Barcena-Ruiz, Juan Carlos; Espinosa, Maria Paz - In: Bulletin of Economic Research 52 (2000) 2, pp. 175-80
This note reinforces the results in a paper by Sen (1993). It is shown that his assumption that the incentive schemes in a two-period model are the same for the two periods is not necessary for the results: only the long-term nature of contracts with managers matters. Copyright 2000 by Blackwell...
