haku: @author Pong Wong, K. / yhteensä: 2
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| Tekijä: | Chan, D. K. Pong Wong, K. |
| Otsikko: | CVP under uncertainty and the manager‘s utility function revisited |
| Lehti: | Review of Quantitative Finance and Accounting
1999 : MAR, VOL. 12:2, p. 159-170 |
| Asiasana: | Costs Profit Risk aversion Managers Uncertainty Models |
| Vapaa asiasana: | Cost-volume-profit analysis Conflict of interest |
| Kieli: | eng |
| Tiivistelmä: | In this paper, the model of Kim, Abdolmohammada and Klein (KAK, 1996) is re-examined. In the model, firm's owners delegate the production decision to a risk-averse manager. Conflict of interest btw. the manager and owners emerges as the manager maximizes the expected utility of his / her own wealth rather than that of the firm's profits. The paper shows that the KAK results on the expected contribution margin and the excess return on the risky asset are flawed. |
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