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The Political Economy of Dominant Investors

Perotti, Enrico C.; von Thadden, Ernst-Ludwig - 2004

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

Persistent link: https://www.econbiz.de/10010325240

Corporate acquisitions and bank relationships

Volosovych, Vadym; Poelhekke, Steven; Vlahu, Razvan - 2021

dynamics of bank relationships after corporate acquisitions and the effects of changing banks on firm performance. Foreign …

Persistent link: https://www.econbiz.de/10012797240

Can Private Equity Funds Act as Strategic Buyers? Evidence from Buy-and-Build Strategies

Bansraj, Dyaran; Smit, Han; Volosovych, Vadym - 2020

-on acquisitions. We ask whether such serial (buy-and-build) acquisition strategies deliver operating synergies, as expected from …

Persistent link: https://www.econbiz.de/10012427141

Decision Making in Incomplete Markets with Ambiguity -- A Case Study of a Gas Field Acquisition

Zhao, Lin; van Wijnbergen, Sweder - 2014

We apply utility indifference pricing to solve a contingent claim problem, valuing a connected pair of gas fields where the underlying process is not standard Geometric Brownian motion and the assumption of complete markets is not fulfilled. First, empirical data are often characterized by...

Persistent link: https://www.econbiz.de/10010491370

Acquisitions as a Real Options Bidding Game

Smit, Han T.J.; van den Berg, Ward A.; Maeseneire, Wouter De - 2004

expected target value, and uncertainty, determine value appropriation in acquisitions. …

Persistent link: https://www.econbiz.de/10010325204

Consolidation Waves

van den Berg, Ward A.; Smit, Han T.J. - 2007

This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … initial acquisition triggers a wave of follow-on acquisitions, where the process of asset accumulation by the consolidator is … accelerated since the value of follow-on acquisitions is enhanced by the more concentrated industry structure. An initial …

Persistent link: https://www.econbiz.de/10010325365

Winning by Losing: Evidence on Overbidding in Mergers

Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - 2011

Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder …

Persistent link: https://www.econbiz.de/10010326182

An Analysis of the Effects of the Severance Payment Reform on Credit to Italian SMEs

Calcagno, Riccardo; Kraeussl, Roman; Monticone, Chiara - 2008

We study the effects of the reform of the system of severance payments (TFR) of Italian employees on the cost and the access to credit for small and medium-size enterprises (SMEs). The most direct consequence of the reform is to reduce in the long run the amount of liquid assets available to...

Persistent link: https://www.econbiz.de/10010325713

A Real Options Perspective on R&D Portfolio Diversification

van Bekkum, Sjoerd; Pennings, Enrico; Smit, Han - 2007

This paper shows that the presence of conditional staging in R&D (Research & Development) has a critical impact on portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option-like characteristics, correlation between projects plays a...

Persistent link: https://www.econbiz.de/10010326068

A Real Option Perspective on Valuing Gas Fields

Zhao, Lin; van Wijnbergen, Sweder - 2013

Real option theory has remained a fringe field; practitioners believe it is not practically applicable in complex real world environments. We show that this view is mistaken. We apply real option theory to a highly complex energy problem with unhedgeable risk, time varying volatilities and...

Persistent link: https://www.econbiz.de/10010326318

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