Similar Search Results

Revenue Efficiency and Change of Control: The Case of Bankruptcy

Cornelli, Francesca; Felli, Leonardo - C.E.P.R. Discussion Papers - 1998

The restructuring of a bankrupt company often entails a change of control. By efficiency of a bankruptcy procedure it is usually meant that the control is allocated into the hands of those who can maximize its value. In this paper we focus instead on how to allocate control with a procedure that...

Persistent link: https://www.econbiz.de/10005791713

International Taxation and Takeover Premiums in Cross-border M&As

Huizinga, Harry; Voget, Johannes; Wagner, Wolf - C.E.P.R. Discussion Papers - 2009

country. Our evidence suggests that takeover premiums fully reflect non-resident dividend withholding taxes, while there is …

Persistent link: https://www.econbiz.de/10005791906

Merger Negotiations and Ex-Post Regret

Gärtner, Dennis; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2006

We consider a setting in which two potential merger partners each possess private information pertaining both to the profitability of the merged entity and to stand-alone profits, and investigate the extent to which this private information makes ex-post regret an unavoidable phenomenon in...

Persistent link: https://www.econbiz.de/10005791966

Bank Diversification and Incentives

Lóránth, Gyöngyi; Morrison, Alan - C.E.P.R. Discussion Papers - 2008

This paper analyzes the consequences of bank diversification into fee-based businesses. Universal banks raise welfare by expanding the range of services available to entrepreneurs. However, because they may choose to rescue failed entrepreneurs in order to sell them fee-based financial services,...

Persistent link: https://www.econbiz.de/10005792170

Ex Ante Effects of Ex Post Managerial Ownership

Cornelli, Francesca; Li, David Daokui - C.E.P.R. Discussion Papers - 2006

This paper highlights the trade-off between the need to restructure a company and the need to provide managers with appropriate incentives to run it after the restructuring. In order to provide incentives, it is optimal to let managers acquire equity in the firm. However, the expectations to be...

Persistent link: https://www.econbiz.de/10005792329

The Corporate Governance of Defined-Benefit Pension Plans: Evidence from the United Kingdom

Cocco, Joâo Francisco P.D.; Volpin, Paolo - C.E.P.R. Discussion Papers - 2005

This paper studies the governance of defined-benefit pension plans in the United Kingdom. We construct a governance measure, equal to the proportion of trustees of the pension plan who are also executive directors of the sponsoring company. Our findings indicate that pension plans of indebted...

Persistent link: https://www.econbiz.de/10005792367

A Model of Takeovers of Foreign Banks

Repullo, Rafael - C.E.P.R. Discussion Papers - 2000

This Paper investigates the determinants of the takeover of a foreign bank by a domestic bank whereby the former … principle of home country control, the takeover moves responsibility for both the supervision of the foreign bank and the … insurance of the foreign deposits to the domestic agency. It is shown that the takeover is more likely to happen if the foreign …

Persistent link: https://www.econbiz.de/10005792374

Stock-Based Compensation and CEO (Dis)Incentives

Benmelech, Efraim; Kandel, Eugene; Veronesi, Pietro - National Bureau of Economic Research (NBER) - 2008

Stock-based compensation is the standard solution to agency problems between shareholders and managers. In a dynamic rational expectations equilibrium model with asymmetric information we show that although stock-based compensation causes managers to work harder, it also induces them to hide any...

Persistent link: https://www.econbiz.de/10005722967

Overbidding versus Fire-Sales in Bankruptcy Auctions

Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2002

We analyse bidding incentives of the main creditors (banks) in Swedish bankruptcy auctions. Lacking a direct mechanism for enforcing its seller reservation price, the bank offers financing to a potential bidder in return for a bid strategy that maximizes the expected profits of the bank-bidder...

Persistent link: https://www.econbiz.de/10005656317

Governing the Governors: A Clinical Study of Central Banks

Frisell, Lars; Roszbach, Kasper F.; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2008

Recent research on central bank governance has focused mainly on their monetary policy task. As the sub-prime loan market turmoil reminded us - central banks play a crucial role in financial markets not only in setting monetary policy, but also in ensuring their soundness and stability. In this...

Persistent link: https://www.econbiz.de/10005656403