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Jenter, Dirk - 2011

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

Persistent link: https://www.econbiz.de/10013117262

The Role of Toeholds and Capital Gains Taxes for Corporate Acquisition Strategies

Liberini, Federica - 2016

cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …

Persistent link: https://www.econbiz.de/10012978390

Buying to Sell : Private Equity Buyouts and Industrial Restructuring

Norback, Pehr-Johan - 2013

We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...

Persistent link: https://www.econbiz.de/10013078529

Taxing Away M&A : The Effect of Corporate Capital Gains Taxes on Acquisition Activity

Feld, Lars P. - 2016

Taxing capital gains is an important obstacle to the efficient allocation of resources because it imposes a transaction cost on the vendor which locks in appreciated assets by raising the vendor's reservation price in prospective transactions. For M&As, this effect has been intensively studied...

Persistent link: https://www.econbiz.de/10012997244

Offset Contracts As an Insurance Device in Building the National Security

Kanniainen, Vesa - 2017

A dynamic multi-stage decision-theoretic approach is introduced to establish the optimal offset and its incidence, the contract price arising from bargaining, and the scale of the acquisition. A new rationale is suggested for offsets in terms of their role as an insurance devise. Results are...

Persistent link: https://www.econbiz.de/10012955287

Reaching Market Equilibrium Merely by Bilateral Barters

Flåm, Sjur D. - 2013

Motivated by emission and resource markets, this paper considers repeated, bilateral barters between owners of commodity bundles, contingent claims, or property rights. Focus is on feasible, voluntary exchanges, driven only by differences in substitution rates. No coordination is ever needed....

Persistent link: https://www.econbiz.de/10013071386

Emissions Trading with Offset Markets and Free Quota Allocations

Rosendahl, Knut Einar - 2014

We study optimal climate policy for a "policy bloc" of countries facing a market where emissions offsets can be purchased from a non-policy “fringe” of countries (such as for the CDM). Policy-bloc firms benefit from free quota allocations whose quantity is updated according to firms' past...

Persistent link: https://www.econbiz.de/10013059018

Learning from the Past: Trends in Executive Compensation over the Twentieth Century

Frydman, Carola - CESifo - 2008

In recent years, a large academic debate has tried to explain the rapid rise in CEO pay experienced over the past three decades. In this article, I review the main proposed theories, which span views of compensation as the result of a competitive labor market for executivesto theories based on...

Persistent link: https://www.econbiz.de/10005405726

French CEO Compensations: What is the Cost of a Mandatory Upper Limit?

Llense, Fabienne - CESifo - 2008

In the middle of the nineties, the sharp increase in globalisation and the last privatization wave have promoted the shaping of a market for executives in France. Characteristics of this market are estimated for France and a competitive model is simulated in order to assess to what extend such a...

Persistent link: https://www.econbiz.de/10005405777

Academics Appreciate Awards - A New Aspect of Incentives in Research

Frey, Bruno S.; Neckermann, Susanne - CESifo - 2009

This paper analyzes awards as a means of motivation prevalent in the scientific community, but so far neglected in the economic literature on incentives, and discusses their relationship to monetary compensation. Awards are better suited than performance pay to reward scientific tasks, which are...

Persistent link: https://www.econbiz.de/10005406082