This thesis makes a theoretical contribution to the design of profit-sharing contracts
which maximise the surplus a principal extracts from an agency relationship, whereby a
pay floor limits the liability of an agent in low profit states, and information is either
unilaterally or bilaterally asymmetric. [Continues.]
A Doctoral Thesis. Submitted in partial fulfilment of the requirements for the award of Doctor of Philosophy at Loughborough University.
Institute of Chartered Accountants in England and Wales.