Similar Search Results

Non-Monetary Exchange Within Firms and Industry

Prendergast, Canice - 1996

This paper considers why non-monetary means of exchange, such as barter and the reciprocation of favors, are chosen by firms despite the usual benefits of monetary transactions. We consider the chosen means of exchange when both monetary and non-monetary exchange mechanisms are available. We...

Persistent link: https://www.econbiz.de/10012473069

Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry

Bornstein, Gideon - 2017

We use a new micro data set to estimate a stochastic industry-equilibrium model of the oil industry. This effort is a first step towards studying the importance of ongoing structural changes in the oil market in a general-equilibrium model of the world economy. We analyze the impact of the...

Persistent link: https://www.econbiz.de/10012455258

Federalism and Takeover Law : The Race to Protect Managers from Takeovers

Bebchuk, Lucian Arye - 2000

state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … competition cannot reconcile their views with the evolution of state takeover law---and should therefore reconsider their …

Persistent link: https://www.econbiz.de/10012471028

Institutions, Restructuring, and Macroeconomic Performance

Caballero, Ricardo J. - 2000

A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...

Persistent link: https://www.econbiz.de/10012471041

Blockholder Identity, Equity Ownership Structures, and Hostile Takeovers

Gorton, Gary - 1999

-cost free' capital is scarce. We investigate the allocation of this scarce resource. A hostile takeover is the consequence of a … investors. Even though all firms are ex ante identical, some may rely on the takeover mechanism while others rely on permanent …

Persistent link: https://www.econbiz.de/10012471671

Executive Compensation and Incentives : The Impact of Takeover Legislation

Bertrand, Marianne - 1998

We investigate the impact of changes in states' anti-takeover legislation on executive compensation. We find both pay … which reduced takeover fears allow CEO's to skim more. We compute lower bounds on the relative risk aversion coefficients … increased pay for performance offsets some of the incentive reduction caused by lower takeover threats …

Persistent link: https://www.econbiz.de/10012471981

Is There Discretion in Wage Setting? A Test Using Takeover Legislation

Bertrand, Marianne - 1998

paper, we use states' passage of anti-takeover legislation as a source of such independent variation. Passed in the 1980's …

Persistent link: https://www.econbiz.de/10012472006

Mark-Up Pricing in Mergers and Acquisitions

Schwert, G. William - 1994

This paper studies the premiums paid in successful tender offers and mergers involving NYSE and Amex-listed target firms from 1975-91 in relation to pre-announcement stock price runups. It has been conventional to measure corporate control premiums including the price runups that occur before...

Persistent link: https://www.econbiz.de/10012474048

The Valuation of Cash Flow Forecasts : An Empirical Analysis

Kaplan, Steven N. - 1994

This paper compares the market value of highly leveraged transactions (HLTs) to the discounted value of their corresponding cash flow forecasts. These forecasts are provided by management to investors and shareholders in 51 HLTs completed between 1983 and 1989. Our estimates of discounted cash...

Persistent link: https://www.econbiz.de/10012474204

Takeover Bids below the Expected Value of Minority Shares

Bebchuk, Lucian Arye - 1988

Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the …

Persistent link: https://www.econbiz.de/10012476542