Showing 1 - 10 of 507
incumbent managers: to protect their high wages, they resist hostile takeovers, by refusing to sell their shares to the raider …
Persistent link: https://www.econbiz.de/10005497936
takeovers, the higher workers' bargaining power, the higher their wage flexibility and effort and the firm's capacity to invest …
Persistent link: https://www.econbiz.de/10005656178
Public corporations live in a dynamic and ever-changing business environment. This Paper examines how courts and legislators should choose default arrangements in the corporate area to address new circumstances. We show that the interests of the shareholders of existing companies would not be...
Persistent link: https://www.econbiz.de/10005656367
model, takeovers both increase the surplus from trade and enable the firm to extract a potentially higher share of the … manager increases (decreases) the buyer's willingness to reveal their valuation. We suggest a number of testable predictions …
Persistent link: https://www.econbiz.de/10005662138
This paper reviews the existing literature on takeovers. Takeovers are a means to redeploy corporate assets more … inefficiencies. Takeovers may be undertaken for reasons other than value creation and the threat of a control change can induce …
Persistent link: https://www.econbiz.de/10005662153
In a study of the ownership of German corporations, we find a strong relation between board turnover and corporate performance, little association between concentrations of ownership with managerial disciplining and only limited evidence that pyramid structures can be used for control purposes....
Persistent link: https://www.econbiz.de/10005666867
We use a classroom game, the ‘Wallet Game’, to show that in standard ascending, i.e. English, auctions of close-to-common-values objects, even slight asymmetries between bidders can have very large effects on prices. Examples of small asymmetries are a small value advantage for one bidder or...
Persistent link: https://www.econbiz.de/10005791269
US over poison pills and in Europe over the new EEC directive on takeovers. …
Persistent link: https://www.econbiz.de/10005123692
This paper explores how motivating an incumbent CEO to make investments that improve the effectiveness of the firm organization under his management interacts with the replacement policy of the board of directors. We characterize the optimal compensation package (including severance pay) under...
Persistent link: https://www.econbiz.de/10005123708
This Paper argues that once undistorted shareholder choice is ensured – which can be done by making it necessary for hostile bidders to win a vote of shareholder support – boards should not have veto power over takeover bids. The Paper considers all of the arguments that have been offered...
Persistent link: https://www.econbiz.de/10005124408