Product-Market Competition and Managerial Slack
分析产品市场竞争对管理层激励的影响，发现竞争可能加剧激励问题，与Hart(1983a)结论相反，差异源于对管理层偏好的不同假设。
This article analyzes the effect of product-market competition on managerial incentives. In contrast to Hart (1983a), I show that competition may actually exacerbate the incentive problem. The difference in results derives from our different assumptions about managerial preferences. The importance of assumptions about preferences suggests that we do not yet understand the precise mechanism through which competition affects incentives.