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Managerial Contracts and the Retention Motive
出版SSRN, 2019
URLhttp://books.google.com.hk/books?id=j-bizwEACAAJ&hl=&source=gbs_api
註釋Talented managers may leave the firm in order to work elsewhere. Focusing on the portability of managers-resources, we develop a model in which managerial compensation is designed to prevent inefficient departure. The model rationalizes the widespread use of flat salaries in combination with performance-vesting stock options and is consistent with observed differences in compensation contracts across individuals, firms, industries, and countries.