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| Author: | Legros, P. Newman, A.F. |
| Title: | Competing for ownership |
| Journal: | Journal of the European Economic Association
2008 : DEC, VOL. 6:6, p. 1279-1308 |
| Index terms: | models markets competition companies control company ownership |
| Language: | eng |
| Abstract: | This paper develops a tractable model dealing with the allocation of ownership and control within firms operating in competitive markets. It is analysed how the scarcity of assets in the market translates into ownership structures. A price-like mechanism is identified through which local liquidity or productivity shocks lead to widespread organizational restructuring. Firms will be more integrated with the terms of trade being more favourable to the short side of the market, with liquidity being unequally distributed among existing firms, and following a uniform increase in productivity etc. |
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