Reiss, J. Philipp; Wolff, Irenaeus - Thurgauer Wirtschaftsinstitut an der Universität Konstanz - 2011
experiment with four types of contracts (standard debt contract, outside equity, non-monotonic contract, full-subsidy contract …. Theoretically the replacement of a standard debt contract by a repayment-equivalent non-monotonic contract reduces effort …-monotonic-contracts hypothesis: we find that the replacement of a standard debt contract by a repayment-neutral non-monotonic contract increases …