Endogenous formation of joint ventures with efficiency gains

Article Abstract:

Joint ventures will not be stable when they are covered by membership rules as they coalesce to incorporate investment-related externalities. In direct contrast, the grand coalition will be secured when an open membership rule is practised as symmetric firms develop alliances intended to allow them to jointly utilize productive assets already in existence. These projections about the stability of the structures of symmetric firms have been based on the assumption that as joint ventures increase in size, so as their efficiency gains.

Joint-Venture Management, Models, Management, Joint ventures, Business planning

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Insider trading and the efficiency of stock prices

Article Abstract:

The influence of insider trading on the informational efficiency of stock prices in a market characterized by less than perfect competition is discussed. Insider trading generally increases the amount of information. However, in some instances, it may lead to less efficient stock prices. The negative effect on prices are attributable to the activity's effects on competition, whereby some traders acquire an advantage over others in terms of information access and acquisition.

Insider trading in securities, Insider trading (Securities)

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The efficiency of incomplete contracts: an empirical analysis of air force engine procurement

Article Abstract:

An analysis of incomplete contractual designs is presented.The analysis focuses on the incentives contracting parties have in setting incomplete terms for future considerations. Data from air force engine procurement contracts are applied. Results show that the level of contract incompleteness reflects parties' concern for minimizing transactions costs associated with contractual exchange.

Interpretation and construction, Purchasing, Aircraft engines, Contracts

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