In the past 20 years, the open bid auction hasemerged as the central technique for small firm sales. Two items are for sale,the dividends rights and the control of the firm through voting rights. Thisexamination indicates how a seller can take into account the impact of votingrights and...

Empirical results document that toehold bidding declined in recent corporate takeovers whereas the- oretical results predict that raiders should accumulate the maximum legally allowed toehold. Our study explains this gap. We develop a tender offer model with atomistic target shareholders and...

This paper analyzes how non-voting shares affect the takeover outcome in a single-bidder model with asymmetric information and private benefit extraction. In equilibrium, the target firm's security-voting structure influences the bidder's participation constraint and in response the...

This paper analyzes how non-voting shares affect the takeover outcome in a single-bidder model with asymmetric information and private benefit extraction. In equilibrium, the target firm’s security-voting structure influences the bidder’s participation constraint and in response the...