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Milton Harris studies corporate finance and governance and the economics of contracts, especially corporate financial contracts. His current interests include firm cash holdings and bank regulation.
He is also a senior fellow of the Finance Theory Group. Harris has held permanent academic appointments at the J. After graduating from Rice University in with a bachelor's degree in mathematics, Harris worked as a mathematician for the U.
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Naval Research Laboratory until Inhe earned a master's degree in economics from the University of Chicago and received his PhD in with a dissertation entitled "Optimal Visit web page Under Transaction Costs and General Equilibrium. When not working, Harris is an avid skier and pursues his interest in photography.
Corporate finance and governance; economics of contracts, especially corporate financial contracts. Opp and Marcus M. With Artur Raviv, "Corporate Governance: With Artur Raviv, "How to get banks to take less risk and disclose bad news," Journal of Financial Intermediation We develop a model of the composition of credit that transparently identifies features of an economy determining which types of borrowers are primarily affected by changes to bank capital and regulations governing it.
Our theory echoes the complexity of compositional changes, revealing that even increases in capital ratio requirements can locally increase banks' riskiness.
We derive new testable predictions, e. Why Do Firms Sit on Cash?: The purpose of this paper is to build a simple formal model of cash holdings that can explain this and other empirical regularities.
We show that firms with poor growth opportunities and those with excellent opportunities will not hold excess cash, while firms with opportunities in the middle range will hold excess cash.
We derive empirical implications relating excess cash to the extent of asymmetric information, growth opportunities, value of assets in place, and cash holding costs. We explain why many intellectual property contracts are contingent on eventual production or success, even without moral hazard on the part of risk-averse sellers.
In particular, our model predicts that more experienced sellers will be offered a different mix of cash and contingency payments than inexperienced sellers. We also discuss the probability of sales as a function of seller and product characteristics.
Some predictions of the theoretical models are supported by an analysis of screenplay sales data.
Milton Harris | The University of Chicago Booth School of Business
At the same time, regulators complained that banks did not reveal the extent of their difficulties in a timely fashion thus reducing the effectiveness of government intervention to prevent or mitigate the deleterious effects of the financial crisis.
The purpose of this paper is to investigate how regulators can best use certain tools at their disposal to motivate banks to take less risk and to provide adverse information to regulators early.
We show that, in some cases, it is optimal to use both of these tools in combination. That is, in such cases it is optimal to allow equity payouts when banks report they are in trouble, Higher Capital Requirements, Safer Banks? Our analysis shows that increased competition can not only render previously optimal bank capital regulations ineffective but also imply that, over some ranges, increases in capital requirements cause more banks in the economy to engage please click for source value-destroying risk-shifting.
To avoid this perverse outcome, the regulator has to set capital requirements high enough, so that risk-shifting activities become less profitable from a banker's perspective than socially valuable banking activities. Our model generates a set of novel implications that highlight the intricate dependencies between optimal bank capital regulation and the comparative advantages of various institutions in the financial system.
The explanation is based on differences of opinion between buyers and sellers, and reputation building through multiple transactions.
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Our model predicts that more reputable sellers will be offered a very different mix of cash and contingency payments than inexperienced Ratings issued by credit rating agencies serve a dual role: We show that introducing rating-contingent regulation that favors highly rated securities may increase or decrease rating informativeness, but unambiguously increases the volume of highly rated securities.
Control of Corporate Decisions: These efforts have met with mixed success.
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Meanwhile, shareholders have been pressing for changes in the rules governing access to the corporate proxy process, especially in regard to nominating directors. The key issue which these events have brought to light is whether, in fact, shareholders will be better off with enhanced control over We determine when one would expect inside versus outside directors to control the board, when the controlling party will delegate decision-making to the other party, the extent of communication between the parties, and the number of outside directors.
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We show that shareholders can sometimes be better off with an insider-controlled board. We derive endogenous relationships among profits, board control, and the Indeed, both outsiders and insiders may have private information relevant to the decision. Because of the agency problem between managers and owners who are assumed to be represented by the outside directorsneither party will communicate his or her information fully to the other.
Outsiders in our model control agency problems by making some Capital Budgeting and Milton Harris At Asian Dating Spacemov Tv Date Posted: In our model, delegation is a way to save on costly investigation of proposed projects. Therefore, it is more extensive the larger are the costs of such investigations.
This delegation takes advantage of the fact Organization Design Date Posted: The main idea is that each manager is capable of detecting and coordinating interactions only within his limited area of expertise.
Only the CEO can coordinate company-wide interactions. The optimal design of the organization trades off the costs and benefits of various configurations of managers. Our results consist of classifying the characteristics of activities and The model includes two managers, each of whom has private information regarding the outcome of a decision.
Because the preferences of the two managers differ, neither can communicate her information fully to the other. We show that the probability of delegation increases with the importance of That is, contracts should specify the procedures that govern the behavior of contract participants in determining outcomes as well as the allocations resulting from those outcomes.
We characterize optimal contracts in two nested classes: We demonstrate that in situations in which the dependence of contracts on the state is Observed budgeting processes are explained as a response to decentralized information and incentive problems. It is shown that these imperfections can result in underinvestment when capital productivity is high and overinvestment when it is low. We also investigate how the budgeting process may be expected to vary with firm or division characteristics such as investment opportunities and the technology for information transfer.
Course Search Taking Courses at Booth. Join the Chicago Booth Community. Research and Learning Centers George J. Research and Learning Centers James M.
Focus on Your Industry Develop Talent. Conference Facilities Gleacher Center. Biography Publications Working Papers. Other Interests Skiing, photography. Research Activities Corporate finance and governance; economics of contracts, especially corporate financial contracts. For a listing of research publications, please visit the university library listing page.