Showing 1 - 9 of 9
Persistent link: https://www.econbiz.de/10003885803
Persistent link: https://www.econbiz.de/10003887080
Persistent link: https://www.econbiz.de/10003902824
Persistent link: https://www.econbiz.de/10010219864
Persistent link: https://www.econbiz.de/10003967290
Persistent link: https://www.econbiz.de/10003967790
Contracts in a dynamic model must address a number of issues absent from static frameworks. Shocks to firm value may weaken the incentive effects of securities (e.g. cause options to fall out of the money), and the impact of some CEO actions may not be felt until far in the future. We derive the...
Persistent link: https://www.econbiz.de/10012463326
Contracts in a dynamic model must address a number of issues absent from static frameworks. Shocks to firm value may weaken the incentive effects of securities (e.g. cause options to fall out of the money), and the impact of some CEO actions may not be felt until far in the future. We derive the...
Persistent link: https://www.econbiz.de/10013156534
We study a principal-agent setting in which both sides learn about future profitability from output, and the project can be abandoned/terminated if profitability is too low. With learning, shirking by the agent both reduces output and lowers the principal's estimate of future profitability. The...
Persistent link: https://www.econbiz.de/10011864825