-world multidivisional firms: Operative decisions are in the hands of middle managers who are rewarded with incentive contracts based on the … performance of their units; Managers' decisions are subject to approval and intervention by the top management of the firm; and … managers are better informed regarding the affairs of their divisions than their superiors in the firm's hierarchy. In this …

managers. We question this view within its own analytical framework by studying, in a principal-agent model, the effects of … diversion overlooks a significant cost of such behavior. Many common modes of compensation can provide managers with incentives …

executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution …

Incentive fees for money managers are frequently accompanied by high-water mark provisions that condition the payment … performance fees are valuable to money managers, and conversely, represent a claim on a significant proportion of investor wealth …

through time, allowing for the possibility of replacing a shirking manager; firms have many managers, constraining the amount …