Nottingham University Business School
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Jiannan Luo

BA Business Studies (Manchester) Msc Finance (Manchester

Room: A2 (South Building)
Tel: +44 (0) 115 8467995

Current Status: Completed
Year of Registration: 2011
Expected Completion Date: /09/2014

Primary Funding Source:

Research Topic:
Managerial Entrenchment and Debt maturity Structure Evidence from The US

Research Details:
This paper studies how debt maturity structures can be impacted by self-interested managers who are likely to entrench themselves against pressure from internal and external corporate governance mechanisms. In this research, managerial entrenchment is the same concept appearing in Berger, Ofek and Yermack (1997), in which entrenched managers fail to experience discipline from the full range of corporate governance and control mechanisms, including monitoring by the board, the threat of dismissal or takeover and compensation-based incentives. I hypothesise that there is a positive relation between managerial entrenchment and debt maturity and I test this prediction using two different measures of managerial entrenchments, which are the governance index used by Gompers, Ishii and Metrick (2003) and another entrenchment index used by Bedchuck (2009).

Research Supervisor/s: Stephen Thompson and Ye Bai

Division: Industrial Economics and Finance

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