Allocation of Control Rights: An Application to Corporate Finance

The aim of this case material is to learn the concept of the property rights approach proposed by Grossman, Hart, and Moore, taking corporate finance as an example of its application. Monetary transfer is often required to improve inefficient outcomes through ex post negotiations, but it is difficult when part of the surplus is a non-monetary benefit. Even in such a case, potentially arising situations could be improved by assigning ownership of assets among transacting parties in advance and allocating control rights in the unforeseen events. In the description of this material, some mathematical symbols such are used, but there is no problem in understanding the contents without knowing those symbols. Appendices explains the Coase theorem and the Modigliani-Miller's theorem in order to complement the contents of the main text.

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【書誌情報】

ページ数：12ページ

サイズ：A4

言語：日本語

商品番号：KBSP-02921

書誌コード：3217

登録日：2020/10/21