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Asset ownership and Asset Values Over Project Lifecycles

  • Professor Yong Kim
  • Univ. Southern California
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This paper develops a theory of outside ownership where such an ownership arrangement mitigates an external finance problem. Part of the gains from outside ownership accrue to asset owners which determines the asset value. The theory provides a context to analyze asset ownership and asset values over project lifecycles. When there are adjustment costs in realizing the full gains from outside ownership, (i) assets take time to peak in value, and (ii) the outsiders's share of asset ownership increases gradual

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File URL: http://repec.org/esFEAM04/up.11755.1080512638.pdf
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Paper provided by Econometric Society in its series Econometric Society 2004 Far Eastern Meetings with number 604.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:feam04:604
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  2. Gian Luca Clementi & Hugo Hopenhayn, 2002. "A Theory of Financing Constraints and Firm Dynamics," RCER Working Papers 492, University of Rochester - Center for Economic Research (RCER).
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  9. Thomas Cooley & Ramon Marimon & Vicenzo Quadrini, 1999. "Aggregate consequences of limited contract enforceability," Economics Working Papers 843, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2003.
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  16. Boyan Jovanovic & Jeremy Greenwood, 1999. "The Information-Technology Revolution and the Stock Market," American Economic Review, American Economic Association, vol. 89(2), pages 116-122, May.
  17. Rui Albuquerque & Hugo A. Hopenhayn, 2004. "Optimal Lending Contracts and Firm Dynamics," Review of Economic Studies, Oxford University Press, vol. 71(2), pages 285-315.
  18. Bart Hobijn & Boyan Jovanovic, 2000. "The Information Technology Revolution and the Stock Market: Evidence," NBER Working Papers 7684, National Bureau of Economic Research, Inc.
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