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Agency Problems and Audit Fees: Further Tests of the Free Cash Flow Hypothesis
This study finds that the agency problems of companies with high free cash flow (FCF) and low growth opportunities induce auditors of companies in the United States to raise audit fees to compensate for the additional ...
Performance and risk aversion of funds with benchmarks: A large deviations approach
Mutual fund performance is often measured relative to a designated benchmark portfolio. This paper provides a simple method of ranking portfolios' probabilities of outperforming a benchmark portfolio. Ranking fund performance ...