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Abstract: This work explores the idea that governments use direct public ownership to make credible commitments to other agents in the economy. We argue that governments exercise indirect control rights over other agents' cash #ows: direct ownership is a means of mitigating the holdup problems that arise when the government cannot commit to avoid abusing these rights. The empirical implication of this theory is that more credible governments takelower direct ownership of the economy, since they have... (Update)
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BibTeX entry: (Update)
@misc{ hou-towards,
author = "Kewei Hou and David Robinson",
title = "Towards a Property Rights View of Government Ownership",
url = "citeseer.ist.psu.edu/hou99towards.html" }
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1 Property rights and the nature of the #rm (context) - Economics, Oxford et al. - 1990
1 Rafael and Florencio Lopez de Silanes (context) - LaPorta - 1997
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1 Journal of Political Economy #forthcoming (context) - Law
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