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Exclusive dealing as a barrier to entry? Evidence from automobiles

Nurski, Laura; Verboven, Frank - C.E.P.R. Discussion Papers - 2012

Exclusive dealing contracts between manufacturers and retailers force new entrants to set up their own costly dealer networks to enter the market. We ask whether such contracts may act as an entry barrier, and provide an empirical analysis of the European car market. We first estimate a demand...

Persistent link: https://www.econbiz.de/10011083855

Performance Pay, CEO Dismissal, and the Dual Role of Takeovers

Burkart, Mike; Raff, Konrad - C.E.P.R. Discussion Papers - 2012

We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …

Persistent link: https://www.econbiz.de/10011083799

Auctions vs. Negotiations

Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 1994

Which is the more profitable way to sell a company: a public auction or an optimally structured negotiation with a smaller number of bidders? We show that under standard assumptions the public auction is always preferable, even if it forfeits all the seller's negotiating power, including the...

Persistent link: https://www.econbiz.de/10005666938

International Taxation and the Direction and Volume of Cross-Border M&As

Huizinga, Harry; Voget, Johannes - C.E.P.R. Discussion Papers - 2006

In an international merger or acquisition, the national residences of the acquirer and the target determine to what extent the newly created multinational firm is subject to international double taxation. This paper presents evidence that the parent-subsidiary structure of newly created...

Persistent link: https://www.econbiz.de/10005788872

Cross-Country Determinants of Mergers and Acquisitions

Rossi, Stefano; Volpin, Paolo - C.E.P.R. Discussion Papers - 2003

This Paper studies the determinants of mergers and acquisitions around the world during the 1990s by focusing on differences in laws and regulation across countries. We find that the volume of M&A activity and the premium paid are significantly larger in countries with better investor...

Persistent link: https://www.econbiz.de/10005788892

Effects of Acquisitions on Product and Process Innovation and R&D Performance

Cefis, Elena; Rosenkranz, Stephanie; Weitzel, Utz - C.E.P.R. Discussion Papers - 2005

Using a game theoretical model on firms' simultaneous investments in product and process innovation, we deduct and empirically test hypotheses on the optimal R&D portfolio, investment, performance, and dynamic efficiency of R&D for acquisitions and in independently competing firms. We use...

Persistent link: https://www.econbiz.de/10005123533

Takeover Bids versus Proxy Fights in Contests for Corporate Control

Bebchuk, Lucian Arye; Hart, Oliver - C.E.P.R. Discussion Papers - 2001

) takeover bids (buying shares only); and (3) a combination of proxy fights and takeover bids in which shareholders vote on … to proxy fights alone but also to takeover bids alone. Finally, we show that, when acquisition offers are in the form of …

Persistent link: https://www.econbiz.de/10005123692

Investment Banks as Insiders and the Market for Corporate Control

Bodnaruk, Andriy; Massa, Massimo; Simonov, Andrei - C.E.P.R. Discussion Papers - 2008

We study holdings in M&A targets by financial conglomerates which affiliated investment banks advise the bidders. We show that advisors take positions in the targets before M&A announcements. These stakes are positively related to the probability of observing the bid and to the target premium....

Persistent link: https://www.econbiz.de/10005123703

The Case Against Board Veto in Corporate Takeovers

Bebchuk, Lucian Arye - C.E.P.R. Discussion Papers - 2002

hostile bidders to win a vote of shareholder support – boards should not have veto power over takeover bids. The Paper …

Persistent link: https://www.econbiz.de/10005124408

Investment Liberalization - Who Benefits from Cross Border Mergers

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2002

Investment liberalizing countries are often concerned that cross-border mergers & acquisitions might have an adverse effect on domestic firms and benefit multinational enterprises (MNEs). Given that domestic assets are sufficiently scarce, we identify a preemption effect and an asset...

Persistent link: https://www.econbiz.de/10005136401