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The Political Economy of Dominant Investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Instituut - 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/10011255534
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The Political Economy of Dominant Investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2004
We allow the preference of a political majority to determine both the corporate governance structure and the division of profits between human and financial capital. In a democratic society where financial wealth is concentrated, a political majority may prefer to restrain governance by...
Persistent link: https://www.econbiz.de/10005137317
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Decision Making in Incomplete Markets with Ambiguity -- A Case Study of a Gas Field Acquisition
Zhao, Lin; Wijnbergen, Sweder van - Tinbergen Instituut - 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/10011256690
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Acquisitions as a Real Options Bidding Game
Smit, Han T.J.; Berg, Ward A. van den; Maeseneire, Wouter De - Tinbergen Institute - 2004
expected target value, and uncertainty, determine value appropriation in acquisitions. …
Persistent link: https://www.econbiz.de/10005144572
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Winning by Losing: Evidence on Overbidding in Mergers
Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - Tinbergen Institute - 2011
Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbid and destroy shareholder …
Persistent link: https://www.econbiz.de/10009209848
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Consolidation Waves
Berg, Ward A. van den; Smit, Han T.J. - Tinbergen Institute - 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/10005137156
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Acquisitions as a Real Options Bidding Game
Smit, Han T.J.; Berg, Ward A. van den; Maeseneire, Wouter De - Tinbergen Instituut - 2004
expected target value, and uncertainty, determine value appropriation in acquisitions. …
Persistent link: https://www.econbiz.de/10011256936
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Winning by Losing: Evidence on Overbidding in Mergers
Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - Tinbergen Instituut - 2011
Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder …
Persistent link: https://www.econbiz.de/10011257222
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Consolidation Waves
Berg, Ward A. van den; Smit, Han T.J. - Tinbergen Instituut - 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/10011257223
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An Analysis of the Effects of the Severance Payment Reform on Credit to Italian SMEs
Calcagno, Riccardo; Kraeussl, Roman; Monticone, Chiara - Tinbergen Instituut - 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/10011255902