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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

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

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 … an informative estimate of the causal effect of mergers in our sample. Existing measures of long-run abnormal returns …

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

Disciplining and Screening Top Executives

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

failure of initiated strategies, reorganizations, mergers etc. We analyse the nature of (implicit) retention contracts boards …

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

The Economic Value of Flexibility when there is Disagreement

Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Institute - 2003

decisions in a significant way. The applications we consider are: the entrepreneur’s choice of flexibility in the initial mix of …

Persistent link: https://www.econbiz.de/10005137042

Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Institute - 2003

In this paper we introduce flexibility as an economic concept and apply it to the firm’s security issuance decision and capital structure choice. Flexibility is the ability to make decisions that one thinks are best even when others disagree. The firm’s management values flexibility because...

Persistent link: https://www.econbiz.de/10005137258

Go Public or Stay Private: A Theory of Entrepreneurial Choice

Boot, Arnoud W.A.; Gopalan, Radhakrishnan; Thakor, Anjan V. - Tinbergen Institute - 2003

In this paper we analyze an entrepreneur /manager's choice between private and public ownership in a setting in which …

Persistent link: https://www.econbiz.de/10005504882

Rhineland exit?

Bovenberg, Lans; Teulings, Coen - Tinbergen Institute - 2007

We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...

Persistent link: https://www.econbiz.de/10005450728

Corporate Governance and Leverage: Evidence from a Natural Experiment

Arping, Stefan; Sautner, Zacharias - Tinbergen Institute - 2010

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...

Persistent link: https://www.econbiz.de/10008838637

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