest among stockholders, bondholders, and managers.
Conflicts of interest between the firm’s owners and managers.
Arises when the stockholders substitute riskier assets for the firm's existing
Idea that future replacement decisions must be taken into account in selecting
A grouping of sales producers according to region. Compare with Branch.
A form of organization commonly used by foreign banks to enter the U.S. market. An agency
A means of compensating the broker of a program trade solely on the basis of commission
The argument that specifies that the various agency costs create a complex environment in
The incremental costs of having an agent make decisions for a principal.
Mortgage pass-through securities whose principal and interest payments are
The analysis of principal-agent relationships, wherein one person, an agent, acts on behalf of
Securities issued by corporations and agencies created by the U.S. government,
An alternative to a bond trust deed. Unlike the trustee, the fiscal agent acts as an
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