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Firms, contracts, and financial structure pdf free

Firms, contracts, and financial structure. Oliver Hart

Firms, contracts, and financial structure


Firms.contracts.and.financial.structure.pdf
ISBN: 0198288816,9780198288817 | 239 pages | 6 Mb


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Firms, contracts, and financial structure Oliver Hart
Publisher: OUP




I take Oliver Hart's position in his 1995 book on “Firms, Contracts and Financial Structure” and use the terms “power” “authority” and “residual rights of control” interchangeably. But if human capital is so important, elementary property rights economics tells us that workers, not capitalists, should control firms. Firms, Contracts, and Financial Structure. Another concern is that the redesign of the CEO contract could be driven by the change in capital structure, not by the strong principal. In the model, the general First, the firm should be financed by a combination of fund capital raised before deals are encountered, and capital that is raised to finance a specific deal. For those interested in the economics of contracting: Oliver Hart, Firms, Contracts and Financial Structure (1995). Herbet Simon, "A Formal Theory of the Employment Relationship," Econometrica, July 1951. This paper presents a model of the financial structure of private equity firms. Increasingly, boards of directors have hired CEOs outside their firm. This essay contributes to contact theory as it has been developed in economic analysis, particularly in the context of the firm. Second, the fund investors' claim on fund cash flow is a combination of debt and levered equity, while the general partner receives a claim similar to the carry contracts received by real-world practitioners.