still benefits from the increase in the merged firm's total value. Moreover, given that the managers are compensated … according to an identical linear incentive scheme, the optimal shareholder policy always entails a corner solution. Managers …

goods and externalities - III. Efficiency analysis - IV. Fiscal competition and optimality. … processes for public and private goods - II. Environment, public goods and externalities - III. Efficiency analysis - IV. Fiscal …-type processes to determine feasible paths to efficiency and coalitional stability - CLIMNEG World Simulation model to explore …

lens of effort incentives-risk premium trade-offs derived from classical principal-agent theory. In contrast, the recent … competitors to assess a firm’s strategic direction, and for investors to hold managers accountable for strategy execution …

satisfy self-selection constraints and first-best incentives. This paper demonstrates that efficiency can be achieved by a …