Edelstein, Robert H.; Sureda-Gomila, Antoni; Urosevi, Branko - In: Real Estate Economics 38 (2010) 1, pp. 57-90
We study ownership dynamics of multiple strategic risk-averse insiders facing a moral hazard problem. We show that, when insiders cannot commit, "ex ante", to an ownership policy, the aggregate insider stake gradually declines toward the competitive market allocation. Both the speed of...