Narrow search
Showing 1 - 10 of 167
Cover Image
Performance Pay, CEO Dismissal, and the Dual Role of Takeovers
Burkart, Mike; Raff, Konrad - C.E.P.R. Discussion Papers - 2012
We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …
Persistent link: https://www.econbiz.de/10011083799
Cover Image
Why Do Sellers (Usually) Prefer Auctions?
Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 2009
also discuss the effects of lock-ups, matching rights, break-up fees (as in takeover battles), entry subsidies, etc. …
Persistent link: https://www.econbiz.de/10004976795
Cover Image
Corporate Governance and Value Creation: Evidence from Private Equity
Acharya, Viral V; Hahn, Moritz; Kehoe, Conor - C.E.P.R. Discussion Papers - 2009
We examine deal-level data on private equity transactions in the UK initiated during the period 1996 to 2004 by mature private equity houses. We un-lever the deal-level equity return and adjust for (un-levered) return to quoted peers to extract a measure of "alpha" or abnormal performance of the...
Persistent link: https://www.econbiz.de/10004980202
Cover Image
The Internal Governance of Firms
Acharya, Viral V; Myers, Stewart C; Rajan, Raghuram G - C.E.P.R. Discussion Papers - 2009
We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. We find that internal governance can mitigate agency problems and ensure firms have substantial value, even without any external governance. Internal...
Persistent link: https://www.econbiz.de/10004980207
Cover Image
The Structure of Corporate ownership in Privatized Utilities
Trillas, Francesco - C.E.P.R. Discussion Papers - 2002
The purpose of this Paper is to study the determinants of the concentration of ownership in a privatized, regulated firm. The discussion illustrates some aspects of the costs and benefits of different corporate systems. Privatized utilities are large firms with professional management: there is...
Persistent link: https://www.econbiz.de/10005123598
Cover Image
The Origination and Evolution of Ownership and Control
Franks, Julian R; Mayer, Colin; Rossi, Stefano - C.E.P.R. Discussion Papers - 2003
In the first half of the twentieth century, the UK capital markets were marked by an absence of investor protection; by the end of the century, there was more extensive protection there than virtually anywhere else in the world. The UK therefore provides an exceptional laboratory for evaluating...
Persistent link: https://www.econbiz.de/10005123634
Cover Image
Takeover Bids versus Proxy Fights in Contests for Corporate Control
Bebchuk, Lucian Arye; Hart, Oliver - C.E.P.R. Discussion Papers - 2001
) takeover bids (buying shares only); and (3) a combination of proxy fights and takeover bids in which shareholders vote on … to proxy fights alone but also to takeover bids alone. Finally, we show that, when acquisition offers are in the form of …
Persistent link: https://www.econbiz.de/10005123692
Cover Image
Unbundling Ownership and Control
Ferreira, Daniel; Ornelas, Emanuel; Turner, John L. - C.E.P.R. Discussion Papers - 2007
Treating control as an asset that can be bought and sold, we introduce a model of the simultaneous and separable trading of ownership and control in a private information setting. The model provides a novel explanation for the prevalence and persistence of the separation of ownership from...
Persistent link: https://www.econbiz.de/10005123700
Cover Image
Investment Banks as Insiders and the Market for Corporate Control
Bodnaruk, Andriy; Massa, Massimo; Simonov, Andrei - C.E.P.R. Discussion Papers - 2008
We study holdings in M&A targets by financial conglomerates which affiliated investment banks advise the bidders. We show that advisors take positions in the targets before M&A announcements. These stakes are positively related to the probability of observing the bid and to the target premium....
Persistent link: https://www.econbiz.de/10005123703
Cover Image
Optimal Corporate Governance Structures
Almazan, Andres; Suarez, Javier - C.E.P.R. Discussion Papers - 2000
This paper explores how motivating an incumbent CEO to make investments that improve the effectiveness of the firm organization under his management interacts with the replacement policy of the board of directors. We characterize the optimal compensation package (including severance pay) under...
Persistent link: https://www.econbiz.de/10005123708