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Lazear, Edward P. - 1986

Persistent link: https://www.econbiz.de/10012477157

A Comparison of Tournaments and Contracts

Green, Jerry R. - 1982

Tournaments, reward structures based on rank order, are compared with individual contracts in a model with one risk-neutral principal and many risk-averse agents. Each agents' output is a stochastic function of his effort level plus an additive shock term that is common to all the agents. The...

Persistent link: https://www.econbiz.de/10012478271

Venture Capital Contracts

Ewens, Michael - 2019

We estimate the impact of venture capital (VC) contract terms on startup outcomes and the split of value between the … power to receive more investor-friendly terms compared to the contract that maximizes startup values. Better VCs still … certain contract terms benefits entrepreneurs and enables low-quality entrepreneurs to finance their startups more quickly …

Persistent link: https://www.econbiz.de/10012480061

Inventor Moral Hazard in University Licensing : The Role of Contracts

Dechenaux, Emmanuel - 2008

We examine commonly observed forms of payment, such as milestones, royalties, or consulting contracts as ways of engaging inventors in the development of licensed inventions. Our theoretical model shows that when milestones are feasible, royalties are not optimal unless the licensing firm is...

Persistent link: https://www.econbiz.de/10012464422

Contract Renegotiation in Agency Problems

Edlin, Aaron S. - 1997

procedures. A noisy signal, however, means that the optimal contract will involve terms that courts might view as punitive and so …

Persistent link: https://www.econbiz.de/10012472728

Short-Term Contracts as a Monitoring Device

Rey, Patrick - 1993

This paper focuses on two separate problems. The first is that frequently, the most profitable use of funds involves long-term investments, which militiates for long-term debt contracts. The second problem is to monitor the investor's use of funds, as exemplified by the U.S. S&L saga, and we...

Persistent link: https://www.econbiz.de/10012474431

Microequity and Mutuality : Experimental Evidence on Credit with Performance-Contingent Repayment

Cordaro, Francesco; Fafchamps, Marcel; Mayer, Colin P.; … - National Bureau of Economic Research - 2022

We conduct the first field experiment of a performance-contingent microfinance contract. A large food multinational … Kenya, we compare asset financing under a traditional debt contract to three alternatives: (i) a novel equity-like financing … contract, (ii) a hybrid debt-equity contract, and (iii) an index-insurance financing contract. Experimental results reveal …

Persistent link: https://www.econbiz.de/10013388766

Rank-Order Tournaments as Optimum Labor Contracts

Lazear, Edward P. - 1979

This paper analyzes compensation schemes which pay according to an individual's ordinal rank in an organization rather than his output level. When workers are risk neutral, it is shown that wages based upon rank induce the same efficient allocation of resources as an incentive reward scheme...

Persistent link: https://www.econbiz.de/10012478746

Contracting in Peer Networks

DeMarzo, Peter M.; Kaniel, Ron - National Bureau of Economic Research - 2021

single principal commits to a public contract, the optimal contract hedges agents' relative wage risk without sacrificing …

Persistent link: https://www.econbiz.de/10012482596

Contracts and Money

Jovanovic, Boyan - 1996

re-negotiated. Foreseeing this, the parties to the contract will write one that is renegotiation-proof. Under such a … contract, nominal shocks affect real consumption. Since the argument should apply in many situations, it will have …

Persistent link: https://www.econbiz.de/10012473208

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