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Auction design with endogenously correlated buyer types

Krähmer, Daniel - In: Journal of Economic Theory 147 (2012) 1, pp. 118-141

This paper studies optimal auction design when the seller can affect the buyersʼ valuations through an unobservable ex …

Persistent link: https://www.econbiz.de/10011042975

Endogenous governance transparency and product market competition

Hidalgo-Cabrillana, Ana - In: SERIEs : Journal of the Spanish Economic Association 4 (2013) 1, pp. 113-136

This paper analyzes the determinants of governance transparency. In our model, entrepreneurs optimally decide the precision of their earning reporting by trading off the possibility of expropriating profits against the capacity to attract external funding.We find that information is only...

Persistent link: https://www.econbiz.de/10009756942

Chapter 8. Blockholders: A Survey of Theory and Evidence

Edmans, Alex; Holderness, Clifford G. - 2017

This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in corporate governance. We start with the underlying property rights of public corporations; we discuss how blockholders are critical in addressing free-rider problems and why, like...

Persistent link: https://www.econbiz.de/10014023374

Unbundling Ownership and Control

Ferreira, Daniel; Ornelas, Emanuel; Turner, John L. - C.E.P.R. Discussion Papers - 2007

Treating control as an asset that can be bought and sold, we introduce a model of the simultaneous and separable trading of ownership and control in a private information setting. The model provides a novel explanation for the prevalence and persistence of the separation of ownership from...

Persistent link: https://www.econbiz.de/10005123700

Chapter 12 Corporate Law and Governance

Becht, Marco; Bolton, Patrick; Röell, Ailsa - In: Handbook of law and economics : volume 2, (pp. 829-943). 2007

This chapter surveys the theoretical and empirical research on the main mechanisms of corporate law and governance, discusses the main legal and regulatory institutions in different countries, and examines the comparative governance literature. Corporate governance is concerned with the...

Persistent link: https://www.econbiz.de/10014023498

Chapter 1. Corporate Governance and Control

Becht, Marco; Bolton, Patrick; Röell, Ailsa - 2003

Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate claimholders. In this survey we review the theoretical and empirical research on the main mechanisms of...

Persistent link: https://www.econbiz.de/10014023875

Spite and reciprocity in auctions

Nishimura, Naoko; Cason, Timothy N.; Saijō, Tatsuyoshi; … - In: Games 2 (2011) 3, pp. 365-411

overbid more than higher value bidders, and they overbid more frequently in the second price auction than in the ascending … price auction. Overall, the lower value bidder submits bids that exceed value about half the time. These patterns are not …

Persistent link: https://www.econbiz.de/10009752417

An externality-robust auction : theory and experimental evidence

Bartling, Björn; Netzer, Nick - 2014 - This version: April 2014

An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders' payoffs unaffected … externalities due to spiteful preferences, which have been used to explain overbidding in the second-price auction (SPA). Another … example are cross-shareholdings between companies that compete in an auction. We derive an auction that coincides with the SPA …

Persistent link: https://www.econbiz.de/10010360336

Flow Trading

Budish, Eric B.; Cramton, Peter C.; Kyle, Albert S.; … - National Bureau of Economic Research - 2023

We introduce and analyze a new market design for trading financial assets. The design allows traders to directly trade any user-defined linear combination of assets. Orders for such portfolios are expressed as downward-sloping piecewise-linear demand curves with quantities as flows...

Persistent link: https://www.econbiz.de/10014250116

Chapter 32 An Empirical Perspective on Auctions

Hendricks, Ken; Porter, Robert H. - In: Handbook of industrial organization : volume 3, (pp. 2073-2143). 2007

We describe the economics literature on auction markets, with an emphasis on the connection between theory, empirical …

Persistent link: https://www.econbiz.de/10014024584

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