Ownership Structure as a Continuous Variable: A Note on Joint Ownership in the Grossman-Hart-Moore Theory of the Firm
This study considers the choice of ownership as a continuous variable, thereby adapting the Grossman-Hart-Moore (GHM) theory of the firm. To do so, it is assumed that parties sign a contract that enables them to divide and use assets even after the negotiation over gains of trade fails. I show sufficient conditions for non-integration to dominate joint ownership, which is not taken into account in the original GHM model.
Volume (Year): 30 (2010)
Issue (Month): 3 ()
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- Rosenkranz, Stephanie & Schmitz, Patrick W., 2003.
"Optimal allocation of ownership rights in dynamic R&D alliances,"
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"Information Gathering, Transaction Costs and the Property Rights Approach,"
CEPR Discussion Papers
5417, C.E.P.R. Discussion Papers.
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- Andreas Roider, 2002.
"Asset Ownership and Contractability of Interaction,"
Bonn Econ Discussion Papers
bgse12_2002, University of Bonn, Germany, revised May 2003.
- Andreas Roider, 2004. "Asset Ownership and Contractibility of Interaction," RAND Journal of Economics, The RAND Corporation, vol. 35(4), pages 787-802, Winter.
- Aghion, P. & Tirole, J., 1993.
"On the Management of Innovation,"
93-12, Massachusetts Institute of Technology (MIT), Department of Economics.
- Maija Halonen, 2002. "Reputation And The Allocation Of Ownership," Economic Journal, Royal Economic Society, vol. 112(481), pages 539-558, July.
- Kurt Annen, 2009. "Efficiency out of disorder: Contested ownership in incomplete contracts," RAND Journal of Economics, RAND Corporation, vol. 40(4), pages 597-610.
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