Anderson, Ronald W. (contributor); … - 2001 - [Elektronische Ressource]
�ows, they may �re old management and hire
new ones to run the assets in place. Alternatively, shareholders can liquidate … entrepreneur, outside managers, and
investors. All parameter values are common knowledge, but cash �ows are non-
contractible. The …' incentive compatibility constraint imposes a lower
bound on y
2
.
To get the sitting management to pay out y
2
�
2
at every date …