Title page for etd-0609116-135729


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URN etd-0609116-135729
Author GUANG CHEN
Author's Email Address No Public.
Statistics This thesis had been viewed 5526 times. Download 299 times.
Department Economics
Year 2015
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title Hold-up Problem and the Optimal Allocation of Control Right:
From the Perspective of the Investor
Date of Defense 2016-07-07
Page Count 48
Keyword
  • hold-up problem
  • moral hazard
  • Incomplete contract
  • control right
  • contingent control
  • Abstract The thesis analyzes the design of incomplete contract from the perspective of control right allocation to improve the efficiency of enterprise financing. It considers hold-up problems between manager and investor in enterprise financing from the standpoint of investor, analyzes the payoff rules of equilibrium with control right and chooses the optimal contract. In the equilibrium of a given control right, the thesis discovers that only two control allocations are optimal in equilibrium: either exclusive investor control or a contingent control allocation, which is the same as Yerramilli (2011). However, Yerramilli must make strict assumptions to analyze hold-up or renegotiation problems from the standpoint of manager. This thesis not only has no such disadvantages, but also makes the conditions of optimal contract more accurate and general. It is sufficient to improve and supplement Yerramilli’s model and fix some errors.
    Advisory Committee
  • Yuan-ho Hsu - chair
  • Chi-Chia, Hong - co-chair
  • Shul-John Li - advisor
  • Files
  • etd-0609116-135729.pdf
  • indicate access worldwide
    Date of Submission 2016-07-10

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