search query: @author Sloof, R. / total: 3
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| Author: | Sonnemans, J. Oosterbeek, H. Sloof, R. |
| Title: | On the relation between asset ownership and specific investments |
| Journal: | Economic Journal
2001 : OCT, VOL. 111:474, p. 791-820 |
| Index terms: | ASSETS INVESTMENT INVESTORS |
| Language: | eng |
| Abstract: | Experimental results are presented for a simplified version of Hart's (1995) theory of the firm. Theory predicts that investment levels remain constant when investors' no-trade pay-offs increase, if these pay-offs are threat points. While they may decrease when no-trade pay-offs are outside options. The results of this study support these predictions in a relative sense. Average investment levels exceed the predicted level. Actual investment behaviour is consistent with the outcomes of the bargaining stage. |
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