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determinants at the forefront in spinoff formation. Based on insights from the occupational choice theory, we argue that spinoff …
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firm's assets in the spirit of the Grossman-Hart-Moore incomplete contracts theory of the firm. This approach highlights …
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entrepreneurs) or to become informed dealers in financial markets. Agents incur costs to become informed dealers and develop skills … assets entrepreneurs put up for sale. Thanks to their information advantage and valuation skills, dealers are able to provide … incentives to entrepreneurs to originate good assets. However, the opaqueness of the OTC market allows dealers to extract …
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