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We scrutinize the scope of auctions in the presence of downstream interactions and information externalities by using the topical example of a firm acquisition. We show that no mechanism exists that allows an investor to acquire a low-cost firm under incomplete information: a separating auction...
Persistent link: https://www.econbiz.de/10010500413
international financial centres (representing over 70% of deal value). Why did advisors, located so far away from both acquirer and … effect of increasing a financial centre’s ability to attract international business. We look at the way Going Out advisors … international financial centres due to the interplay of these legal complexity externalities and blue ocean strategies. As cities …
Persistent link: https://www.econbiz.de/10010527643
We study effects on prices and quantities of a takeover in the rather concentrated German interurban bus industry. We … empirically asses the effect of the takeover of Postbus by Flixbus on industry key features, using a route-level price data set … prices significantly increase and quantities decrease in the post-takeover phase. However, these results are mainly driven by …
Persistent link: https://www.econbiz.de/10011787823
takeover risk to the outsourcer.Knowledge translates into cash flows interpreted as asset values modelled as geometricBrownian …
Persistent link: https://www.econbiz.de/10009305238
This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …
Persistent link: https://www.econbiz.de/10005858240
This note shows that an investor who does not hold positive amounts of all available assets is eventually overtaken by a completely diversified rival investor.
Persistent link: https://www.econbiz.de/10005858925
as the German Takeover Act by using derivative instruments in thecontext of the attack of Schaeffler KG on Continental AG …
Persistent link: https://www.econbiz.de/10005865611
Persistent link: https://www.econbiz.de/10011474429
Die vorliegende Arbeit untersucht die dogmatischen Grundlagen sowie Rechtslage und Zulässigkeit eines mit Bedingungen versehenen Übernahmeangebotes unter schweizerischem Recht mit rechtsvergleichenden Hinweisen.
Persistent link: https://www.econbiz.de/10005844411
the value gains arising from takeovers, hence reducing the takeover premium and mitigating the free-rider problem.(...) …
Persistent link: https://www.econbiz.de/10005846643