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Blockholder Identity, Equity Ownership Structures, and Hostile Takeovers

Gorton, Gary - 1999

We determine firms' equity ownership structures and provide a theory of hostile takeovers by distinguishing the roles …-cost free' capital is scarce. We investigate the allocation of this scarce resource. A hostile takeover is the consequence of a … investors. Even though all firms are ex ante identical, some may rely on the takeover mechanism while others rely on permanent …

Persistent link: https://www.econbiz.de/10012471671

Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms

Hubbard, R. Glenn - 1995

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...

Persistent link: https://www.econbiz.de/10012473808

Taxes and the Form of Ownership of Foreign Corporate Equity

Gordon, Roger H. - 1992

Investors can achieve international diversification in their portfolios not only through purchasing foreign equity directly but also through investing in domestic firms which then invest abroad. Yet these alternative approaches are taxed very differently. A number of countries have also imposed...

Persistent link: https://www.econbiz.de/10012474809

Foreign Ownership and Firm Performance : Emerging-Market Acquisitions in the United States

Chari, Anusha - 2009

made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries …

Persistent link: https://www.econbiz.de/10012463861

Conflicts of Interests Among Shareholders : The Case of Corporate Acquisitions

Harford, Jarrad - 2007

We identify important conflicts of interests among shareholders and examine their effects on corporate decisions. When a firm is considering an action that affects other firms in its shareholders' portfolios, shareholders with heterogeneous portfolios may disagree about whether to proceed. This...

Persistent link: https://www.econbiz.de/10012465377

Spending Less Time with the Family : The Decline of Family Ownership in the UK

Franks, Julian - 2004

Family ownership was rapidly diluted in the twentieth century in Britain. The main cause was equity issued in the process of making acquisitions. In the first half of the century, it occurred in the absence of minority investor protection and relied on directors of target firms protecting the...

Persistent link: https://www.econbiz.de/10012468064

Industrial Groupings and Strategic FDI : Theory and Evidence

Blonigen, Bruce A. - 2000

We show that industrial ownership structures, such as keiretsu groupings in Japan, may significantly impact firms' incentives to engage in FDI. While the previous literature has mainly focused on the cost of capital advantages enjoyed by keiretsu firms, this paper examines two relatively...

Persistent link: https://www.econbiz.de/10012470685

Trust and Opportunism in Close Corporations

Mahoney, Paul G. - 1998

The majority shareholder in a closely held corporation may use its control of the corporate machinery to appropriate wealth from the minority, and it is difficult for the majority to make a binding commitment not to do so. This paper models the interaction between majority and minority...

Persistent link: https://www.econbiz.de/10012471994

Affiliation, Integration, and Information : Ownership Incentives and Industry Structure

Hubbard, Thomas N. - 2001

This paper presents theory and evidence on horizontal industry structure, focusing on situations where plant …

Persistent link: https://www.econbiz.de/10012470424

Contractibility and Asset Ownership : On-Board Computers and Governance in U.S. Trucking

Baker, George P. - 2000

We investigate how the contractibility of actions affecting the value of an asset affects asset ownership. We examine this by testing how on-board computer (OBC) adoption affects truck ownership. We develop and test the proposition that adoption should lead to less ownership by drivers,...

Persistent link: https://www.econbiz.de/10012471133

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