Luporini, Annalisa; Graziano, Clara - Dipartimento di Scienze per l'Economia e l'Impresa, … - 2010
The paper analyzes the optimal delegation and ownership structure in a setting where the owner of a firm hires a manager to run the firm and to gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project choice. Profits depend on...