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The political economy of dominant investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - 2005
We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...
Persistent link: https://www.econbiz.de/10011337975
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Corporate acquisitions and bank relationships
Volosovych, Vadym; Poelhekke, Steven; Vlahu, Razvan - 2021
dynamics of bank relationships after corporate acquisitions and the effects of changing banks on firm performance. Foreign …
Persistent link: https://www.econbiz.de/10012621574
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Can private equity funds act as strategic buyers? : evidence from buy-and-build strategies
Bansraj, Dyaran S.; Smit, Han T. J.; Volosovych, Vadym - 2020
-on acquisitions. We ask whether such serial (buy-and-build) acquisition strategies deliver operating synergies, as expected from …
Persistent link: https://www.econbiz.de/10012241756
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Decision making in incomplete markets with ambiguity : a case study of a gas field acquisition
Zhao, Lin; Wijnbergen, Sweder van - 2014
We apply utility indifference pricing to solve a contingent claim problem, valuing a connected pair of gas fields where the underlying process is not standard Geometric Brownian motion and the assumption of complete markets is not fulfilled. First, empirical data are often characterized by...
Persistent link: https://www.econbiz.de/10010465169
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Consolidation waves
Berg, Ward A. van den; Smit, Han T. J. - 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/10011372521
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Acquisitions as a real options bidding game
Smit, Han T. J.; Berg, Ward A. van den; De Maeseneire, … - 2005
expected target value, and uncertainty, determine value appropriation in acquisitions. …
Persistent link: https://www.econbiz.de/10011337396
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Winning by losing : evidence on overbidding in mergers
Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - 2011
Persistent link: https://www.econbiz.de/10010191090
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A real options perspective on R&D portfolio diversification
Bekkum, Sjoerd van; Pennings, Enrico; Smit, Han T. J. - 2008
This paper shows that the presence of conditional staging in R&D (Research & Development) has a critical impact on portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option-like characteristics, correlation between projects plays a...
Persistent link: https://www.econbiz.de/10011373815
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An analysis of the effects of the severance payment reform on credit to Italian SMEs
Calcagno, Riccardo; Kräussl, Roman; Monticone, Chiara - 2008
We study the effects of the reform of the system of severance payments (TFR) of Italian employees on the cost and the access to credit for small and medium-size enterprises (SMEs). The most direct consequence of the reform is to reduce in the long run the amount of liquid assets available to...
Persistent link: https://www.econbiz.de/10011377271
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A real option perspective on valuing gas fields
Zhao, Lin; Wijnbergen, Sweder van - 2013
Persistent link: https://www.econbiz.de/10010191285