BARGAINING OVER MANAGERIAL DELEGATION CONTRACTS AND MERGER INCENTIVES WITH ASYMMETRIC COSTS

YASUHIKO NAKAMURA

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BARGAINING OVER MANAGERIAL DELEGATION CONTRACTS AND MERGER INCENTIVES WITH ASYMMETRIC COSTS

机译：讨价还价与不对称成本的管理层委托合同和合并诱因

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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.

机译：在本文中，我们研究了每个公司内的管理委托合同如何影响均衡所有制结构和最受社会欢迎的所有制结构之间的对应关系。我们通过研究在三公司不对称古诺产业中内生合并形成的模型下，研究所有者和经理之间的销售委托合同中每家公司的销售相对权重的讨价还价的谈判，来考虑管理委托合同的披露。我们证明，这种讨价还价可以降低反托拉斯政策的要求，因为均衡所有权结构可以与社会上最喜欢的所有权结构相吻合。

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《The Manchester school》 |2011年第4期|p.718-739|共22页
作者
YASUHIKO NAKAMURA;
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作者单位

Faculty of Social and Information Studies, Gunma University;

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BARGAINING OVER MANAGERIAL DELEGATION CONTRACTS AND MERGER INCENTIVES WITH ASYMMETRIC COSTS

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