IE University

About: IE University is a education organization based out in Segovia, Castilla y León, Spain. It is known for research contribution in the topics: Corporate governance & Context (language use). The organization has 527 authors who have published 1709 publications receiving 64682 citations.

Portfolio Delegation Under Short-Selling Constraints

Abstract: In this paper we study delegated portfolio management when the manager's ability to short-sell is restricted. Contrary to previous results, we show that under moral hazard, linear performance-adjusted contracts do provide portfolio managers with incentives to gather information. We find that the risk-averse manager's effort is an increasing function of her share in the portfolio's return. This result affects the risk-averse investor's choice of contracts. Unlike previous results, the purely risk-sharing contract is now shown to be suboptimal. Using numerical methods we show that under the optimal linear contract, the manager's share in the portfolio return is higher than what it is under a purely risk sharing contract. Additionally, this deviation is shown to be: (i) increasing in the manager's risk aversion and (ii) larger for tighter short-selling restrictions. As the constraint is relaxed the deviation converges to zero.

Entrepreneurs' Perceptions of Success: Examining Differences Across Gender and Family Status

Abstract: Our study examines to what extent female and male entrepreneurs differ in the way they perceive and assess entrepreneurial success, measured by extrinsic or intrinsic dimensions. Our results indicate a number of similarities between men and women entrepreneurs but also reveal interesting gender-based differences related to family status. Rather than assuming that women entrepreneurs are a homogeneous group, we found that family factors, and especially parental status, play a key role in shaping fundamentally different perceptions of entrepreneurial success amongst different types of women entrepreneurs. In particular, women entrepreneurs with dependent children placed more emphasis on independence as a measure of success than other types of entrepreneurs.

The History of Management Accounting in France, Italy, Portugal, and Spain

Abstract: Historical research has shown the influence of environmental contexts on the design and functioning of management accounting systems. In contrast to the relatively competitive settings that witnessed the emergence of cost systems in Anglo-American settings, the focal countries of this chapter featured inter alia the imposing role of religious and social philosophers’ ideas on society as well as distinctive degrees of state intervention in the economy. In these contexts, firms implemented costing practices at patterns that differ from those reported for Anglo-American organizations. In particular, the studies reviewed in this chapter question traditional contentions that double-entry bookkeeping spread from the fifteenth through the eighteenth centuries and that cost calculations have been implemented only since the advent of the British Industrial Revolution. Furthermore, the emergence of costing practices in the focal countries of this chapter reveals extensive reliance on the notion of public good rather than on the idea of profit. Finally, the findings of this chapter to some extent question the conventional wisdom stating that standards applied first to raw materials and only later to the labour force. The chapter also outlines some suggestions for future research in these settings.