Asset ownership and relational contracts
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- Discussion papers (FOR) 
In a setting where two managers make relationship- and asset-specific investments, the optimal relational contract specifies the same payments that renegotiations would have led to in a spot mode, plus a fixed transfer and a one-step bonus scheme. The choice of ownership is shown to depend critically on the punishment strategies and the nature of the uncertainty.
UtgiverNorwegian School of Economics and Business Administration. Department of Finance and Management Science