We analyze how limited contractibility and the informational quality of audits affect inventory levels and the optimality of individual versus team-based production. We use a two-period agency model in which contractibility is limited and agents meet a fixed delivery quota each period. A costly...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>Prior CEO turnover literature characterizes the board's decision as a choice between retaining versus replacing the CEO. We focus instead on the CEO's decision rights and introduce a third option in which the incumbent CEO is removed but retained on the board for an extended period,...

We examine the relation between the quality of corporate governance practices and firm value for Thai firms, which often have complex ownership structures. We develop a comprehensive measure of corporate governance and show that, in contrast to conventional measures of corporate governance, our...