Centro de Documentacion de Fundación MAPFRE - Organizational forms and investment decisions

MAP20090035096

Organizational forms and investment decisions / Eugene F. Fama, Michael C. Jensen

Sumario: This paper analyzes investment rules for various organizational forms that are distinguished by the characteristics of their residual claims. Different restrictions on residual claims lead to different decision rules. the analysis indicates that the investment decisions of open corporations, financial mutuals and non-profits can be modeled by the value maximization rule. However, the decisions of proprietorships, partnerships, and closed corporations cannot in general be modeled by the market value rule

En: Journal of financial economics . - New York . - nº 14, 1985 ; p. 101-119

1. Inversiones financieras . 2. Toma de decisiones . 3. Organizaciones . 4. Reclamaciones . 5. Mutualismo . I. Título.