Ownership Structure as a Continuous Variable: A Note on Joint Ownership in the Grossman-Hart-Moore Theory of the Firm

Takanori Adachi

Economics Bulletin, 2010, vol. 30, issue 3, pages 2112-2118

Abstract: 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.

Keywords: Theory of the firm; Joint ownership (search for similar items in EconPapers)
JEL-codes: D2 L1 (search for similar items in EconPapers)
Date: 2010-08-12
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