Executive Compensation and the Optimality of Managerial Entrenchment
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Firms are more complicated than standard principal-agent theory allows: firms have assets-in-place; firms endure through time, allowing for the possibility of replacing a shirking manager; firms have many managers, constraining the amount of equity that can be awarded to any one manager; and, a firm
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美国国家经济研究局创建时间：
1996-09-01
