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Bargaining over managerial delegation contracts
and merger incentives with asymmetric costs |
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Yasuhiko Nakamura |
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The Manchester School, 79, 2011 |
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In this paper,
we examine how managerial delegation contracts within each firm affect the
correspondence between the equilibrium ownership structure and the most
socially preferred ownership structure. We consider the disclosure of
managerial delegation contracts by studying the bargaining over the relative
weightage of each firm¡¦s sales in a
sales delegation contract between an owner and a manager under a model of endogenous
merger formation in a three-firm asymmetric Cournot industry. We show that
such a bargaining may reduce the requirement of an antitrust policy, since
the equilibrium ownership structure can coincide with the most socially
preferred ownership structure. |
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