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Do Acquirers with More Uncertain Growth Prospects Gain Less from Acquisitions?
Moeller, Sara B. - 2004
Behavioral finance models imply that an increase in shares outstanding leads to a lower stock price for firms with greater diversity in opinion among investors. Information asymmetry models imply that share issues by firms with greater information asymmetries are accompanied by larger share...
Persistent link: https://www.econbiz.de/10012785450
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Order Flow and the Formation of Dealer Bids : Information Flows and Strategic Behavior in the Government of Canada Securities Auctions
Hortacsu, Ali - 2005
Is order-flow an important component of private information possessed by traders in government securities markets? Utilizing a detailed data set on Government of Canada securities auctions, we argue that the answer is yes. Direct participation in these auctions is limited to government...
Persistent link: https://www.econbiz.de/10012784929
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Bid Shading and Bidder Surplus in the U.S. Treasury Auction System
Hortacsu, Ali - 2017
We analyze bidding data from uniform price auctions of U.S. Treasury bills and notes between July 2009-October 2013. Primary dealers consistently bid higher yields compared to direct and indirect bidders. We estimate a structural model of bidding that takes into account informational asymmetries...
Persistent link: https://www.econbiz.de/10012943195
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Information and Competition in U.S. Forest Service Timber Auctions
Athey, Susan; Levin, Jonathan - 2021
This paper studies the bidding behavior of firms in U.S. Forest Service timber auctions in 1976--1990. When conducting timber auctions, the Forest Service publicly announces its estimates of the tract characteristics before the auction, and each bidder additionally has an opportunity to inspect...
Persistent link: https://www.econbiz.de/10013246494
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A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information
Cole, Harold L. - 2018
How does investors' information about a country's fundamentals, and the fact that this information may be asymmetrically held, affect a country's financing cost? Motivated by this question, and by the observation that sovereign bonds are usually auctioned in large lots to a large number of...
Persistent link: https://www.econbiz.de/10012913363
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Choice Screen Auctions
Ostrovsky, Michael - 2022
Choice screen auctions have been recently deployed in 31 European countries, allowing consumers to choose their preferred search engine on Google's Android platform instead of being automatically defaulted to Google's own search engine. I show that a seemingly minor detail in the design of these...
Persistent link: https://www.econbiz.de/10014090768
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Target Revaluation after Failed Takeover Attempts – Cash Versus Stock
Malmendier, Ulrike - 2012
Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on … unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by +15% after deal … longer horizons. We find no evidence that future takeover activities or operational changes explain these differences. While …
Persistent link: https://www.econbiz.de/10013104060
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Takeover Bids Below the Expected Value of Minority Shares
Bebchuk, Lucian A. - 2008
Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the …
Persistent link: https://www.econbiz.de/10012774564
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Poison or Placebo? Evidence on the Deterrent and Wealth Effects of Modern Antitakeover Measures
Comment, Robert - 2008
poison pills and control share statutes are reliably associated with higher takeover premiums for selling shareholders, both … unconditionally and conditional on a successful takeover, and we provide updated event-study evidence for the three-quarters of all …
Persistent link: https://www.econbiz.de/10012774568
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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 2008
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...
Persistent link: https://www.econbiz.de/10012774941