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Dispersed initial ownership and the efficiency of the stock market under moral hazard

Author

Listed:
  • Riccardo Calcagno

    (Tilburg University [Tilburg] - Netspar)

  • Wolf Wagner

    (Tilburg University [Tilburg] - Netspar, CAM - University of Cambridge [UK])

Abstract

We generalize a standard general equilibrium framework extended for moral hazard to allowfor a dispersed initial ownership distribution of firms.We show that the market allocation is constrained-efficient only when in each firm the entrepreneur who generates payoffs through unobservable effort has full initial ownership in his firm.

Suggested Citation

  • Riccardo Calcagno & Wolf Wagner, 2006. "Dispersed initial ownership and the efficiency of the stock market under moral hazard," Post-Print hal-02313018, HAL.
    • Handle: RePEc:hal:journl:hal-02313018
    DOI: 10.1016/j.jmateco.2004.11.003
    as

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