Dispersed initial ownership and the efficiency of the stock market under moral hazard

被引：1
|
作者：
Calcagno, R
Wagner, W
机构：
[1] Tilburg Univ, Dept Econ, NL-5000 LE Tilburg, Netherlands
[2] Tilburg Univ, Dept Finance, NL-5000 LE Tilburg, Netherlands
[3] Univ Cambridge, CERF, Cambridge, England
来源：
JOURNAL OF MATHEMATICAL ECONOMICS | 2006年 / 42卷 / 01期
关键词：
stock market equilibrium; moral hazard; general equilibrium; constrained optimality;
D O I：
10.1016/j.jmateco.2004.11.003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We generalize a standard general equilibrium framework extended for moral hazard to allow for a dispersed initial ownership distribution of firms. We show that the market allocation is constrained-efficient only when in each firm the entrepreneur who generates payoffs through unobservable effort has full initial ownership in his firm. (c) 2005 Elsevier B.V. All rights reserved.
引用
收藏
页码：36 / 45
页数：10
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