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Debt, Private Benefits, and Corporate Governance: An Analysis in an Option Valuation Framework

de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2014

Debt is not frequently analyzed in relation to the conflict between controlling and outside shareholders. At the same time, debt helps to manage the type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of...

Persistent link: https://www.econbiz.de/10010790025

Ownership Structure and Debt Leverage: Empirical Test of a Trade-Off Hypothesis on French Firms

de La Bruslerie, Hubert; Latrous, Imen - Université Paris-Dauphine (Paris IX) - 2012

Debt may help to manage type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of capital. A sample of 112 firms listed on the French stock market over the period 1998-2009 is empirically tested. It supports an...

Persistent link: https://www.econbiz.de/10010790035

Crossing takeover premiums and mix of payment : an empirical test of contractual setting in M&A transactions

de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2013

The analyses of the tender offer premiums and of the means of payment should not be performed separately. In the empirical literature, these two variables are often considered independently, although they may have an endogenous relationship in a contractual setting. Using a sample of European...

Persistent link: https://www.econbiz.de/10010735772

Efficacité des structures de contrôle et enracinement des dirigeants

Alexandre, Hervé; Paquerot, Mathieu - Université Paris-Dauphine (Paris IX) - 2000

ownership structure and the board of directors on managers. The confrontation of entrenchment theory and agency theory allows to …

Persistent link: https://www.econbiz.de/10010861596

Seasoned equity offerings: Stock market liquidity and the rights offer paradox

Ginglinger, Edith; Koenig-Matsoukis, Laure; Riva, Fabrice - Université Paris-Dauphine (Paris IX) - 2013

This paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We find that, besides blockholders’ takeup, liquidity is an important determinant of SEO flotation method choice. We document higher direct equity offering flotation costs, but also...

Persistent link: https://www.econbiz.de/10010744752

Do target shareholder agreements induce bidders to pay higher premiums?

Belot, François - Université Paris-Dauphine (Paris IX) - 2009

In listed companies, some shareholders can be signatories to agreements that govern their relations. Such agreements are often viewed as means of insulating the firm from the market for corporate control. Specific provisions (namely concerted action, pre-emptive buying rights and repartitioning...

Persistent link: https://www.econbiz.de/10010706570

Ownership, control and market liquidity

Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine (Paris IX)

increased liquidity for outside investors of small, family- firms, by reducing the probability of informed trading. …

Persistent link: https://www.econbiz.de/10010706821

Auctions and shareholdings

Ettinger, David - Université Paris-Dauphine (Paris IX) - 2008

This paper examines how shareholdings affect auctions' revenue and efficiency with independent private values. Two types of shareholdings are analyzed: vertical (resp: horizontal) toeholds cover situations in which bidders own a fraction of the seller's profit (resp: a share of their...

Persistent link: https://www.econbiz.de/10010706883

The Impacts of Corporate Governance On the Performance of Privatized Firms In Vietnam

Tran Thi, Que Giang - Université Paris-Dauphine (Paris IX) - 2008

exogenously, we avoid the simultaneity problem often present in studies on transition economies where existing managers become … owners or are replaced. In addition, due to the limited number of managers with market-economy skills in Vietnam, we avoid … the selection problem often present in studies for market economies where new managers may be better suited than existing …

Persistent link: https://www.econbiz.de/10010706886

Access to financing, rents, and organization of the firm

Renucci, Antoine - Université Paris-Dauphine (Paris IX) - 2008

This paper provides a theory for the choice of an organizational structure by the headquarters of a unitary structure concerned about overload. The headquarters can avoid overload by delegating operational decisions to divisions, i.e., moving the firm to a multidivisional structure. We show that...

Persistent link: https://www.econbiz.de/10010707148

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