TY  - JOUR
AU  - Elfenbein,Dan
AU  - Lerner,Josh
TI  - Links and Hyperlinks: An Empirical Analysis of Internet Portal Alliances, 1995-1999
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8251
PY  - 2001
Y2  - April 2001
UR  - http://www.nber.org/papers/w8251
L1  - http://www.nber.org/papers/w8251.pdf
N1  - Author contact info:
Daniel Elfenbein
Olin School of Business
Washington University in St. Louis
St Louis, MO 63130
E-Mail: elfenbein@wustl.edu

Josh Lerner
Harvard Business School
Rock Center 214
Boston, MA 02163
Tel: 617/495-6065
Fax: 617/496-7357
E-Mail: jlerner@hbs.edu
AB  - This paper examines the structure of over 100 alliances by Internet portals from 1995 to 1999.  These alliances were an attractive empirical testing ground because of the large number and heterogeneous nature of the contracts, the high standards for disclosure in the industry, and the careful delineation of ownership, control, exclusivity, and other provisions in the contracts.  The division of ownership and allocation of control rights displayed patterns consistent with the predictions in the incomplete contracting literature.  Similarly, the exclusivity of the agreements appeared to vary, at least weakly, with the value of the product or service being made available to the portal, consistent with the licensing literature. In other cases, particularly in regard to the differing allocation of ownership and control and the varying completeness of the contracts, the empirical patterns indicated a more complex world than the one that theory led us to anticipate.
ER  -