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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

Heterogeneous Frictional Costs Across Industries in Cross-border Mergers and Acquisitions

Blonigen, Bruce A. - 2016

While there has been significant research to explore the determinants (and frictions) of foreign direct investment (FDI), past literature primarily focuses on country-wide FDI patterns with little examination of sectoral heterogeneity in FDI. Anecdotally, there is substantial sectoral...

Persistent link: https://www.econbiz.de/10012456133

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

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

The Structure and Conduct of Corporate Lobbying : How Firms Lobby the Federal Communications Commission

de Figueiredo, John M. - 2000

lobbying (internal organization vs. trade association) by firms in administrative agencies. It explores the power and limitations of the collective action theories and transaction cost theories in explaining lobbying. It introduces a dataset of over 900 lobbying contacts cover 101 issues at the...

Persistent link: https://www.econbiz.de/10012471024

Discriminating Among Alternative Theories of the Multinational Enterprise

Markusen, James R. - 1999

trade. One simple taxonomy separates the theory into vertical' models in which firms geographically separate activities by …

Persistent link: https://www.econbiz.de/10012471623

Frictions in Product Markets

Gavazza, Alessandro; Lizzeri, Alessandro - National Bureau of Economic Research - 2021

This is an invited chapter for the forthcoming Volume 4 of the Handbook of Industrial Organization. We focus on markets with frictions, such as transaction costs, asymmetric information, search and matching frictions. We discuss how such frictions affect allocations, favor the emergence of...

Persistent link: https://www.econbiz.de/10012629479

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