Der Schwerpunkt der Literaturdiskussion zu Verrechnungspreissystemenals Instrumente zur Steuerung interner Leistungsverflechtungen liegt auf derBestimmung modelloptimaler Verrechnungspreise. Dieser Beitrag widmet sich einemvorgelagerten Problem: der Gestaltung eines geeigneten...

One might easily gain the impression that the academic work of Professor Erich Guten-berg, whose centenary provides the occasion for this lecture, is outdated and has lost touch with contemporary economic theories of the firm. However, this impression would be wrong, as this paper demonstrates...

The relationship between executive pay and corporate financial performance con-tinues to attract wide academic, media and policy attention. The very high salariesenjoyed by senior executives in corporations primarily in the North American coun-tries are often contrasted with the relatively low...

A model is analyzed in which agents exert effort to create innovations within an organization. When payments are infeasible, the decision on the implementation of a proposal is shown to bemadeby simplemonotonic decision rules. A trade-off arises between the use of information and the incentives...

Performance fees for portfolio managers are designed to align the managers' goals withthose of the investors and to motivate managers to aquire "superior" information and tomake better investment decisions. A part of the literature analyzes performance fees on thebasis of market valuation. In...

This paper deals with a moral hazard problem resulting from a combined hidden action and hidden information situation.

Executive Stock Option Programs (SOPs) have become the dominant compensation instrument for top-management in recent years. The incentive effects of an SOP both with respect to corporate investment and financing decisions critically depend on the design of the SOP. A specific problem in...

Vor dem Hintergrund allgemeiner Bedingungen der Anreizkompatibilität wird für verschiedenen Kapitalmarktmodelle untersucht, ob zwischen den Anteilseignern eines Unternehmens Einmütigkeit besteht und, wenn ja, mit welchem Unternehmensziel der finanzielle Nutzen der Anteilseigner maximiert...

Earnings less riskfree Interest Charge (ERIC) is a new residual income concept forValue Based Management (VBM), which takes the true risk and time preferences ofshareholders into account. In this paper management based on ERIC is discussedfrom a theoretical and from a more practical point of...

If a manager stays in office for a long time he will have learned much about his subordinates. Thus competition among them will be weak as the manager has made up his mind who is suited best for which position. With a new manager the "race" for favorable tasks is restarted leading subordinates...