Acharya, Viral V. (contributor); Bisin, Alberto (contributor) - 2002 - [Elektronische Ressource]
market clearing, but they also efficiently align the objectives
of management and stockholders with those of the constrained … is management-controlled.
We concentrate on owner-managed firms for most of the paper. We show in Section 6 that
our … is unobservable
Corporations Investors choose All agents including Managers choose
(Management– fraction w to retain …