The Limited Liability Company Experiment: Unlimited Flexibility, Uncertain Role
نویسندگان
چکیده
منابع مشابه
Portfolio Delegation with Limited Liability
We consider the portfolio delegation problem in a world with potentially incomplete contingent claim markets. A principal hires an agent to manage a portfolio. When the agent has limited liability (that is, there is a lower bound on the compensation contract), she may have an incentive to take on excessive risk. With complete markets, the precise nature of the risk the agent may take on is a la...
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Several empirical findings have challenged the traditional view on the trade-off between risk and incentives. By combining risk aversion and limited liability in a standard principal-agent model the empirical puzzle on the positive relationship between risk and incentives can be explained. Increasing risk leads to a less informative performance signal. Under limited liability, the principal may...
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Likely driven by continuing health reform efforts and the flight of physicians from administrative detail and operating risk, statistics indicate that the number of physicians in private practice has declined notably over the past 10 years. By the time the Affordable Care Act was upheld by the U.S. Supreme Court on June 28, 2012, at least one industry source was estimating that the number of ph...
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ژورنال
عنوان ژورنال: Law and Contemporary Problems
سال: 1995
ISSN: 0023-9186
DOI: 10.2307/1192149