The increasing importance of intangible assets in modern economies is driving companies to include measures of intangible assets in managerial performance evaluations. For the multiperiod principal-agent model analyzed in this paper, a manager must be motivated to invest in intangible assets...

In a SPAC transaction, a sponsor raises financing from investors using redeemable shares and rights. When investors are sophisticated, these features dilute the sponsor’s stake and can lead to underinvestment in efficient projects, but may be useful in separating good projects from bad ones....