From 1988 to 2003, the average change in managerial ownership is significantly negative every year for American firms. We find that managers are more likely to significantly decrease their ownership when their firms are performing well, but not more likely to increase their ownership when their firms have poor performance. Because investors learn about the total change in managerial ownership w...

This paper investigates the effects of public ownership on the investment strategy of hybrid VC funds. We exploit a unique dataset containing data for all of the venture capital funds in Europe that received financial support from the European Investment Fund (EIF) during the years 1998–2007. The dataset includes 179 VC funds that invested in 2482 companies. We find that the level of public own...

In this paper we consider several strategies to compete in a spatial version of the Iterated Prisoner’s Dilemma (IPD). The cell interaction is modeled by a two-dimensional square lattice, where each cell only locally interacts with its neighbors. Cell actions are public and therefore can be imitated by neighbors. The main contribution of the paper is the framework for the memetic analysis of th...

It has consistently been shown in the UK that those living in households with access to a car have lower mortality rates than those without household car access. It has usually been inferred from this that car ownership is a good marker of material living standards, and it has therefore been incorporated in several measures of area deprivation. It is often used in epidemiological studies as a m...

This paper is the first of a two part study which quantifies the economic and greenhouse performance of conventional, hybrid and fully electric passenger vehicles operating in Australian driving conditions. This first study focuses on the total cost of vehicle ownership. Two vehicle sizes are considered, Class-E and Class-B, which bracket the large majority of passenger vehicles on Australian r...

Landownership is an important form of wealth, especially in a natural-resource dependent region such as the Black Belt of Alabama. We examine the connection between property ownership, land cover, and the wellbeing of communities in Macon County, Alabama. This study is an exploratory application of geographic information systems to integrate information from property tax assessment records, lan...

Many writers argue that economic organization is undergoing major transformation in the emerging knowledge economy; authority relations are withering; legal and ownership-based definitions of the boundaries of firms are becoming irrelevant and there are increasingly few constraints on the set of feasible combinations of coordination mechanisms. The present paper critically deals with these clai...

I offer a theory of joint ownership by extending the standard property right theory of the firm to situations where parties can endogenously choose the degree of specificity of their investments (i.e., both the type of investment—specific and general—and the level of each). When specific and general investments are complements, the standard GHM results are obtained and joint ownership is subopt...

This paper examines the relationship between ownership structures and IPO long-run performance of nonSOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance i...

— Despite broad acceptance of the idea that “sense of ownership” among users is critical to infrastructure sustainability in developing countries, little is known about what sense of ownership is, or its drivers. We present a novel measure of sense of ownership for piped water systems using empirical data collected from 1140 households in 50 rural Kenyan villages. This study establishes an empi...