We find that private sellers generate lower returns for the buyer than public sellers in inter-corporate asset transactions. The documented gain difference cannot be explained by the buyer's characteristics, sample selection effects, the means of payments, and the quality of divested assets....

This paper analyzes optimal regulation to address the issue of “Too Big To Fail” (TBTF) in a simple model with government bailouts. Due to the commitment issue of government bailouts, a combination of capital requirement and size regulation can only achieve a second-best allocation, where...

We find that acquirer shareholders gain less in inter-corporate asset transactions when the seller is a private firm. Both private equity and private operating sellers generate lower returns for the buyer than public sellers, but their relative gain differences are not statistically...

We find that acquirer shareholders gain less in inter-corporate asset transactions when the seller is a private firm. Both private equity and private operating sellers generate lower returns for the buyer than public sellers, but their relative gain differences are not statistically...