We use a data set describing ownership of productive assets in the carpentry trade to evaluate several factors influencing the allocation of asset ownership between an employer and his employees. The findings suggest that the allocation involves a tradeoff between two incentive effects influencing how the employee uses the asset and what the employer decides it should be used for. In particular...

This paper investigates the relation between the ownership structure and the performance of corporations if ownership is made multi-dimensional and also is treated as an endogenous variable. To our knowledge, no prior study has treated the corporate control problem this way. We find no statistically significant relation between ownership structure and firm performance. This finding is consisten...

Smart cards have been proliferated into many aspects of modern life. Historically, the ownership of smart cards has remained with the smart card issuers. Although this ownership model is favoured by a wide range of industries and service providers, it does not provide optimum convenience and flexibility to cardholders. One potential solution could be to shift the control of smart cards from the...

New comparable data on ownership and control and financing patterns shows that the emerging capitalist systems in Central and Eastern Europe share many features. While the extent of remaining government ownership differs from one country to another, private ownership dominates everywhere. Ownership and control are becoming increasingly concentrated, with the emergence of corporate groupings and...

Total institutional ownership, institutional ownership by type of institution (e.g. banks, insurance companies, mutual funds), and a new measure of ownership concentration (similar to the Herfindahl Index) are used to explain contemporaneous bid-ask spreads for 72 quarters (1983-2000) of NASDAQtraded stocks. When controlling for a number of commonly-used variables, relative bid-ask spreads are ...

The effect of insecure ownership on ordinary investment and on the exploitation of natural resources is examined. Insecure ownership is characterized as a positive probability that a typical asset or its future return will be confiscated. For empirical analysis, the probability of confiscation is modeled as a function of observable political attributes of countries, principally the type of gove...

Metacognitive inferences about ownership for one's implicit attitudes have the power to turn implicit bias into explicit prejudice. In Study 1, participants were assigned to construe their implicit attitudes toward gay men as belonging to themselves (owned) or as unrelated to the self (disowned). Construing one's implicit responses as owned led to greater implicit-explicit attitude corresponden...

We examine the operating performance of Thai firms after they go public. Overall, we find that their performance declines. We then explore the relationship between managerial ownership and the change in firm performance. We find that firms with ‘low’ and ‘high’ levels of managerial ownership experience positive relationships between managerial ownership and the change in performance (alignment-...

This paper examines the relation between dividend policy, managerial ownership and debt-financing for a large sample of firms listed on NYSE, AMEX and NASDAQ. In addition to standard parametric estimation methods,weusea semi-parametric approach,whichhelps capturemoreeffectivelynon-linearities in thedata. In linewith the alignment effect ofmanagerial ownership, our results support a negative rel...

This bulletin is based on research by Professor Gavin Wood and Dr Melek Cigdem at the AHURI Research Centre—RMIT University, Associate Professor Rachel Ong at the AHURI Research Centre—Curtin University and Professor Susan J. Smith at Cambridge University. The research sought to understand the pattern and circumstances in which households in mainstream home ownership churn in and out of home ow...