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A combination of well-designed management compensation contracts, the market for corporate takeovers and a well-informed labour market should: not be necessary as any one of

A combination of well-designed management compensation contracts, the market for corporate takeovers and a well-informed labour market should:

not be necessary as any one of these methods will control a manager's actions.

ensure that managers only act in their own self-interest.

mean that, on average, managers work in the best interests of owners.

remove any monitoring and bonding costs required under PAT.

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