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Stephen A. Ross, Some Notes on Financial Incentive-Signalling Models, Activity Choice and Risk Preferences, The Journal of Finance, Vol. 33, No. 3, Papers and Proceedings of the Thirty-Sixth Annual Meeting American Finance Association, New York City December 28-30, 1977 (Jun., 1978), pp. 777-792
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Stephen A. Ross (1978) studied this question.
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