The Market for Managerial Labor Services and Capital Market Equilibrium
构建了一个模型，同时分析风险企业线性股份的资本市场和经理人劳动力市场，揭示风险价格如何影响劳动合约，并解释董事会与管理层的职责分工。
This paper presents a model of equilibrium in a capital market for linear shares of risky firms and in a market for managerial labor in which market participants function as both investors and managers. The model yields interesting and relevant equilibrium conditions that integrate earlier separate treatments of the capital market with human capital and the incentive contracting problem regarding shirking. The theory developed here provides a microeconomic explanation of how the price of risk established in the capital market is relevant to the labor contracting problem. The analysis also provides a logical rationale for the division of responsibilities between a board of directors and the management of the firm.