Choi, Yoon K; Merville, Larry J - In: Review of Quantitative Finance and Accounting 10 (1998) 2, pp. 127-54
The purpose of this paper is to unify corporate acquisitions and divestitures (e.g., spin-offs, equity carve-outs and sell-offs) into a simple but comprehensive agency model where risk and managerial incentives interact to determine an optimal corporate governance and an incentive compensation...