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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

Firms' Decisions Where to Incorporate

Bebchuk, Lucian - 2002

, and takeover law …

Persistent link: https://www.econbiz.de/10012469604

A New Approach to Takeover Law and Regulatory Competition

Bebchuk, Lucian Arye - 2001

The development of U.S. state takeover law in the past three decades has produced considerable and quite possibly … excessive protection for incumbent managers from hostile takeovers. Although the shortcomings of state takeover law have been … produce even worse takeover arrangements. This paper puts forward a novel form of federal intervention in the regulation of …

Persistent link: https://www.econbiz.de/10012470578

Corporate Focusing and Internal Capital Markets

Schlingemann, Frederik P. - 1999

A sample of firms that focus by divesting at least one segment allows us to investigate the characteristics of segments divested as well as the nature of focusing firms. We find that firms are more likely to divest segments unrelated to the core activities of the firm and that the probability...

Persistent link: https://www.econbiz.de/10012471612

Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts

Axelson, Ulf - 2010

This paper provides an empirical analysis of the financial structure of large buyouts. We collect detailed information on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated to the leverage of matched public firms, and is largely...

Persistent link: https://www.econbiz.de/10012462699

Leveraged Buyouts and Private Equity

Kaplan, Steven N. - 2008

We describe and present time series evidence on the leveraged buyout / private equity industry, both firms and transactions. We discuss the existing empirical evidence on the economics of the firms and transactions. We consider similarities and differences between the recent private equity wave...

Persistent link: https://www.econbiz.de/10012464440

How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed

Andrade, Gregor - 1997

This paper studies thirty-one highly leveraged transactions (HLTs) of the 1980s that subsequently became financially distressed. At the time of distress, all sample firms have operating margins that are positive and in the majority of cases greater than the median for the industry. Therefore, we...

Persistent link: https://www.econbiz.de/10012472668

How Risky is the Debt in Highly Leveraged Transactions? Evidence from Public Recapitalizations

Kaplan, Steven N. - 1990

This paper presents estimates of the systematic risk of the debt in public leveraged recapitalizations. We calculate the systematic risk of the debt as a function of the difference between the systematic equity risk before and after the recapitalization. The increase in equity risk is...

Persistent link: https://www.econbiz.de/10012475643

Corporate-Finance Benefits from Universal Banking : Germany and the United States, 1870-1914

Calomiris, Charles W. - 1993

Limitations on bank consolidation and branching in the United States at an early date effectively limited the scope of commercial banks and their involvement in financing large-scale industry, and increased information and transaction costs of issuing securities. In contrast, German industry was...

Persistent link: https://www.econbiz.de/10012474543

Corporate Taxes and Internal Borrowing within Multinational Firms

Egger, Peter - 2012

This paper develops a theoretical model of multinational firms with an internal capital market. Main reasons for the emergence of such a market are tax avoidance through debt shifting and the existence of institutional weaknesses and financial frictions across host countries. The model serves to...

Persistent link: https://www.econbiz.de/10012460245

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