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1、bri75829_ch10.qxd8/13/087:15PMPage313IncentiveConflictsandContractsCHAPTER10CHAPTEROUTLINEFirmsIncentiveConflictswithinFirmsOwner-ManagerConflictsOtherConflictsControllingIncentiveProblemsthroughContractsCostlessContractingCostlyContractingandAsymmetricInformationPostcontractualInfo
2、rmationProblemsPrecontractualInformationProblemsImplicitContractsandReputationalConcernsIncentivestoEconomizeonContractingCostsSummaryneofthelargesttakeoversinhistoryoccurredin1988—thepurchaseofRJR-NabiscobyKohlberg,Kravis,Roberts&Company.PublicaccountsOreportlavishexpendituresa
3、nddecisionsofquestionablemeritbyRJRexec-utivesprecedingthetakeover.Forexample,BurroughandHelyarintheirbestsellerBarbariansattheGatewrite,Itwasnolie.RJRexecutiveslivedlikekings.Thetop31executiveswerepaidatotalof$14.2million,oranaverageof$458,000.SomeofthembecamelegendsattheWaverl
4、yfordispensing$100tipstotheshoeshinegirl.[Ross]Johnson’stwomaidswereonthecompanypayroll.Noexpensewasspareddecoratingthenewheadquarters,highlightedbythetop-floordigsofthetopexecutives.Itwas,literally,thesweetlife.Acandycartcamearoundtwiceadaydroppingoffbowlsofbonbonsateachfloor’sre
5、ceptionareas.NotBabyRuthsbutfineFrenchconfections.Theminimumperksforevenlowlymiddlemanagerswasoneclubmembershipandonecompanycar,worth$28,000.Themaximum,asnearlyasanyonecouldtell,wasJohnson’stwodozenclubmembershipsandJohnMartin’s$105,000Mercedes.Inaddition,itappearsthatmajorinvest
6、mentdecisionsatRJRoftenweredrivenbythepreferencesofmanagersratherthanbyvaluemaximization.Forinstance,RossJohnson,chiefexecutiveofficerofRJR,reportedlycontinuedtoinvestmillionsofdollarsinde-velopingasmokelesscigarettelongafteritwasobviousthattheprojectwouldneverbeprofitable.bri7582
7、9_ch10.qxd8/13/087:15PMPage314314Part2ManagerialEconomicsMorerecentlyotherexecutiveshavebeenchargedwithevenmoreextremeexamplesofexcessivebehavior.Forexample,inJuly2002theU.S.JusticeDepartmentchargedthatJohnRigasandhistwosons“lootedAdelphiaonamassivescale”anduseditasa“personalpig
8、gybank.”OverthepastfivedecadesRigashadbuiltasmal
