Money burning in subjective evaluation and limited liability: A case for pay for performance
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DOI: 10.1016/j.econlet.2018.11.016
Abstract: Research on subjective evaluation in principal–agent models have shown that the optimal contract should give uniform reward with zero money burning at all but the worst performance. In a static game involving two independent tasks… read more here.
Keywords: limited liability; money burning; money; subjective evaluation ... See more keywords
A tale of unintended consequence: corporate membership in early UK company law
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DOI: 10.1080/14735970.2016.1209803
Abstract: ABSTRACT This article seeks to elucidate the historical basis in UK company law of the right for one company to be a member (i.e. shareholder) of another company and, through this position, benefit from limited… read more here.
Keywords: law; company; limited liability; company law ... See more keywords
The Limits of Limited Liability: Evidence from Industrial Pollution
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DOI: 10.1111/jofi.12978
Abstract: We study how parent liability for subsidiaries' environmental cleanup costs affects industrial pollution and production. Our empirical setting exploits a Supreme Court decision that strengthened parent limited liability protection for some subsidiaries. Using a difference‐in‐differences… read more here.
Keywords: limits limited; liability; limited liability; evidence ... See more keywords