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Mandatory Unbundling and Irreversible Investment in Telecom Networks
Pindyck, Robert S. - 2021
This paper addresses the impact on investment incentives of the network sharing arrangements mandated by the Telecommunications Act of 1996, with a focus on the implications of irreversible investment. Although the goal is to promote competition, the sharing rules now in place reduce incentives...
Persistent link: https://www.econbiz.de/10013247857
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Unbundling Institutions
Acemoglu, Daron; Johnson, Simon - 2021
This paper evaluates the importance of property rights institutions', which protect citizens against expropriation by the government and powerful elites, and contracting institutions', which enable private contracts between citizens. We exploit exogenous variation in both types of institutions...
Persistent link: https://www.econbiz.de/10013246044
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Liquidity Mergers
Almeida, Heitor - 2011
We study the interplay between corporate liquidity and asset reallocation opportunities. Our model shows that financially distressed firms are acquired by liquid firms in their industries even when there are no operational synergies associated with the merger. We call these transactions...
Persistent link: https://www.econbiz.de/10013130982
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Globalization, Governance, and the Returns to Cross-Border Acquisitions
Ellis, Jesse A. - 2011
Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...
Persistent link: https://www.econbiz.de/10013131665
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Shareholder Democracy in Canada
Morck, Randall - 2010
-style takeover defences, such as poison pills and staggered boards, but allows voting caps and pyramiding in their stead. Various … investors and mandatory takeover bids …
Persistent link: https://www.econbiz.de/10013135809
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Is There Discretion in Wage Setting? a Test Using Takeover Legislation
Bertrand, Marianne - 2010
paper, we use states' passage of anti-takeover legislation as a source of such independent variation. Passed in the 1980's …
Persistent link: https://www.econbiz.de/10013137228
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CEO Preferences and Acquisitions
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/10013117399
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The Effect of Liquidity on Governance
Edmans, Alex - 2011
This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge funds as they are unconstrained by legal restrictions and business ties, and thus have all governance channels at their disposal. Since the threat of governance, not just actual...
Persistent link: https://www.econbiz.de/10013118841
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The Price Effects of a Large Merger of Manufacturers : A Case Study of Maytag-Whirlpool
Ashenfelter, Orley - 2011
Many experts speculate that U.S. antitrust policy towards horizontal mergers has been too lenient. We estimate the price effects of Whirlpool's acquisition of Maytag to provide new evidence on this debate. We compare price changes in appliance markets most affected by the merger to markets where...
Persistent link: https://www.econbiz.de/10013119784
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Corporate Acquisitions, Diversification, and the Firm's Lifecycle
Arikan, Asli M. - 2011
Lifecycle theories of mergers and diversification predict that firms make acquisitions and diversify when their internal growth opportunities become exhausted. Free cash flow theories make similar predictions. In contrast to these theories, we find that the acquisition rate of firms (defined as...
Persistent link: https://www.econbiz.de/10013119963