Wang, Xiaozu; Zhu, Tian - In: Annals of Economics and Finance 5 (2004) 1, pp. 47-59
In this paper, we show that although ex ante equityholders would like to adopt an optimal displacement and operating policy, they may not have incentives to implement such a policy ex post when the manager acquires firmspecific human capital and becomes indispensable to the firm¡¯s continued...
