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(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
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
This paper explores domestic mergers and acquisitions (M&As) from the regional perspective. The Finnish firm …
Persistent link: https://www.econbiz.de/10005556219
This paper explores domestic mergers and acquisitions (M&As) from the regional perspective. The Finnish firm …
Persistent link: https://www.econbiz.de/10005118986
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
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
criteria was developed on previously developed lists. The criteria fell into six groups: the entrepreneur’s personality, the … entrepreneur’s experience, characteristics of the product or service, characteristics of the market, financial consideration and … entrepreneur’s personality and experience are seen as being primary indicators of the venture’s potential. …
Persistent link: https://www.econbiz.de/10005134795
Past researches have revealed significant abnormal returns for bonus issues even though the bonus issue date is known in advance and the distribution contains no new information. This study examines the stock price reaction to the information content of bonus issues with a view of examining the...
Persistent link: https://www.econbiz.de/10005134827
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
This essay is a contribution to the empirical literature on the effect of inflation tax on capital structure. A simple empirical model considering the main results of the current theoretical development is studied, using microdata from a number of American corporations.
Persistent link: https://www.econbiz.de/10005134880