منابع مشابه
European takeover regulation
To foster corporate restructuring and capital market integration, the European Commission has repeatedly attempted to introduce Europe-wide takeover regulation, but has encountered strong resistance. We trace the sources of this resistance to differences in corporate governance arrangements across member states and outline the economic effects of takeover regulation, focusing in particular on p...
متن کاملModelling Takeover Likelihood
The subject of takeovers tends to arouse strong feelings. Three views appear to exist. First, the takeover mechanism exists to discipline management teams who engage in inefficient behaviour. If a takeover occurs, shareholders benefit because an inefficient management team is replaced by a more efficient team (e.g., Grossman and Hart, 1980; Jensen, 1988; Morck, Shleifer and Vishny, 1989; and Ra...
متن کاملDo Takeover Targets Overinvest?
I examine the capital expenditures of a sample of 700 takeover targets and firms that went private over the period 1972-1987. For the complete sample, I do not find evidence that takeover targets increase their capital expenditures over the fouryear period before the acquisition or that they overinvest in capital expenditures relative to several benchmarks. Subsample results provide some eviden...
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(Pelagia noctiluca) — a well-known summer problem off Spain’s Mediterranean beaches – thriving through the winter. Joseph Maria Gili, leading the survey, said that these animals developed last autumn and will themselves reproduce in the spring in readiness for what is expected to be another massive summer population around Spain’s beaches this year. While measures are now being considered to pr...
متن کاملFinancing bidders in takeover contests
The paper studies a takeover contests, in which cash-constrained bidders decide on the optimal way to nance their cash bid. For both bidders and the seller this decision is at least as important as deciding on whether the payment should be in cash or in securities. The main result is that the optimal choice of the type of security contract (e.g., debt, equity, etc.) depends on biddersaccess t...
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ژورنال
عنوان ژورنال: Science
سال: 2011
ISSN: 0036-8075,1095-9203
DOI: 10.1126/science.332.6036.1361-b