The Liquidation of Subsidiaries under Section 112 (b)(6)
نویسندگان
چکیده
منابع مشابه
Momentum liquidation under partial information
Momentum is the notion that an asset that has performed well in the past will continue to do so for some period. We study the optimal liquidation strategy for a momentum trade in a setting where the drift of the asset drops from a high value to a smaller one at some random change-point. This change-point is not directly observable for the trader, but it is partially observable in the sense that...
متن کاملGeographical distance and the role and management of subsidiaries: The case of subsidiaries down-under
Based on a international mail survey covering 169 subsidiaries of MNCs headquartered in the USA, Japan, the UK, Germany, France and the Netherlands, we investigate the impact of geographical distance on the role that subsidiaries play in the MNC network and the way they are managed. To this end, we compare Australian and New Zealand subsidiaries – which provide a significant example of geograph...
متن کاملDefault and liquidation timing under asymmetric information
We consider a dynamic model in which shareholders delegate a manager, who observes private information about running and liquidation costs of the firm, to operate the firm. We analytically derive the shareholders’ optimal contract contingent on the cost structure of the firm. The information asymmetries change the high-cost firm’s default and liquidation timing. Even if the liquidation value is...
متن کاملFirm Liquidation and Economic Crisis under Unexpected Exchange Rate Shock
This paper studies the causes, mechanisms and consequences of decreasing firm value and welfare loss in an economy under a fixed exchange rate regime when there is an unexpected appreciation in domestic currency. We also study the possible economic crisis caused by the exchange rate shock. We consider the established production capacity as well as the training of firmspecific labors before prod...
متن کاملLiquidation Risk
Turmoil in financial markets is often accompanied by a significant decrease in market liquidity. Here, we investigate how such key risk measures as likelihood of insolvency, value at risk, and expected tail loss respond to bid– ask spreads that are likely to widen just when positions must be liquidated to maintain capital ratios. Our results show that this sort of illiquidity causes significant...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: The Yale Law Journal
سال: 1949
ISSN: 0044-0094
DOI: 10.2307/792924