This article provides evidence on the determinants of royalties and upfront fees in share contracts by examining how state franchise termination laws affect franchise contracts. The results are consistent with the joint hypothesis that the two-sided moral hazard model explains the terms in...

This study uses data from hospitals to test the hypothesis that management representation on nonprofit boards leads to "excessive" CEO pay, defined as compensation that exceeds the level predicted by a market wage model. We document a relatively small, but statistically significant, positive...