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We analyze the implications of the decision to spawn or to retain a new product for the nature and evolution of the firm. In our model, a new product is spawned if the fit between the product and its parent firm organization is not adequate. We focus on the impact of the firm's history of...
Persistent link: https://www.econbiz.de/10010832936
Debt with many creditors is analyzed in a continuous-time pricing model of the levered firm in the presence of corporate taxes. We specifically allow for debtor opportunism in form of repeated strategic renegotiation offers and default threats. Dispersed creditors will only accept coupon...
Persistent link: https://www.econbiz.de/10005011602
Debt with many creditors is analysed in a continuous-time pricing model of the levered firm. We specifically allow for debtor opportunism vis-à-vis a non-co-ordinated group of creditors, in form of repeated strategic renegotiation offers and default threats. We show that the creditors initial...
Persistent link: https://www.econbiz.de/10005073834
Debt with many creditors is analysed in a continuous-time pricing model of the levered firm. We specifically allow for debtor opportunism vis-à-vis a non-coordinated group of creditors, in form of repeated strategic renegotiation offers and default threats. We show that the creditors' initial...
Persistent link: https://www.econbiz.de/10005662221
Debt with many creditors is analyzed in a continuous-time pricing model of the levered firm with opportunistic renegotiation offers and default threats. Dispersed creditors accept coupon concessions only in exchange for guaranteed liquidation rights, like collateral. In the ex ante optimal debt...
Persistent link: https://www.econbiz.de/10005832750
We analyze the implications of entrepreneurial spawning for a variety of rm characteristics such as size, focus, profitability, and innovativeness. We examine the dynamics of spawning over time. Our model accounts for much of the empirical evidence relating to the relation between spawning and...
Persistent link: https://www.econbiz.de/10010550275
Persistent link: https://www.econbiz.de/10010863280
We examine the relation between firm value and managerial incentives in a sample of 1,487 U.S. firms in 1992-1997, for which the separation of ownership and control is complete. Unlike previous studies, we employ a measure of relative performance which compares a firm’s actual...
Persistent link: https://www.econbiz.de/10011146247
Persistent link: https://www.econbiz.de/10005682919
Over the period 2002 to 2003,Switzerland and the European Union (EU) were engaged in negotiations regarding banking secrecy. The EU's stated goal was for Switzerland to abolish banking secrecy. Switzerland refused and offered to impose a withholding tax on interest income instead. The two...
Persistent link: https://www.econbiz.de/10005248409