Les Cahiers de Recherche - HEC Paris
Portfolio diversification and internalization of production externalities through majority voting
() and Mich Tvede
Abstract: In absence of markets for externalities, the authors look
for governances and conditions under which majority voting among
shareholders is likely to give rise to efficient internalization. The
central and natural role played by a governance of stakeholders is
underlined and benchmarked.
Keywords: Production externalities; majority voting; portfolio diversification; general equilibrium; stakeholder governance; mean voter; (follow links to similar papers)
JEL-Codes: D21; D52; D71; G39; (follow links to similar papers)
29 pages, January 25, 2006
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