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- W1481126570 abstract "This paper examines the efficiency of internal capital markets. I develop a model in which headquarters allocates capital ex-post efficiently to the stronger division and find that this can be ex-ante inefficient. Reallocating capital ex-post to the stronger division reduces ex-ante incentives which can only be restored through monetary compensation. This decreases future investment and may result in the internal capital market being sub-optimal compared with two stand-alone divisions. I show how these effects are particularly important for two types of firm. Finally, ex-ante incentives can be restored by an ex-post inefficient social capital allocation rule, which I show to be optimal." @default.
- W1481126570 created "2016-06-24" @default.
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- W1481126570 date "2007-01-01" @default.
- W1481126570 modified "2023-09-23" @default.
- W1481126570 title "The Trade-Off Between Ex-Post and Ex-Ante Efficient Capital Allocation in Internal Capital Markets and Organizational Form" @default.
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- W1481126570 doi "https://doi.org/10.2139/ssrn.1032544" @default.
- W1481126570 hasPublicationYear "2007" @default.
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