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
相关论文
共 50 条
  • [41] International stock market equilibrium with heterogenous tastes
    Bennett, JA
    Young, L
    [J]. AMERICAN ECONOMIC REVIEW, 1999, 89 (03): : 639 - 648
  • [42] Incentives and risk sharing in a stock market equilibrium
    Magill, M
    Quinzii, M
    [J]. CURRENT TRENDS IN ECONOMICS: THEORY AND APPLICATIONS, 1999, 8 : 293 - 323
  • [43] Stock market risk and return: An equilibrium approach
    Whitelaw, RF
    [J]. REVIEW OF FINANCIAL STUDIES, 2000, 13 (03): : 521 - 547
  • [44] An equilibrium model with restricted stock market participation
    Basak, S
    Cuoco, D
    [J]. REVIEW OF FINANCIAL STUDIES, 1998, 11 (02): : 309 - 341
  • [45] General equilibrium analysis of trade and environment under alternative market structure: a computable general equilibrium study for India
    Das, Koushik
    Chakraborti, Pinaki
    [J]. DECISION, 2013, 40 (1-2) : 99 - 116
  • [46] General equilibrium analysis of trade and environment under alternative market structure: a computable general equilibrium study for India
    Koushik Das
    Pinaki Chakraborti
    [J]. DECISION, 2013, 40 (1-2) : 99 - 116
  • [47] THEORY OF STOCK MARKET EQUILIBRIUM: PROBLEMS OF INTERPRETATION OF THEORETICAL CONCEPTS IN APPLIED ANALYSIS
    Kadochnikov, D. V.
    [J]. TERRA ECONOMICUS, 2014, 12 (04): : 68 - 78
  • [48] Cellular Based Equilibrium Analysis of Stock Market under Varying External Factors
    Ying, Shangjun
    Xu, Bo
    Zhou, Cheng
    Tang, Rui
    Cai, Sijing
    [J]. PROCEEDINGS OF 2009 CONFERENCE ON SYSTEMS SCIENCE, MANAGEMENT SCIENCE & SYSTEM DYNAMICS, VOL 8, 2009, : 227 - 231
  • [49] Regulation The market for corporate control and corporate governance
    Sinha, Rajeeva
    [J]. GLOBAL FINANCE JOURNAL, 2006, 16 (03) : 264 - 282
  • [50] CORPORATE GOVERNANCE INDEX FOR COMPANIES IN THE BRASILIAN STOCK MARKET
    dos Santos, Thais Alves
    de Souza, Antonio Artur
    Pessanha, Gabriel Rodrigo Gomes
    [J]. REVISTA DE GESTAO FINANCAS E CONTABILIDADE, 2019, 9 (03): : 72 - 92
12345