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Financial vs. Strategic Buyers
Martos-Vila, Marc - 2013
support for our theory in merger data using a novel measure of debt misvaluation …
Persistent link: https://www.econbiz.de/10013076914
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Viewpoint : The Human Capital Approach to Inference
MacLeod, W. Bentley - 2016
combines these methods by using observed decisions by experts to reduce the demensionality of the feature space and allow the … categorization of decisions by their propensity score. The fact that the human capital of experts is heterogeneous implies that …
Persistent link: https://www.econbiz.de/10012995971
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Misconduct in Credence Good Markets
Brown, Jennifer - 2012
We examine misconduct in credence good markets with price taking experts. We propose a market-level model in which … price-taking experts extract surplus based on the value of their firm's brand and their own skill. We test the predictions … independent experts, despite doing substantially less business. In addition, more experienced experts attract more complaints per …
Persistent link: https://www.econbiz.de/10013096847
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Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital
Bolton, Patrick - 2015
A risk-averse entrepreneur with access to a profitable venture needs to raise funds from investors. She cannot indefinitely commit her human capital to the venture, which limits the firm's debt capacity, distorts investment and compensation, and constrains the entrepreneur's risk-sharing. This...
Persistent link: https://www.econbiz.de/10013027264
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Modeling Structural and Temporal Variation in the Market's Valuation of Banking Firms
Kane, Edward J. - 2008
This paper decomposes both the market sensitivity and the interest-rate sensitivity of bank stock into on-balance-sheet and off-balance-sheet components. It derives these constituent and often-offsetting sensitivities from a nonstationary three-equation model that employs accounting and...
Persistent link: https://www.econbiz.de/10012774829
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Buyout Activity : The Impact of Aggregate Discount Rates
Haddad, Valentin - 2016
Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present...
Persistent link: https://www.econbiz.de/10012986691
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The Economics of Hedge Funds : Alpha, Fees, Leverage, and Valuation
Lan, Yingcong - 2011
Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage choices and the valuation of fees and investors' payoffs....
Persistent link: https://www.econbiz.de/10013128908
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Efficient and Inefficient Sales of Corporate Control
Bebchuk, Lucian A. - 2010
This paper develops a framework for analyzing transactions that transfer a company's controlling block from an existing controller to a new controller. This framework is used to compare the market rule, which is followed in the United States, with the equal opportunity rule, which prevails in...
Persistent link: https://www.econbiz.de/10013139247
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The Valuation of Long-Dated Assets
Martin, Ian - 2010
The expected time- and risk-adjusted cumulative return on any asset equals one at all horizons. Nonetheless, I show that a typical asset's realized time- and risk-adjusted cumulative return tends to zero almost surely. As a corollary, the value of a typical long-dated asset is driven by extreme...
Persistent link: https://www.econbiz.de/10013139893
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Hedge Fund Contagion and Liquidity
Boyson, Nicole M.; Stahel, Christof W.; Stulz, René M. - 2021
Using hedge fund indices representing eight different styles, we find strong evidence of contagion within the hedge fund sector: controlling for a number of risk factors, the average probability that a hedge fund style index has extreme poor performance (lower 10% tail) increases from 2% to 21%...
Persistent link: https://www.econbiz.de/10013311895