We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to …. Severance pay plays a key role in the optimal compensation scheme. Delegation is interpreted as a dual-board structure. …

example of a “delegation-scheme.” Conversely, project aid represents a more “centralized” type of aid. According to the theory … of policies should be increased (delegation). Conversely, there should be less freedom in designing policies when donors …

directed tax incentives lead to different cultural landscapes. Theories of delegation suggest delegating the judgement on …

rigid, non discretionary contracts. Delegation grants some flexibility in the choice of the action by the agent, but also … play then an important role in determining the costs of delegation. The main focus of the paper lies indeed in the analysis … of these costs and the consequences for whether or not delegation is optimal.We determine and characterize the properties …

agency bias we expect delegation to dominate. Controlling for economic and political factors, our empirical tests show that …

relates to the candidates’ ‘type’. Delegation is then superior to direct (owner) recruitment and offering ‘tenure’ or …

Using an agency model, we show how delegation, by generating additional private information, improves dynamic … effect which reduces an inefficient agent’s take-the-money-and-run incentive. Although delegation entails a loss of control …, it is optimal when uncertainty about operational efficiency is large. Moreover, delegation is more effective with …