Salomons, Roelof; Sterken, Elmer - In: Journal of International Financial Markets, … 19 (2009) 1, pp. 63-76
We address the role of incomplete contracting in the equity market in a long-run growth model. Equity delivers control rights, but holding equity might lead to disutility, since the right to vote is costly to carry. We analyze voting power and its burden in a equilibrium growth model. One of our...