Efficient partnership dissolution under buy-sell clauses
成果类型：
Article
署名作者：
de Frutos, Maria-Angeles; Kittsteiner, Thomas
署名单位：
Universidad Carlos III de Madrid; University of London; London School Economics & Political Science
刊物名称：
RAND JOURNAL OF ECONOMICS
ISSN/ISSBN：
0741-6261
DOI：
10.1111/j.0741-6261.2008.00009.x
发表日期：
2008
页码：
184-198
关键词：
摘要：
Buy-sell clauses are commonly used contractual provisions to determine the terms of dissolution of partnerships. Under them, one party offers a price for the partnership and the other party chooses whether to sell her share or buy her partner's share at this price. We point out that the selection of the proposing partner is essential for the performance of the clause. Moreover, if partners negotiate for the advantage of being the chooser, then buy-sell clauses result in an ex post efficient outcome. Such endogenous selection is consistent with how buy-sell clauses are drafted in practice.
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