This paper analyzes the problem of …rms that need to make investment decisions in capital markets characterized by trading frictions and ex-post bargaining. Trading frictions make switching from one capital supplier to another costly, thus implying that the match between …rms and suppliers generates surplus. Ex-post bargaining implies that suppliers can appropriate part of this surplus. Firms r...

Why don’t VCs eliminate excess demand for follow-on funds by raising fees? We propose a model of learning that leads to informational holdup. Current investors learn about skill whereas outside investors observe only returns. This gives current investors holdup power when the VC raises his next fund: Without their backing, no-one will fund him, as outside investors interpret the lack of backing...

This paper scrutinizes the effects of investor-state dispute settlements (ISDS) and national treatment provisions in a two-period model where foreign investment is subject to domestic regulation and a holdup problem. It shows that ISDS can mitigate the holdup problem and increases aggregate welfare, but comes with additional regulatory distortions for the first period. A national treatment prov...

Focus — specialization and speciÞc technology — improves productivity but leads to more dependency and opens a door for power problems. We analyze how organizational design and the choice of technology interact with the allocation of ownership in minimizing the holdup problem in the property rights theory of Grossman-Hart-Moore. We Þnd a novel motive for job rotation: rotation reduces holdup pr...

In this work, a numerical simulation study on the mixing characteristics of multiphase flow in an autoclave was carried out using CFD technology. The Eulerian–Eulerian model and discrete phase (DPM) were employed to investigate solid holdup, critical suspension speed, nonuniformity suspension, gas holdup distribution, bubble tracks, residence time during stirring leaching autoclave. Experiments...

PROPER DESIGN OF IMPELLERS FOR INDUCING gas dispersion in fermenters is a widely published topic that has typically emphasized such issues as agitator power, liquid holdup and flooding (1). Recent articles have focused on the advantages that various impeller configurations may have in fermenters (2, 3). This article describes the merits of different relative impeller sizes and explains how desi...