This paper studies hierarchical organizations where concerns for fast execution are important and employees must be coordinated to avoid wasteful duplications of effort. Simple conditions are provided for the time spent on coordinating subordinates to be increasing and the span of control to be...

Limited liability is a key attribute of the corporate form and one of the most important institutional innovations of the nineteenth century. However, when the owner of a corporation is another corporation as in many corporate groups, an important justification for limited liability—to protect...

Limited liability is a key attribute of the corporate form and one of the most important institutional innovations of the nineteenth century. However, when the owner of a corporation is another corporation as in many corporate groups, an important justification for limited liability--to protect...