Previous work on the property rights theory of the firm suggests that in the presence of outside options, asset ownership may demotivate managers. This paper shows that this conclusion relies on the assumption that a manager's outside option only depends on her own investment.

This paper analyses the patterns of employee involvement in organisational change decisions using data from the 1995 Australian Workplace Industrial Relations Survey and a parallel survey conducted in the Illawarra Region of NSW in 1996. The initial results suggested that there appeared to be a...

In the model a fiscal stabilisation is announced under asymmetry of information between the government and the private investors. The government could be of two types: a dry type and a wet type, according to the amount of spending cuts it decides to make. Private investors may thus lack...