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1、Ownership and control rights in Internet portal alliances,1995-1999,Daniel W. Elfenbein Josh Lerner,Presented by Yang Juzheng Guanghua School of Management, Peking University,RAND Journal of Economics, Vol.34, 2003,Modern Theory of the Firm,Background Introduction,Theory of Incomplete Contracts,Theo
2、ry of Incomplete Contracts Boundaries of organizations (Hart 1995) Organization of activities within a firm (Aghion Search engines; Content and services, such as stock price, news, auctions online and e-mails et al. Portal Alliance,Win-Win Alliance,Direct compensation that portals receive for the ad
3、, promotions and other services they provide to alliance partners. Indirect benefit from the alliances by increasing the appeal of the portals site by deepening its content and extending its features.,Alliances were also useful for the partner firms, whether they were content, service or tech provid
4、ers. Portal alliances were one method of attracting users and also enabled the partner to acquire customer data, et al.,Incomplete Contracts,Both parties effort decisions were likely to impact the value of the alliances and many of these effort decisions were non-contractible. e.g. Portals ongoing e
5、fforts to upgrade and expand their sites could change the value for the partner. e.g. In content agreements, partner firms controlled the frequency and quality of updates that matter much. In many alliances both parties had opportunities to behave opportunistically in competing for customers. Asset
6、ownership likely provided important incentives to the contracting parties.,Typical Ownership of a portal,URL (Uniform Resource Locator) Server User Information Database The ownership arrangement determine that if the alliance broke down, what could the owner continue to get.,Whats more,In addition t
7、o asset ownership, which provides residual control rights, specified control rights are examined in the analysis. Two reason: Specified control rights are important in the design of portal alliances. Specified control rights narrow the scope of residual control rights.,Data Set,106 contracts between
8、 portals and other firms entered into between 1995-1999, primarily from Recap/IT Supplemental financial info was from Compustat and Worldscope Contracting parties web traffic, such as the reach of the websites, the number of days per visitor per month, et al. from Media Matrix,Distribution of Obs by
9、 Year,Effort Required by Two Parties,We code as +1 if the portal was required to make the greater effort, -1 if the partner.,Traffic on Internet Properties,Financial Position of P half of the observed coefficients are positive and half are negative, however, so it is difficult to draw any overall co
10、nclusion about how the timing of the contract might have affected the allocation of control rights. Likewise, the coefficients on relative effort are jointly significant at the p .1 level, but they are evenly split between positive and negative signs.,Result of the Regression,Five of the twelve cont
11、rol provisions seem sensitive to measures of relative bargaining power: restrictions on the partners line of business requirements to conform to posted standards determining the “look and feel” of the site optimization of the site for a particular browser client efforts to return traffic to the portal site,Conclusions: Major Findings,The division of ownership in these alliances was highly sensitive to the allocation of (critical) effort between the parties. The allocation of control rights appeared most sensitive to measures of the relative bargaining power of the two parties.,
