Commitment in Organizations and the Competition for Talent
研究了组织结构从合伙制向公众公司转变如何削弱契约承诺，进而推动高回报高风险投资、提高生产率并加剧收入不平等，与金融部门在21世纪金融危机前的演变一致。
Abstract We show that a change in organizational structure from partnerships to public companies—which weakens contractual commitment—can lead to higher investment in high return-and-risk activities, higher productivity (value added per employee) and greater income dispersion (inequality). These predictions are consistent with the observed evolution of the financial sector where the switch from partnerships to public companies has been especially important in the decades that preceded the 21st Century financial crisis.