The study looks at how transaction costs affect how companies work together. It takes a new angle on property rights in firms. The researchers found that having transaction costs can change the way businesses think about sharing ownership. In some cases, it might make more sense for one party to be the owner even if they don't invest. Also, splitting ownership might actually be the best choice in certain situations. This is because having to negotiate can lead to big benefits, making it worth the effort. Essentially, what might seem like a bad ownership setup could turn out to be the best option when transaction costs are taken into account.