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Marrying in the Cathedral: a Framework for the Analysis of Corporate Governance

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Author Info
Ugo Pagano ()
Abstract

The firm can be seen as a centralization of market transactions and as a decentralization of a public ordering which allows the management of joint liabilities. The paper advances the view that the main reason for the firm’s existence is the unification and the internalization of liabilities. From this perspective, Coase's and Fuller's contributions to the theory of the firm can be married within the architecture of Calabresi's Cathedral. Because of specific (dis)investments, fundamental transformations from competition to managed bilateral monopoly take place either in the public or the private sphere and provide an explanation for the ultimate nature of the firm

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Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 571.

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Date of creation: Sep 2009
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Handle: RePEc:usi:wpaper:571

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Find related papers by JEL classification:
K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability
K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets

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