This article characterizes the properties of the compensation scheme of delegated portfolio management that would lead to the selection of high risk-high return portfolios. In particular, it provides conditions under which a non-monotone payment structure emerges as an optimal contract, which...

Este artículo estudia el efecto de los componentes de corto y de largo plazos de la compensación gerencial en la relación entre la remuneración de los ejecutivos y el desempeño de la empresa. Propone un modelo dinámico de agencia con acumulación de capital para representar el proceso de...

One of the main characteristics of French worker cooperatives is the principle of collective entrepreneurship. The aim of this article is to understand how it is applied, and in particular, how the board of directors and the managing director work together. To answer this question, an...