The Divison of Ownership in New Ventures

Demougin, Dominique; Fabel, Oliver

The Divison of Ownership in New Ventures

Files

04-03.pdf(376.19 KB)

Date

2004

Authors

Demougin, Dominique

Fabel, Oliver

Series

Diskussionspapiere der DFG-Forschergruppe Heterogene Arbeit; 04/03

Publication type

Working Paper/Technical Report

Abstract

The current study investigates a tripartite incentive contract between an innovator supplying an intellectual asset, a professional assigned to productive tasks, and a consulting firm specialized in recruiting qualified personnel. The liquidity-constrained professional is compensated by receiving a share of one half in the new venture. With continuous search activities of the consultant the pure tripartite partnership implements the consultant s expected profit maximum. The consultant s and the innovator s shares reflect the relative value of search. However, the consultant s optimal search effort is inefficiently low. With binary search and only two innovator types , there may also exist bipartite partnerships of equals between the innovator and the professional, and bipartite partnerships of equals between the consultant and the professional. The latter emerge from complete buy-outs of innovators with low value business ideas.

Subject (DDC)

330 Economics

Keywords

neue Unternehmen,dreiteilige Anreizkontrakte,Beratungsverträge,Partnerschaften,new ventures,tripartite incentive contract,consulting contract,partnerships

Cite This

ISO 690

DEMOUGIN, Dominique, Oliver FABEL, 2004. The Divison of Ownership in New Ventures

BibTex

@techreport{Demougin2004Divis-11816,
  year={2004},
  series={Diskussionspapiere  der DFG-Forschergruppe Heterogene Arbeit},
  title={The Divison of Ownership in New Ventures},
  number={04/03},
  author={Demougin, Dominique and Fabel, Oliver}
}

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