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Federalism and Takeover Law : The Race to Protect Managers from Takeovers
Bebchuk, Lucian Arye - 2000
state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … competition cannot reconcile their views with the evolution of state takeover law---and should therefore reconsider their …
Persistent link: https://www.econbiz.de/10012471028
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Institutions, Restructuring, and Macroeconomic Performance
Caballero, Ricardo J. - 2000
A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...
Persistent link: https://www.econbiz.de/10012471041
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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
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Behavioral Corporate Finance
Malmendier, Ulrike - 2018
Behavioral Corporate Finance provides new and testable explanations for long-standing corporate-finance puzzles by applying insights from psychology to the behavior of investors, managers, and third parties (e. g., analysts or bankers). This chapter gives an overview of the three leading streams...
Persistent link: https://www.econbiz.de/10012480814
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Information and the Acquisition of Social Network Connections
Barsbai, Toman - 2020
How do information interventions affect individual efforts to expand social networks? We study a randomized controlled trial of a program providing information on settling in the U.S. for new immigrants from the Philippines. Improved information leads new immigrants to acquire fewer new social...
Persistent link: https://www.econbiz.de/10012481541
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Liquidity Mergers
Almeida, Heitor - 2011
We study the interplay between corporate liquidity and asset reallocation opportunities. Our model shows that financially distressed firms are acquired by liquid firms in their industries even when there are no operational synergies associated with the merger. We call these transactions...
Persistent link: https://www.econbiz.de/10012461933
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A Reference Point Theory of Mergers and Acquisitions
Baker, Malcolm - 2009
The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the 52-week high, a highly salient but largely...
Persistent link: https://www.econbiz.de/10012463098
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Cash-out or flame-out! Opportunity cost and entrepreneurial strategy : Theory, and evidence from the information security industry
Arora, Ashish - 2009
We analyze how entrepreneurial opportunity cost conditions performance. We depart from the literature on entrepreneurship which identifies survival with performance. Instead, many entrepreneurs aim for a cash-out (IPO or acquisition), especially in innovation based industries. Striving for a...
Persistent link: https://www.econbiz.de/10012463117
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Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU
Carbo-Valverde, Santiago - 2009
Banks are in the business of taking calculated risks. Expanding the geographic footprint of an organization's profit-making activities changes the geographic pattern of its exposure to loss in ways that are hard for regulators and supervisors to observe. This paper tests and confirms the...
Persistent link: https://www.econbiz.de/10012463202
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The Investment Behavior of Buyout Funds : Theory and Evidence
Ljungqvist, Alexander - 2008
This paper analyzes the determinants of buyout funds' investment decisions. In a model in which the supply of capital is "sticky" in the short run, we link the timing of funds' investment decisions, their risk-taking behavior, and the returns they subsequently earn on their buyouts to changes in...
Persistent link: https://www.econbiz.de/10012464467