Narrow search
Showing 1 - 10 of 137
Cover Image
The Role of Toeholds and Capital Gains Taxes for Corporate Acquisition Strategies
Liberini, Federica - 2016
cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …
Persistent link: https://www.econbiz.de/10012978390
Cover Image
Taxing Away M&A : The Effect of Corporate Capital Gains Taxes on Acquisition Activity
Feld, Lars P. - 2016
Taxing capital gains is an important obstacle to the efficient allocation of resources because it imposes a transaction cost on the vendor which locks in appreciated assets by raising the vendor's reservation price in prospective transactions. For M&As, this effect has been intensively studied...
Persistent link: https://www.econbiz.de/10012997244
Cover Image
Driven by the Discount Factor : Impact of Mergers on Market Performance in the Semiconductor Industry
Harris, Jeremiah - 2015
This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model...
Persistent link: https://www.econbiz.de/10013028530
Cover Image
A Simple Model of Mergers and Innovation
Federico, Giulio - 2017
We analyze the impact of a merger on firms' incentives to innovate. We show that the merging parties always decrease their innovation efforts post-merger while the outsiders to the merger respond by increasing their effort. A merger tends to reduce overall innovation. Consumers are always worse...
Persistent link: https://www.econbiz.de/10012951696
Cover Image
CEO Preferences and Acquisitions
Jenter, Dirk - 2011
of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …
Persistent link: https://www.econbiz.de/10013117262
Cover Image
Buying to Sell : Private Equity Buyouts and Industrial Restructuring
Norback, Pehr-Johan - 2013
We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...
Persistent link: https://www.econbiz.de/10013078529
Cover Image
Offset Contracts As an Insurance Device in Building the National Security
Kanniainen, Vesa - 2017
A dynamic multi-stage decision-theoretic approach is introduced to establish the optimal offset and its incidence, the contract price arising from bargaining, and the scale of the acquisition. A new rationale is suggested for offsets in terms of their role as an insurance devise. Results are...
Persistent link: https://www.econbiz.de/10012955287
Cover Image
Emissions Trading with Offset Markets and Free Quota Allocations
Rosendahl, Knut Einar - 2014
We study optimal climate policy for a "policy bloc" of countries facing a market where emissions offsets can be purchased from a non-policy “fringe” of countries (such as for the CDM). Policy-bloc firms benefit from free quota allocations whose quantity is updated according to firms' past...
Persistent link: https://www.econbiz.de/10013059018
Cover Image
Cross-Country Evidence on Teacher Performance Pay
Woessmann, Ludger - CESifo - 2010
The general-equilibrium effects of performance-related teacher pay include long-term incentive and teacher-sorting mechanisms that usually elude experimental studies but are captured in cross-country comparisons. Combining country-level performance-pay measures with rich PISA-2003 international...
Persistent link: https://www.econbiz.de/10008511595
Cover Image
Team or Individual: What Determines Workers' Preferred Bonus Schemes?
Torsvik, Gaute - CESifo - 2011
This paper uses data from a firm with team production to investigate the association between workers’ productivity, risk aversion and preferred bonus scheme (team or individual). Standard economics make a strong prediction in this case. Workers persistently producing above the team average...
Persistent link: https://www.econbiz.de/10009371336