Profit-Sharing Versus Fixed-Payment Contracts: Evidence From the Motion Pictures Industry

Darlene C. Chisholm

117 citations0/0 files storedThe Journal of Law Economics and Organization

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Law, Economics, and Judicial Systems Corporate Finance and Governance Merger and Competition Analysis

Abstract

The choice between sharing and fixed-payment compensation schemes is examined using data on contracts from the motion pictures industry. Several competing explanations are explored, including moral hazard mitigation, risk sharing, liquidity constraints, and the superstar phenomenon. Detailed descriptive statistics are presented, and qualitative variation in contracting clauses is analyzed within this industry's institutional setting.

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1960The Problem of Social Cost 1979Transaction-Cost Economics: The Governance of Contractual Relations 1996Production, Information Costs and Economic Organization 1988The Theory of Industrial Organization 1979Moral Hazard and Observability 1978Vertical Integration, Appropriable Rents, and the Competitive Contracting Process 1990Property Rights and the Nature of the Firm 1989Theory of Industrial Organization.

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2001The Strategic Effects of Vertical Market Structure: Common Agency and Divisionalization in the US Motion Picture Industry 2003Pivotal Buyers and Bargaining Position 2008Revenue Sharing Distortions and Vertical Integration in the Movie Industry 2014Economics of motion pictures: the state of the art 2005AT THE MOVIES: THE ECONOMICS OF EXHIBITION CONTRACTS 2020The agency and wholesale models in electronic content markets

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