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DEMATERIALISING CAPITAL IN FINANCIAL FIRMS: AN OPTION BASED APPROACH
Salvatore, Ciccarelli - EconWPA - 2004
Risk management is at present essential to the banking business mainly as a discipline geared to the protection of depositors with a strong capital support. But risk management yields other benefits, offering a well-grounded procedure to allocate capital and to price banking products. Value at...
Persistent link: https://www.econbiz.de/10005134794
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Royalty rates, sub licensing considerations and joint ventures.
Malki, Elli - EconWPA - 1997
Technology transfer agreements between universities and industrial companies usually involve royalties, sublicensing considerations and allocation of equity. This article extends the analysis of my previous one ("The Economic Sense of Royalty Rates", ewp-fin/970903)to deal with sublicensing...
Persistent link: https://www.econbiz.de/10005076945
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The economic sense of royalty rates.
Malki, Elli - EconWPA - 1997
Academic institutions, involved in technology transfer to industry, are always concerned about the "fairness" of the royalty rate payable to them. The common method used by practitioners is the "Industry-Standard Approach" which is based mainly on past experience. However such approach is very...
Persistent link: https://www.econbiz.de/10005134686
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Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: the N-Period Case
Velez-Pareja, Ignacio; Tham, Joseph; Fernandez, Viviana - EconWPA - 2005
In the Weighted Average Cost of Capital (WACC) applied to the free cash flow (FCF), we assume that the cost of debt is the market, unsubsidized rate. With debt at the market rate and perfect capital markets, debt only creates value in the presence of taxes through the tax shield. In some cases,...
Persistent link: https://www.econbiz.de/10005134868
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Innovation and Business Growth through Corporate Venturing in Latin America: Analysis of Strategic Fit
Rajagopal - EconWPA - 2005
Corporate venturing as a strategy for international business development has become significant in view of the process of globalization resulting into the free trade and business development opportunities for multinational companies. This study is based on empirical investigation through...
Persistent link: https://www.econbiz.de/10005076887
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Corporate Governance and Management Succession in Family Businesses
Phan, Phillip; Butler, John E.; Lee, Soo Hoon - EconWPA - 2005
Family businesses carry the weight of economic wealth creation in most economies. In the U.S. alone, family businesses account for 80 to 90 percent of the 18-million business enterprises in the United States, and 50 percent of the employment and GNP. In many ways, the family business is...
Persistent link: https://www.econbiz.de/10005412922
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Valuing Joint Ventures Using Real Options
Pape, Ulrich; Schmidt-Tank, Stephan - EconWPA - 2005
ventures and shows the power of real options in the valuation process. We apply four option types (option to defer, option to … expand/acquisition option, option to innovate, and option to abandon) to an imaginary joint venture example and show how to … use the Black/Scholes and binomial valuation techniques to value these options. Of the four option types, particularly the …
Persistent link: https://www.econbiz.de/10005077010
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Toeholds and Takeovers
Bulow, Jeremy; Huang, Ming; Klemperer, Paul - EconWPA - 1999
(forthcoming Journal of Political Economy). Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a "toehold" bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its...
Persistent link: https://www.econbiz.de/10005076990
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Toeholds and Takeovers
Bulow, Jeremy; Huang, Ming; Klemperer, Paul - EconWPA - 1996
Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a ``toehold'' bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its own holdings. While the direct effect of a...
Persistent link: https://www.econbiz.de/10005413099
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Employment effects of business dynamics: Mice, Gazelles and Elephants
Acs, Zoltan; Mueller, Pamela - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2006
This paper examines the relationship between business dynamics and employment effects in 320 U.S. Metropolitan Statistical Areas (MSA). Much of the theoretical work on industry dynamics focuses on the role of noisy selection and incomplete information on entry and survival. We extend this...
Persistent link: https://www.econbiz.de/10005247888