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Lack of Selection and Limits to Delegation : Firm Dynamics in Developing Countries
Akcigit, Ufuk - 2016
entrepreneurs have fixed-time endowments to run their daily operations. As firms grow larger, the need to delegate decision …
Persistent link: https://www.econbiz.de/10012456767
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Creative Destruction in Industries
Jovanovic, Boyan - 2006
Most industries go through a "shakeout" phase during which the number of producers in the industry declines. Industry output generally continues to rise, however, which implies a reallocation of capacity from exiting firms to incumbents and new entrants. Thus shakeouts seem to be classic...
Persistent link: https://www.econbiz.de/10012466146
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Cash-out or flame-out! Opportunity cost and entrepreneurial strategy : Theory, and evidence from the information security industry
Arora, Ashish - 2009
entrepreneurship which identifies survival with performance. Instead, many entrepreneurs aim for a cash-out (IPO or acquisition … failure. High opportunity cost entrepreneurs will attempt to cash-out (IPO or friendly acquisition) quickly, even if it … implies a higher risk of failure. Entrepreneurs with fewer outside alternatives may tend to linger on longer. We formalize …
Persistent link: https://www.econbiz.de/10012463117
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The Performance of Reverse Leveraged Buyouts
Cao, Jerry - 2006
Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 496 RLBOs between 1980 and 2002 and examine three- and five-year stock performance of these offerings. RLBOs appear to consistently outperform...
Persistent link: https://www.econbiz.de/10012466035
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Firm Expansion and CEO Pay
Bebchuk, Lucian - 2005
We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Controlling for past stock performance, we find a positive correlation between CEO compensation and the CEO's past decisions to increase firm size. This correlation is...
Persistent link: https://www.econbiz.de/10012466785
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Investor Sentiment and Corporate Finance : Micro and Macro
Lamont, Owen A. - 2005
We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...
Persistent link: https://www.econbiz.de/10012466789
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Spending Less Time with the Family : The Decline of Family Ownership in the UK
Franks, Julian - 2004
Family ownership was rapidly diluted in the twentieth century in Britain. The main cause was equity issued in the process of making acquisitions. In the first half of the century, it occurred in the absence of minority investor protection and relied on directors of target firms protecting the...
Persistent link: https://www.econbiz.de/10012468064
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Why Firms Adopt Antitakeover Arrangements
Bebchuk, Lucian Arye - 2003
Firms going public have increasingly been incorporating antitakeover provisions in their IPO charters, while shareholders of existing companies have increasingly been voting in opposition to such charter provisions. This paper identifies possible explanations for this empirical pattern....
Persistent link: https://www.econbiz.de/10012468504
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Venture Capital Investments and Merger and Acquisition Activity Around the World
Phillips, Gordon M. - 2017
engage in more deals. We also explore the effects of country-level pro-takeover legislation passed internationally (positive … post-law changes in VC activity. VC activity intensifies after enactment of country-level takeover friendly legislation and …
Persistent link: https://www.econbiz.de/10012453631
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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/10012461196