Reduction of Outcome Variance: Optimality and Incentives*

The Pricing of Options and Corporate Liabilities

1973 • 29,036 citations

Moral Hazard and Observability

1979 • 8,356 citations

Financial Intermediation and Delegated Monitoring

1984 • 8,226 citations

Good News and Bad News: Representation Theorems and Applications

1981 • 3,218 citations

The effect of bonus schemes on accounting decisions

1985 • 3,078 citations

The effects of bonus schemes on accounting decisions

2011 • 2,891 citations

Risk Reduction as a Managerial Motive for Conglomerate Mergers

1981 • 2,850 citations

An Analysis of the Principal-Agent Problem

1992 • 2,102 citations

An Analysis of the Principal-Agent Problem

1983 • 2,019 citations

Incentive-Compatible Debt Contracts: The One-Period Problem

1985 • 1,888 citations

An Analysis of the use of Accounting and Market Measures of Performance in Executive Compensation Contracts

1987 • 1,102 citations

Sensitivity, Precision, and Linear Aggregation of Signals for Performance Evaluation

1989 • 917 citations

Managerial Incentives and Corporate Investment and Financing Decisions

1987 • 700 citations

Justifying the First-Order Approach to Principal-Agent Problems

1988 • 527 citations

Economically Optimal Performance Evaluation and Control Systems

1980 • 375 citations

Long-Term Contracts and Moral Hazard

1983 • 335 citations

Information and Incentives: The Agency Information Problem

1982 • 193 citations

Communication in Agencies

1981 • 167 citations

Ability, Moral Hazard, Firm Size, and Diversification

1988 • 131 citations

Managerial discretion in the choice among financial reporting alternatives

1986 • 101 citations

Optimal Managerial Incentive Contracts and the Value of Corporate Insurance

1987 • 83 citations

Variance Investigation in Agency Settings

1985 • 51 citations