This paper shows, after Watkins (1967) and Tremblay (1989, 1991), that the possessive phrase of This is John's does not necessarily include an elliptical Possessee. This ambiguity is argued to arise from the dual nature of the possessive marker, which may either be inflectional or derivational in Modern English. In the first case, it may be analysed as a functional head, as proposed by Abney (1987) and Kayne (1993, 1994); in the second case, it operates in the lexicon, deriving possessive adjectives which exhibit complementary morphological and semantic properties in adnominal and predicate positions.
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