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Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...
Persistent link: https://www.econbiz.de/10010735780
The equal opportunity rule is seen as protecting investors in the event of a transfer of control. In order to better analyze the consequence of such a rule, we need to account for the information asymmetry that exists between new controlling shareholders and outside investors with private...
Persistent link: https://www.econbiz.de/10010706677
We study the compensation package offered by family firms. Using matched employer-employee data for a sample of French establishments in the 2000s, we first show that family firms pay on average lower wages to their workers. This family/non-family wage gap is robust to controlling for several...
Persistent link: https://www.econbiz.de/10010795039
Debt is not frequently analyzed in relation to the conflict between controlling and outside shareholders. At the same time, debt helps to manage the type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of...
Persistent link: https://www.econbiz.de/10010790025
Debt may help to manage type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of capital. A sample of 112 firms listed on the French stock market over the period 1998-2009 is empirically tested. It supports an...
Persistent link: https://www.econbiz.de/10010790035
the acquisition bid price during a takeover bid procedure. Compared with a situation without any guarantee, this …
Persistent link: https://www.econbiz.de/10010737654
This paper analyses the private equity fund compensation. We build a model to estimate the expected revenue of fund managers as a function of their investor contracts. We tried to evaluate the present value of the carried interest, which is one of the most common profit sharing arrangements...
Persistent link: https://www.econbiz.de/10010799301
the setting of conditions of payment is an endogenous part of a takeover agreement between the acquirer and the target …
Persistent link: https://www.econbiz.de/10010747575
Les entreprises européennes et américaines détiennent une part de plus en plus importante de leurs actifs sous forme de trésorerie, alors que la sophistication financière croissante devrait les aider à réduire la trésorerie. Après un état des lieux sur les niveaux de trésorerie en...
Persistent link: https://www.econbiz.de/10011072058
Pour contrer les offres publiques d'achat, les entreprises disposent d'un ensemble de dispositifs économiques et juridiques conséquent. Revue de détail. Les offres publiques d'achat (OPA) se sont multipliées ces derniers temps. Elles n'ont pas bonne presse. On y voit le plus souvent la main...
Persistent link: https://www.econbiz.de/10011074082