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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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Selling Failed Banks
Granja, Joao - 2014
We study the recent episode of bank failures and provide simple facts to better understand who acquires failed banks and which forces drive the losses that the FDIC realizes from these sales. We document three distinct forces related to the allocation of failed banks to potential acquirers....
Persistent link: https://www.econbiz.de/10012458256
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Federalism and Takeover Law : The Race to Protect Managers from Takeovers
Bebchuk, Lucian Arye - 2000
state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … competition cannot reconcile their views with the evolution of state takeover law---and should therefore reconsider their …
Persistent link: https://www.econbiz.de/10012471028
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Firms' Decisions Where to Incorporate
Bebchuk, Lucian - 2002
, and takeover law …
Persistent link: https://www.econbiz.de/10012469604
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A New Approach to Takeover Law and Regulatory Competition
Bebchuk, Lucian Arye - 2001
The development of U.S. state takeover law in the past three decades has produced considerable and quite possibly … excessive protection for incumbent managers from hostile takeovers. Although the shortcomings of state takeover law have been … produce even worse takeover arrangements. This paper puts forward a novel form of federal intervention in the regulation of …
Persistent link: https://www.econbiz.de/10012470578
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Estate Taxes, Life Insurance, and Small Business
Holtz-Eakin, Douglas - 1999
One criticism of the estate tax is that it prevents the owners of family businesses from passing their enterprises to their children. The problem is that it may be difficult to pay estate taxes without liquidating the business. A natural question is why individuals with such concerns do not...
Persistent link: https://www.econbiz.de/10012471424
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Agency Costs, Mispricing, and Ownership Structure
Chernenko, Sergey - 2010
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear agency costs and therefore have a strong incentive to minimize conflicts of interest with outside investors. We show that if equity is overvalued, however, mispricing offsets agency costs...
Persistent link: https://www.econbiz.de/10012462742
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Efficient and Inefficient Sales of Corporate Control
Bebchuk, Lucian Arye - 1994
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/10012474131
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The Costs of Entrenched Boards
Bebchuk, Lucian - 2004
board from removal via a hostile takeover or a proxy contest. We find that staggered boards are associated with an …
Persistent link: https://www.econbiz.de/10012468106
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Constitutions, Corporations, and Corruption : American States and Constitutional Change
Wallis, John Joseph - 2004
During the 1840s, twelve American states adopted new constitutions. Eleven of the twelve states adopted new procedures for issuing government debt and for chartering corporations through general incorporation acts. These institutional innovations were American inventions, and today hard budget...
Persistent link: https://www.econbiz.de/10012468242