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Advocacy of Minority Shareholders on Shares Rights Issue of Malawian Capital Market
Kampanje, Brian Phiri - 2019
low cost to steer growth or sustainably manage their debts. Minority shareholders can effectively increase equity stake in … the situations where they can lobby majority shareholders to abstain in any rights issue to enable minority shareholders … shareholder.While minority shareholders might be vying for more equity through rights issue, the process itself might not bring …
Persistent link: https://www.econbiz.de/10012897412
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The Curse of Green Shareholder Oversight : Evidence from Emission Spillover of Divested Plants
Zhou, Zoey Yiyuan - 2022
This paper provides novel evidence on how green shareholder pressure can propagate emission spillover to asset owners who are subject to fewer oversights. Using shareholder proposals, engagement, and activism campaigns, I find publicly listed energy firms divest pollutive assets and lead to an...
Persistent link: https://www.econbiz.de/10014244735
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Sequential Procurement Auctions with Risk-Averse Suppliers
Nishimura, Takeshi - 2012
We compare two procurement mechanisms, bundling and unbundling, in a two-stage auction model with risk-averse suppliers. They differ in whether two sequential tasks of investment and production are procured through a single auction or two sequential auctions. Each auction adopts a first-price...
Persistent link: https://www.econbiz.de/10013099394
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Auctioning Off with a Split Mind : Privatization Under Political Constraints
de Frutos, Maria Angeles - 2013
When privatizing, governments have conflicting objectives, like raising revenues and minimizing induced unemployment. We construct two mechanisms that take into account both criteria: a first-score auction in which bidders bid both in terms of price and retained excess labor, and a first-price...
Persistent link: https://www.econbiz.de/10013089084
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Optimal Privatization Using Qualifying Auctions
Boone, Jan; Goeree, Jacob K. - 2005
This paper explores the use of auctions for privatizing public assets. In our model, a single insider bidder (e.g., incumbent management of a government-owned firm) possesses information about the asset's risky value. In addition, bidders are privately informed about their costs of exploiting...
Persistent link: https://www.econbiz.de/10014063850
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White knights and the corporate governance of hostile takeovers
Calcagno, Riccardo; Falconieri, Sonia - 2008
We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead blockholder of the target firm (the incumbent). We assume that the incumbent has the power to bargain with the potential bidders to set a minimum takeover price. We characterize...
Persistent link: https://www.econbiz.de/10011377390
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Ownership Networks and Bid Rigging
Asai, Kentaro - 2020
Using a dataset of public procurement auctions and registered shareholders of all bidding firms in Singapore, we study …
Persistent link: https://www.econbiz.de/10012850693
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Silent Interests and All-Pay Auctions
Konrad, Kai A. - 2021
If firms compete in all-pay auctions with complete information, silent shareholdings introduce asymmetric externalities into the all-pay auction framework. If the strongest firm owns a large share in the second strongest firm, this may make the strongest firm abstain from bidding. As a...
Persistent link: https://www.econbiz.de/10013318526
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Privatization, Investment and Ownership Efficiency
Friberg, Richard - 2011
We provide a model that explains the following empirical observations: i) private ownership is more efficient than public ownership, ii) privatizations are associated with increases in efficiency and iii) the increase in efficiency predates the privatization. The two key mechanisms explaining...
Persistent link: https://www.econbiz.de/10013130694
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Takeover bidding and shareholder information
Marquez, Robert; Yılmaz, Bilge - In: The review of corporate finance studies 1 (2012) 1, pp. 1-27
Persistent link: https://www.econbiz.de/10009625677