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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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  9. De Meza, D. & Lockwood, Ben, 1997. "Does Asset Ownership Always Motivate Managers? The Property Rights Theory of the Firm with Alternating - Offers Bargaining," Discussion Papers 9701, Exeter University, Department of Economics.
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  17. Mikkelson, Wayne H. & Partch, M. Megan & Shah, Kshitij, 1997. "Ownership and operating performance of companies that go public," Journal of Financial Economics, Elsevier, vol. 44(3), pages 281-307, June.
  18. 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.
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