Hori, Keiichi; Osano, Hiroshi - In: Journal of Economic Dynamics and Control 33 (2009) 12, pp. 1962-1980
We explore the timing of the replacement of a manager as an important incentive mechanism, using a real options approach in a situation where the timing of the decision to replace the manager is related to a major change in a firm's strategies that involves spending large amounts of various sunk...
