Infrastructure projects, given their long life, require long term financing. The main sources of long term financings are insurance and pension funds who seek long term investments with low credit risk. However, in India household financial savings are mainly invested in bank deposits. Insurance...

Infrastructure projects, given their long life, require long term financing. The main sources of long term financings are insurance and pension funds who seek long term investments with low credit risk. However, in India household financial savings are mainly invested in bank deposits. Insurance...

This paper presents a model of management resistance to takeover bids in which there is both a manager-shareholder conflict of interest due to perquisite consumption and information asymmetry. The optimal response of shareholders to such resistance is then analyzed. The paper highlights the role...