Costly Contracting and Optimal Payout Constraints

Authors

  • KOSE JOHN,

  • AVNER KALAY

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    • New York University. We wish to thank Sudipto Bhattacharya, Ernest Bloch, Han Kim, Jan Mossin, Sang Park, Ron Singer and Marti Subrahmanyam, for helpful discussions. We are also grateful to the participants of the Finance Seminar at New York University. This work was supported by a faculty research grant from the Graduate School of Business Administration, New York University.

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