A general equilibrium analysis of corporate control and the stock market

被引：13
|
作者：
Demichelis, Stefano [1 ]
Ritzberger, Klaus [2 ]
机构：
[1] Univ Pavia, Dipartimento Matemat F Casorati, I-27100 Pavia, Italy
[2] Vienna Grad Sch Finance, Inst Adv Studies, Dept Econ & Finance, A-1060 Vienna, Austria
来源：
ECONOMIC THEORY | 2011年 / 46卷 / 02期
基金：
奥地利科学基金会;
关键词：
Corporate governance; General equilibrium; Objective function of the firm; Shareholder voting; Stock markets; IMPERFECT COMPETITION; OBJECTIVE FUNCTION; TAKEOVER BIDS; VOTING-RIGHTS; FIRM; OWNERSHIP; CHOICE;
D O I：
10.1007/s00199-009-0511-8
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies a general equilibrium model with an investor-controlled firm. Shareholders can vote on the firm's production plan in an assembly if they dislike management's decision. Prior to that they may trade shares on the stock market. Since stock market trades determine the distribution of votes, trading is strategic. There is always an equilibrium, where share trading leads to an ownership structure that supports competitive behavior. But there may also be equilibria, where monopolistic behavior prevails.
引用
收藏
页码：221 / 254
页数：34
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