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Information Gathering, Transaction Costs and the Property Rights Approach

Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2005

emphasizes ex post inefficiencies. In the present paper, a party may invest and acquire private information about the default …

Persistent link: https://www.econbiz.de/10005067623

Optimal Allocation of Ownership Rights in Dynamic R&D Alliances

Rosenkranz, Stephanie; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2001

We explore the dynamic evolution of property rights regimes in R&D alliances using the incomplete contract approach pioneered by Grossman, Hart and Moore (Hart and Moore, Journal of Political Economy (1990), and Grossman and Hart, Journal of Political Economy (1986)). In contrast to the standard...

Persistent link: https://www.econbiz.de/10005067424

Investments in physical capital, relationship-specificity, and the property rights approach

Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2013

We reconsider the property rights approach to the theory of the firm based on incomplete contracts. We explore the implications of different degrees of relationship-specificity when there are two parties, A and B, who can make investments in physical capital (instead of human capital). If...

Persistent link: https://www.econbiz.de/10011083975

Joint Ownership and Incomplete Contracts: The Case of Perfectly Substitutable Investments

Rosenkranz, Stephanie; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2001

Prominent results of the property rights approach based on incomplete contracts as outlined by Hart (1995) say that all ownership structures lead to underinvestment and that joint ownership cannot be optimal, provided that investments are strategic complements and affect human capital only. We...

Persistent link: https://www.econbiz.de/10005666964

Transaction costs and the property rights approach to the theory of the firm

Muller, Daniel; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2014

The standard property rights approach is focused on ex ante investment incentives, while there are no transaction costs that might restrain ex post negotiations. We explore the implications of such transaction costs. Prominent conclusions of the property rights theory may be overturned: A party...

Persistent link: https://www.econbiz.de/10011084198

Fuzzy Transition and Firm Efficiency: Evidence from Bulgaria, 1991-4

Djankov, Simeon; Hoekman, Bernard - C.E.P.R. Discussion Papers - 1996

This paper investigates the relationship between firm restructuring and international competition in Bulgaria during … local market. Neither hypothesis is rejected. The firm-level data suggest that international competition led to substantial …

Persistent link: https://www.econbiz.de/10005114496

Competition Law in Post-Central Planning Bulgaria

Djankov, Simeon; Hoekman, Bernard - C.E.P.R. Discussion Papers - 1997

This paper investigates the activities of the Bulgarian competition office, the Commission for the Protection of Competition, during 1991–5. Descriptive statistics are provided on the industry incidence of investigations, the types of behaviour that were investigated, and the frequency with...

Persistent link: https://www.econbiz.de/10005656340

Enterprise Restructuring in Transition: A Quantitative Survey

Djankov, Simeon; Murrell, Peter - C.E.P.R. Discussion Papers - 2002

We survey the empirical literature analysing the process of enterprise restructuring in transition economies. The survey provides new insights into the relative effectiveness of different reform policies, and into how this effectiveness varies across regions. We study the effects of...

Persistent link: https://www.econbiz.de/10005504282

The New Comparative Economics

Djankov, Simeon; Glaeser, Edward L; López-de-Silanes, … - C.E.P.R. Discussion Papers - 2003

theme of the new research is that institutions exert a profound influence on economic development. We argue that, to … understand capitalist institutions, one needs to understand the basic trade-off between the costs of disorder and those of … dictatorship. We then apply this logic to study the structure of efficient institutions, the consequences of colonial …

Persistent link: https://www.econbiz.de/10005067517

Relational Knowledge Transfers

Garicano, Luis; Rayo, Luis - C.E.P.R. Discussion Papers - 2013

An expert must train a novice. The novice initially has no cash, so he can only pay the expert with the accumulated surplus from his production. At any time, the novice can leave the relationship with his acquired knowledge and produce on his own. The sole reason he does not is the prospect of...

Persistent link: https://www.econbiz.de/10011084551