We present a general equilibrium-mechanism design model with two-sided limited commitment that accounts for the observed heterogeneity in firms' investment, payout and CEO-compensation policies. In the model, shareholders cannot commit to holding negative net present value projects, and managers...

We extend the neoclassical investment model Hayashi (1982) to allow for limited commitment on compensation contracts. We consider three types of limited commitment: i) managers cannot commit to compensation contracts that provide lower continuation utility than their outside options; ii)...

We develop a firm-dynamics model with moral hazard, which arises because some productivity shocks are privately observed by firm managers only. We characterize the optimal contract and its implications for firm size, growth, and managerial pay-performance sensitivity, which allow us toquantify...

By comparing the impact of two different expansionary education policies in China, namely compulsory education popularization and college enrollment expansion, we test their effects on China’s intergenerational income mobility and find that the impacts of the two policies on intergenerational...

We present a dynamic general equilibrium model with heterogeneous firms. Owners of the firms delegate investment decisions to managers, whose consumption and investment are private information. We solve the optimal incentive compatible contracts and characterize the implied firm dynamics....

"This book provides higher education administration and faculty members with a guide for quality assurance in distance education programs. It also examines the building of a quality online program, thereby providing the field with a practical guide to creating a quality online program, as...

This book introduces 10 mega business trends, ranging from big data to the O2O model. By mining and analyzing mountains of data, the author identifies these 10 emerging trends and goes to great lengths to explain and support his views with up-to-date cases. By incorporating the latest...