European Business Schools Librarian's Group

HEC Research Papers Series,
HEC Paris

No 816: Portfolio diversification and internalization of production externalities through majority voting

Hervé Crès () 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

JEL-codes: D21; D52; D71; G39

29 pages, January 25, 2006

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