Reputation is a valuable asset to firms, yet the impact of corporate governance of reputationreliant firms is underexplored. This paper investigates how a firm’s reputation in the product market responds to a change in its controlling shareholder, and derives the optimal firm ownership and control structure. We consider a dynamic model of an experience-goods firm, in which a controlling shareho...

This paper provides evidence on the value of the vote hypothesis with stock price analysis around liberalization of foreign ownership restrictions in the private Indian banks. In May 2005, the Indian government removed the cap of 10 percent ownership by foreign banks, which had made takeover of Indian banks impossible for foreign banks. We hypothesize that removal of the voting cap would increa...

This paper studies third-degree price discrimination by transport facilities, such as airports and seaports, which sell access to the infrastructure as a necessary input for downstream production. These facilities are prone to congestion –which makes downstream markets interrelated– and their ownership structure is diverse, varying from public (domestic welfare maximizing) to private (profit ma...

In ubiquitous computing devices, users tend to store some valuable information in their device. Even though the device can be borrowed by the other user temporarily, it is not safe for any user to borrow or lend the device as it may cause private data of the user to be public. To safeguard the user data and also to preserve user privacy we propose and model the technique of ownership authentica...

The vernacular meaning of land-grabbing in Kenya stresses the role played by State land thefts, reminding us that, historically, state power was built up through control over land. Accusations grabbing also convey territorial representations ethnic and national belonging, anchoring legitimacy ownership. We focus on actors scales involved officialising private ownership to highlight institutiona...

We analyze the political philosophy question of what kind of welfare differentials are allowed if we respect private ownership rights over self and public ownership of the external world. We consider cases where agents have equal rights over the publicly owned external world resources but are individually responsible for their preferences. We discuss that these ownership rights are naturally re...

My research focuses on corporate finance and behavioral finance and includes empirical and applied theory papers. My work in corporate finance specifically aims at providing clean and novel empirical evidence on the real effects induced by frictions in the market for financing. My main contributions in this area have been to investigate (1) the role of real estate collateral on economic activit...

This paper offers a rationale for gradual privatization in transitional economies through studying property rights structures and the nature of Chinese collective enterprises. First, we pose a puzzle for existing theories of property rights, and then we provide a theoretical model for determining the optimal ownership arrangements for transitional economies. This theory argues that ownership ar...

this study examines technical efficiency in iran's banking system using unbalanced panel data for 17 state and private banks during the 1997-2009 period. therefore, technical efficiency of banks was measured through estimating a translog cost function in the form of a panel sfa error compound model. then, the effect of underlying factors including both individual and structural (ownership/...