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Firms, contracts, and financial structure Oliver Hart
Publisher: OUP

"This book, which synthesizes most of Oliver Hart's work since 1980, provides a clear introduction to the modern theory of the firm, and ultimately a very compelling answer to. Hilborn, Robert C., “Sea Gulls, Butterflies, and Grasshoppers: A Brief. Another concern is that the redesign of the CEO contract could be driven by the change in capital structure, not by the strong principal. For those interested in the economics of contracting: Oliver Hart, Firms, Contracts and Financial Structure (1995). In a footnote on page 5 of his 1995 book "Firms Contracts and Financial Structure" Oliver Hart wrote,. This work uses recent developments in the theory of incomplete contracts to analyze a range of topics in organization theory and corporate finance. Herbet Simon, "A Formal Theory of the Employment Relationship," Econometrica, July 1951. I take Oliver Hart's position in his 1995 book on “Firms, Contracts and Financial Structure” and use the terms “power” “authority” and “residual rights of control” interchangeably. Hart, Oliver, Firms, Contracts and Financial Structure, Oxford: Clarendon. But if human capital is so important, elementary property rights economics tells us that workers, not capitalists, should control firms.