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Article

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

in Journal of Mathematical Economics, 42 (1)

ISSN : 0304-4068

Calcagno, Riccardo (1969-....) ; Wagner, Wolf

Voir la revue «Journal of Mathematical Economics»

We generalize a standard general equilibrium framework extended for moral hazard to allowfor 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.


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