Ownership Structures Transformed: Surprising Insights Overturn Property Rights Theory
The article talks about how transaction costs can change the way companies think about ownership and investments. When transaction costs are considered, it can be better for a company if one party doesn't invest but still owns something. Also, joint ownership can be the best way to go. This is different from the usual idea where the one who invests should own the most. So, having a different owner can actually make companies work better. Joint ownership can lead to bigger gains, making it worth the extra costs. In this view, what works best might not be what you'd expect.