In this paper we study the organization of Global Value Chains on a sample of about 4,000 manufacturing parent companies operating more than 90,000 affiliates on a global scale, which chose to integrate at least once in the period 2004–2012. Assuming a technological sequence of production...

In an incomplete contract setup, past literature has separately emphasized the role of ownership and the role of access in providing incentives. Here, we de-bundle ownership into the right to access (or use) an asset and the right to veto (exclude) others from using it, and define control over...

Context: Despite governmental and international failures, concession firms in Liberia helped to prevent Ebola during the 2014-2015 epidemic. This essay explains the conditions under which these firms responded to the epidemic and helped to mitigate its spread. Focus is placed on the extent to...

Ownership is fundamental to firm strategy, organization, and governance. Standard ownership concepts—mainly derived from agency and incomplete contracting theories—focus on its incentive effects. However, these concepts and theories neglect ownership's role as an instrument to match judgment...

The paper focuses in the calculation of the oil capital value in a small open economy depending on oil rents. The Venezuelan case is used as an example. In valuing the oil capital, two issues are recalled and discussed: how should the exploration costs and the capital gains be treated? It is...

We analyze the effects of different regimes of control rights over critical resources on the total domestic income of open economies. We consider home control, foreign control, and international partnerships in a theoretical model where contracts are incomplete, resource exploitation requires...

For quite a long time, network industries used to be regarded as (natural) monopolies. This was due to these industries having some special characteristics. Network externalities and economies of scale in particular justified the (natural) monopoly thesis. Recently, however, a trend towards...

For quite a long time, network industries used to be regarded as (natural) monopolies. This was due to these industries having some special characteristics. Network externalities and economies of scale in particular justified the (natural) monopoly thesis. Recently, however, a trend towards...

This paper contrasts the determinants of entrepreneurial entry and high-growth aspiration entrepreneurship. Using the Global Entrepreneurship Monitor (GEM) surveys for 42 countries over the period 1998-2005, we analyse how institutional environment and entrepreneurial characteristics affect...

We analyze a rational-expectations model of price formation in an intermediate-good market under uncertainty. There is a continuum of dyads, each consisting of an upstream party and downstream party. Both parties can make specific investments at private cost, and there is a machine that either...