Optimal Climate Change Policies When Governments Cannot Commit
نویسندگان
چکیده
منابع مشابه
When managers cannot commit: Capital structure under inalienable managerial entrenchment
CEOs are infrequently fired for poor performance (Jensen and Murphy, 1990). While financial distress is associated with higher managerial turnover, studies show that incumbent managers often retain control of the firm even in bankruptcy. In this paper, we study how inalienable managerial entrenchment – when it is costly to fire a manager even after poor performance – affects a manager's ability...
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ژورنال
عنوان ژورنال: Environmental and Resource Economics
سال: 2013
ISSN: 0924-6460,1573-1502
DOI: 10.1007/s10640-013-9682-7