Research Paper No. 1421 Relative Explanatory Power of Agency Theory and Transaction Cost Analysis in German Salesforces Manfred Krafft Rajiv Lal Sonke Albers December 1996 Graduate School of Business Stanford University Manfred Krafft is Assistant Professor of Marketing, University of Kiel, Germany. Rajiv Lal is Professor of Marketing and Management Science, Graduate School of Business, Stanford University. Sonke Albers is Professor of Marketing and Management Science, University of Kiel, Germany.