Legros, Patrick; Newman, Andrew - C.E.P.R. Discussion Papers - 2012
-integration is less costly, but coordinates relatively poorly. Output price influences the choice of ownership structure: integration …-integration. For a generic set of demand functions, the result is heterogeneity of ownership and perfor- mance among ex-ante identical … techno- logical shocks: productivity changes in some firms may induce ownership changes in others. If the enterprise managers …