The study explores how the order in which investments are made affects incentives and outcomes in business relationships. When investments are made one after the other, the second investor has more motivation to invest. However, this can lead to higher costs for the first investor, affecting their willingness to invest. By allowing for sequential investments, parties can contract on future investments, providing additional incentives. This changes previous predictions, showing that giving more control to later investors can reduce overall benefits by decreasing incentives for initial investors.