well as endogenous intensity of competition: firms in high risk industries reduce their riskiness by competing less than … firms in low risk industries. Empirical evidence on product differentiation, R\&D expenses, B/M ratios, and market beta is …

This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a … variable payments. The degree of competition then determines the structure of these contracts. Three regions can be … distinguished: For low competition, low-ability agents are under-incentivized and exert too little effort. For high competition …