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Binary payment schemes: moral hazard and loss aversion
Herweg, Fabian; Müller, Daniel; Weinschenk, Philipp - 2010
according to Köszegi and Rabin (2006, 2007). The optimal contract is a binary payment scheme even for a rich performance measure …. Moreover, for diminutive occurrence probabilities for all signals the agent is rewarded with the fixed bonus if his performance …
Persistent link: https://www.econbiz.de/10008662594
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Binary Payment Schemes : Moral Hazard and Loss Aversion
Herweg, Fabian - 2010
according to Köszegi and Rabin (2006, 2007). The optimal contract is a binary payment scheme even for a rich performance measure …. Moreover, for diminutive occurrence probabilities for all signals the agent is rewarded with the fixed bonus if his performance …
Persistent link: https://www.econbiz.de/10013137958
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Merger performance and managerial incentives
Kräkel, Matthias; Müller, Daniel - 2014
We consider a two-stage principal-agent model with limited liability in which a CEO is employed as agent to gather information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that the CEO systematically recommends targets with low...
Persistent link: https://www.econbiz.de/10011430291
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Merger efficiency and managerial incentives
Kräkel, Matthias; Müller, Daniel - 2013
We consider a two-stage principal-agent model with limited liability in which a CEO is employed as agent to gather information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that the CEO systematically recommends targets with low...
Persistent link: https://www.econbiz.de/10010198514
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Bad mergers revisited : an incentive perspective ; conference paper
Kräkel, Matthias; Müller, Daniel - 2013
We consider a two-stage principal-agent model with limited liability in which a CEO is employed as agent to gather information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that the CEO systematically recommends targets with low...
Persistent link: https://www.econbiz.de/10010340013