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Managerial Versus Entrepreneurial Firms: The Benefits Of Separating Ownership And Control
Kräkel, Matthias - In: Schmalenbach Business Review (sbr) 56 (2004) 1, pp. 2-19
Agency theory emphasizes that separating ownership and control can lead to inefficiencies in corporations, but the literature on strategic delegation points out that the owner will profit from this separation due to advantages from self-commitment. In this paper, both literatures are combined....
Persistent link: https://www.econbiz.de/10005736929
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An Empirical Investigation of the Terms of Corporate Charters and Influences on Term Standardization in a Laissez-Faire Environment
Whincop, Michael - ESRC Centre for Business Research - 2000
More than fifty years before the debate about the contractibility of corporate law in the United States, English and then Australian lawmakers truncated what had been substantial scope for contracting around directors' duties. Legislation imposed mandatory rules concerning conflicts of interest...
Persistent link: https://www.econbiz.de/10005813044
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SME takeovers as a contributor to regional productivity gaps
Foreman-Peck, James; Nicholls, Tom - In: Small Business Economics 41 (2013) 2, pp. 359-378
businesses are more subject to takeover—although this effect is weaker if they are located in peripheral regions. Takeovers also … region. Takeovers raise productivity after acquisition in all regions but by less for the most productive SMEs. Ignoring any … in the periphery, principally because takeovers are more common in the core. As this impact is a contributor to regional …
Persistent link: https://www.econbiz.de/10010988545
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Time trends and determinants of the method of payment in M&As
Boone, Audra L.; Lie, Erik; Liu, Yixin - In: Journal of Corporate Finance 27 (2014) C, pp. 296-304
We examine the time trends and determinants of the method of payment in M&As spanning four decades. The fraction of mixed payments tripled from about 10% before the turn of the century to 30% in the new century, while the fraction of stock (cash) payments peaked (bottomed out) in the late 1990s...
Persistent link: https://www.econbiz.de/10010906824
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Market for Corporate Control and Contractual Buyout (CoBO): A New “Collective Ownership-and-Administrative” Strategy
Reddy, Kotapati Srinivasa - Volkswirtschaftliche Fakultät, … - 2015
Contractual buyout (CoBO) is a new “collective ownership and joint administrative strategy”, which gives an opportunity to buy a target firm in the given period when the given contract ends between acquirer, target firm, and financier. It is a takeover defensive method and tends to avail tax...
Persistent link: https://www.econbiz.de/10011267864
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Employees and the market for corporate control
Macias, Antonio; Pirinsky, Christo - In: Journal of Corporate Finance 31 (2015) C, pp. 33-53
We find that firms that treat their employees better are less likely to be acquired. The shareholders of employee-friendly targets also receive lower premiums and smaller share of the surplus created by the deal. We also show that bidders tend to improve their employee policy following the...
Persistent link: https://www.econbiz.de/10011264358
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Managerial Compensation and the Threat of takeover.
Agrawal, A.; Knoeber, C.R. - Rodney L. White Center for Financial Research, Wharton … - 1994
Persistent link: https://www.econbiz.de/10005245196
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Multiple Large Shareholders in Corporate Governance.
Gomes, A.; Novaes, W. - Rodney L. White Center for Financial Research, Wharton … - 1999
Large shareholders of firms with majority blocks are often at the helm of their companies and do not necessarily have the same interests as minority shareholders. We show that bargaining problems led by the presence of multiple controlling shareholders protect minority shareholders. The same...
Persistent link: https://www.econbiz.de/10005245263
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On the Use of Implied Stock Volatilities in the Prediction of Successful Corporate Takeovers.
Barone-Adesi, G.; Brown, K.C.; Harlow, W.V. - Rodney L. White Center for Financial Research, Wharton … - 1994
Persistent link: https://www.econbiz.de/10005245307
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Determining damages from the operation of bidding rings: An analysis of the post-auction `knockout' sale
Deltas, George - In: Economic Theory 19 (2002) 2, pp. 243-269
This paper studies `knockout' auctions, typically organized by bidding rings, in which the winning bidder makes side-payments to all losing bidders. These side-payments provide an incentive for the ring members to bid higher than they would have in an identical public auction. As a consequence,...
Persistent link: https://www.econbiz.de/10005370751