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Winning by Losing: Evidence on Overbidding in Mergers

Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - Tinbergen Institute - 2011

Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbid and destroy shareholder …

Persistent link: https://www.econbiz.de/10009209848

Acquisitions as a Real Options Bidding Game

Smit, Han T.J.; Berg, Ward A. van den; Maeseneire, Wouter De - Tinbergen Institute - 2004

expected target value, and uncertainty, determine value appropriation in acquisitions. …

Persistent link: https://www.econbiz.de/10005144572

Consolidation Waves

Berg, Ward A. van den; Smit, Han T.J. - Tinbergen Institute - 2007

This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … initial acquisition triggers a wave of follow-on acquisitions, where the process of asset accumulation by the consolidator is … accelerated since the value of follow-on acquisitions is enhanced by the more concentrated industry structure. An initial …

Persistent link: https://www.econbiz.de/10005137156

The Political Economy of Dominant Investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2004

We allow the preference of a political majority to determine both the corporate governance structure and the division of profits between human and financial capital. In a democratic society where financial wealth is concentrated, a political majority may prefer to restrain governance by...

Persistent link: https://www.econbiz.de/10005137317

Splitting Orders in Fragmented Markets

Menkveld, Bert - Tinbergen Institute - 2001

A number of recent theoretical studies have explored trading in fragmented markets, e.g. Biais et al. (2000), a phenomenon increasingly witnessed in modern markets. The key assumption generating the results is that there is at least one liquidity demander exploiting access to all markets by...

Persistent link: https://www.econbiz.de/10005209503

Coordination of Expectations in Asset Pricing Experiments

Hommes, Cars; Sonnemans, Joep; Tuinstra, Jan; Velden, … - Tinbergen Institute - 2003

We investigate expectation formation in a controlled experimental en- vironment. Subjects are asked to predict the price in a standard asset pricing model. They do not have knowledge of the underlying market equilibrium equa- tions, but they know all past realized prices and their own...

Persistent link: https://www.econbiz.de/10005137028

Short-Selling Bans around the World: Evidence from the 2007-09 Crisis

Beber, Alessandro; Pagano, Marco - Tinbergen Institute - 2010

Most stock exchange regulators around the world reacted to the 2007-2009 crisis by

Persistent link: https://www.econbiz.de/10008679879

Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?

Botshekan, Mahmoud; Kraeussl, Roman; Lucas, Andre - Tinbergen Institute - 2010

We test whether asymmetric preferences for losses versus gains as in Ang, Chen, and Xing (2006) also affect the pricing of cash flow versus discount rate news as in Campbell and Vuolteenaho (2004). We construct a new four-fold beta decomposition, distinguishing cash flow and discount rate betas...

Persistent link: https://www.econbiz.de/10008838610

Private Equity Waves

Smit, Han; Berg, Ward A. van den - Tinbergen Institute - 2006

This study presents a dynamic model for the private equity market in which information revelation and uncertainty rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public equity is i) uncertain and ii) agents have private...

Persistent link: https://www.econbiz.de/10005209472

Disciplining and Screening Top Executives

Martinez, Silvia Dominguez; Swank, Otto H.; Visser, Bauke - Tinbergen Institute - 2006

Boards of directors face the twin task of disciplining and screening executives. To perform these tasks directors do not have detailed information about executives' behaviour, and only infrequently have information about the success or failure of initiated strategies, reorganizations, mergers...

Persistent link: https://www.econbiz.de/10005016271