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Generational Accounting, Solidarity and Pension Losses

Teulings, Coen N.; Vries, Casper G. de - Tinbergen Institute - 2003

The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...

Persistent link: https://www.econbiz.de/10005042223

First Author Determinants: An Empirical Analysis

Praag, Mirjam van; Praag, Bernard M.S. van - Tinbergen Institute - 2006

Alphabetic name ordering on multi-authored academic papers, which is the convention in the

Persistent link: https://www.econbiz.de/10005282029

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

Interlocking Boards and Firm Performance: Evidence from a New Panel Database

Non, Mariëlle C.; Franses, Philip Hans - Tinbergen Institute - 2007

An interlock between two firms occurs if the firms share one or more directors in their boards of directors. We explore the effect of interlocks on firm performance for 101 large Dutch firms using a large and new panel database. We use five different performance measures, and for each...

Persistent link: https://www.econbiz.de/10005144409

Acquisitions as a Real Options Bidding Game

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

This paper uses a unified treatment of real options and game theory to examine value appropriation in takeovers within a competitive environment of imperfect information. The integrated model considers a potential target as a shared real option on a bundle of resources. Competing potential...

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 …

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

The Political Economy of Bank- and Market Dominance

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

Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...

Persistent link: https://www.econbiz.de/10005795583

White Knights and the Corporate Governance of Hostile Takeovers

Calcagno, Riccardo; Falconieri, Sonia - Tinbergen Institute - 2008

We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …

Persistent link: https://www.econbiz.de/10005137147

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 likely to play in the consolidation game. We propose that whether a firm assumes the role of rival consolidator, target, or passive observer depends on the position of the firm...

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