Hidden intentions describe the agent’s private motives and his or her willingness to act unfairly after the public task has been assigned. The accountor misuses loopholes in contract requirements to underperform and to pocket efficiency gains. The risk of such an opportunistic exploitation has been termed hold-up (Alchian & Woodward 1988). The empirical and theoretical evidence on regulatory capture in regulated industries offers numerous examples for such behavior (e.g., Peltzman, Levine & Noll 1989; Innes & Sam 2008; van Koten & Ortmann 2007).