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This article provides evidence that managers have private information they exploit for financial gain at the expense of shareholders. It develops a model of optimal contracting to show that moral hazard, hidden actions taken by agents, can rationalize why a principal would optimally induce...
Persistent link: https://www.econbiz.de/10003892354
Persistent link: https://www.econbiz.de/10011431546
This article provides evidence that managers have private information they exploit for financial gain at the expense of shareholders. It develops a model of optimal contracting to show that moral hazard, hidden actions taken by agents, can rationalize why a principal would optimally induce...
Persistent link: https://www.econbiz.de/10013149928