Abigail S. Hornstein
Wesleyan University
Network
Latest external collaboration on country level. Dive into details by clicking on the dots.
Publication
Featured researches published by Abigail S. Hornstein.
Journal of Economics and Management Strategy | 2011
Abigail S. Hornstein; Minyuan Zhao
Firms must overcome agency and information asymmetry problems to make efficient corporate capital budgeting decisions; this is particularly true for firms with multiple units dispersed across geographic locations. Internal communication and coordination may therefore be crucial in reducing information asymmetry and achieving efficient resource allocation. We examine the relationship between corporate capital budgeting decisions and the degree of internal information sharing using a dataset of 342 U.S. firms from 1993 to 2002. Information sharing is measured by the internal linkages observed in firms’ research and development (R&D) activities worldwide. The efficiency of a firm’s capital budgeting decisions is measured by the deviation of the firm’s estimated marginal q from the theoretical tax-adjusted benchmark. We observe a significant relationship between value-enhancing capital budgeting decisions and stronger internal linkages. Specifically, corporate over-investment is significantly reduced with better information sharing across units. All results are robust to firm- and industry–level controls.
Journal of Empirical Finance | 2009
William H. Greene; Abigail S. Hornstein; Lawrence J. White
Economics Letters | 2012
Abigail S. Hornstein; William H. Greene
Journal of Corporate Finance | 2013
Abigail S. Hornstein
International Review of Financial Analysis | 2014
Abigail S. Hornstein; Zachary Nguyen
China Economic Review | 2014
Abigail S. Hornstein
Journal of Comparative Economics | 2011
Abigail S. Hornstein
Archive | 2013
Abigail S. Hornstein; James Hounsell
Strategic Management Journal | 2018
Abigail S. Hornstein; Minyuan Zhao
China Economic Review | 2017
Abigail S. Hornstein