This paper studies the role of contested ownership in a situation where two players have to make a personand asset-specific investment, and when no complete contracts can be written. It compares contested ownership to the various ex ante ownership structures typically discussed in the literature (following the influential work by Grossman, Hart, and Moore). The paper shows that contested owners...

Undoubtedly, the mental health of the society is effective in the progress and development of the country and an important part of this mental health is due to the trust and confidence of economic activists in their investment. Considering that the realm of important investments is land and immovable property, and if the ownership of these lands is shaky, the whole property and economy system w...

With the growth of capital market, the shareholding structure of companies has become more complex. Direct ownership is easily recognizable through companies’ shareholders information, however with the formation of cross shareholding among companies, a kind of indirect and complex shareholding has emerged which is not observable. The primary owners (original owners) can take over other companie...

Using hand-collected data, we study the evolution, causes, and economic effects of the pyramidal ownership structure in China’s listed firms over 2001-2008. We quantitatively characterize the use of pyramidal structure by private firms and local state controlled firms. We find that private owners in China show strong incentives to build more extensive pyramids in weak institutional environments...

We study repeated irreversible investment. We assume that ex ante ownership rights are incomplete and ex post property allocation is endogenous. In a stage game, principal can renege on ex ante contract with agents (investors). To capture that ownership rights depend on prior arrangements, we introduce a dynamic game, in which player ex ante ownership shares are equal to their ex post shares in...

This study analyzes the determinants of effect investment opportunities, leverage, Information asymmetry, ownership structure, liquidity, and company size on asset revaluation sustainability reports their impact firm value. uses secondary data obtained from Indonesian Stock Exchange center. The research period is for all IDX industries in 2015 -2019 with a sample 138 companies that carry out Su...