Please use this identifier to cite or link to this item:
https://hdl.handle.net/2440/121699
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Type: | Journal article |
Title: | Incentives for research agents and performance-vested equity-based compensation |
Author: | Shan, Y. |
Citation: | Journal of Economic Dynamics and Control, 2019; 102:44-69 |
Publisher: | Elsevier |
Issue Date: | 2019 |
ISSN: | 0165-1889 1879-1743 |
Statement of Responsibility: | Yaping Shan |
Abstract: | This paper studies the agency problem between a firm and its research employees in a dynamic optimal contracting setting. We implement the optimal contract by a risky security, which can be created using the equity of the firm, and a sequence of performance-based holding requirements. This result provides a rationale for using performance-vested equity-based compensation in R&D-intensive start-up firms. |
Keywords: | Performance-vesting provisions; dynamic contract; R&D |
Rights: | © 2019 Elsevier B.V. All rights reserved. |
DOI: | 10.1016/j.jedc.2019.02.007 |
Published version: | http://dx.doi.org/10.1016/j.jedc.2019.02.007 |
Appears in Collections: | Aurora harvest 8 Economics publications |
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hdl_121699.pdf | Submitted version | 577.7 kB | Adobe PDF | View/Open |
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