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Optimal Duration Of Equity Joint Ventures

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  • David Mayston
  • Juning Wang

Abstract

Rather than being a random unpredictable event, the break-up of an equity joint venture after a finite time can be modelled as the predictable consequence of underlying economic parameters under conditions of complete certainty. The paper examines the impact of a range of important economic parameters on the optimal duration of an equity joint venture, including the degree of economies of scale and knowledge transfer, and discusses the associated interface with relevant empirical evidence and analysis. It also highlights the policy implications of the analysis for the socially optimal corporate tax rate on the joint venture that aligns the privately optimal duration of the joint venture with its social optimum.

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File URL: http://www.york.ac.uk/media/economics/documents/discussionpapers/2012/1209.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of York in its series Discussion Papers with number 12/09.

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Date of creation: Mar 2012
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Handle: RePEc:yor:yorken:12/09

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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
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Keywords: Joint ventures; equity shareholdings; optimal duration; knowledge transfer; corporate tax rates.;

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