Partnerships, Buy‐Out Options and Investment in Emerging Markets
研究了信息不对称如何阻碍新兴市场的外国投资，提出临时合伙和买断期权可帮助区分好坏投资前景，但分离均衡可能不存在。
Asymmetric information and fear of acquiring a “lemon” may explain the paucity of foreign investment in emerging market economies. If investors are uncertain about the profitability of investments, intrinsically inefficient, temporary partnerships or joint ventures may serve as mechanisms through which information is transmitted. Temporary partnerships with joint investments by the domestic firm and the investor, together with a buy‐out option to the investor, may sometimes separate good and bad investment prospects in equilibrium. However, separating equilibria may fail to exist. Implications for foreign direct investment are traced and briefly related to the experience of transition economies.