We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationshipspecific investments and that subjects attain the most efficient ownership allocation despite starting from different initial conditions. However, in contrast to the property rights approach, the most eff...

Since the early work of Jensen and Meckling, agency con ̄icts and their effects on the ®rm have been widely researched in ®nance. The present literature has examined the relationship between corporate governance and ®nancial performance for both existing stock companies and the plethora of recent IPO ®rms. In Corporate Governance and Financial Performance: A Study of German and UK Initial Public...

BACKGROUND Mirror therapy (MT) is an increasingly employed method aimed at reducing phantom pain and other negative sensations following loss of a limb or damage to sensorimotor systems. However, the brain processes associated with the perception of limb ownership, a key correlate of MT, are unknown. OBJECTIVE To examine whether transient perceptions of limb ownership together with associated...

The concept of psychological ownership is employed in order to enhance our understanding of the relationship between users and information technology professionals and to describe the IT/business process relationship. We use co-ownership to signify a complementary relationship in which users are involved in IT while IT professionals are simultaneously involved in business processes. In an initi...

We study the assignment of initial ownership of a good when agents differ in their ability to pay. Selling the good at the market-clearing price favors the wealthy in the sense that they may acquire the good instead of poor buyers who value it more highly. Non-market assignment schemes, even simple random rationing, may yield a more efficient allocation than the competitive market would — if re...

We develop an approach to utilize anisotropic metamaterials to solve one of the fundamental problems of modern plasmonics--parasitic scattering of surface waves into free-space modes, opening the road to truly two-dimensional plasmonic optics. We illustrate the developed formalism on the examples of plasmonic refractor and plasmonic crystal, and discuss limitations of the developed technique an...

We use Granger-tests to examine the causal relationship between blockholder ownership and value of the largest EU and US companies. Previous studies on US data have found no systematic effect, but we propose that these results may not carry over to continental Europe, where ownership concentration is higher, the level of investor protection is lower, and influential blockholders may have other ...