IDEAS home Printed from https://ideas.repec.org/a/mhr/jinste/urnsici0932-4569(199709)1533_532capiae_2.0.tx_2-3.html
   My bibliography  Save this article

Competencies as Private Information: An Efficient Capital Asset Pricing Theory of the Firm

Author

Listed:
  • C. Paul Hallwood

Abstract

Competencies-based theories of the firm are extended beyond current literature - focused only on flow-markets, to the context of the efficient pricing of competencies as capital-assets. It is shown that the combination of insider information and complementarity to the insider's production function - very likely under path-dependency - rules out the necessitiy of assuming tacit knowledge or transaction costs in external flow-markets. Path-dependency and transaction cost theories of the firm are synthesized to explain internalization, in which internalization depends on various combinations of private information, transaction costs and complementarities in the production function.

Suggested Citation

  • C. Paul Hallwood, 1997. "Competencies as Private Information: An Efficient Capital Asset Pricing Theory of the Firm," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(3), pages 532-532, September.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199709)153:3_532:capiae_2.0.tx_2-3
    as

    Download full text from publisher

    File URL: http://www.ingentaconnect.com/content/mohr/jite/1997/00000153/00000003/art00005
    Download Restriction: Fulltext access is included for subscribers to the printed version.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • L80 - Industrial Organization - - Industry Studies: Services - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mhr:jinste:urn:sici:0932-4569(199709)153:3_532:capiae_2.0.tx_2-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Thomas Wolpert (email available below). General contact details of provider: https://www.mohrsiebeck.com/jite .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.