Here's a Japanese case study from 2007: https://econ--review-ier-hit--u-ac-jp.translate.goog/all-iss...

> To conclude, the company was able to specify who was dismissed but was unable to specify who took buyouts despite efforts to ensure retention of value employees, including careful setting of incentive schemes. The case presented in this paper demonstrates that employment adjustment using a buyout framework invites "adverse selection" despite careful employer precautions.

Here's the full PDF: https://econ-review.ier.hit-u.ac.jp/wp-content/uploads/files... (not sure how to translate that)