The Market for Corporate Control.The Theory and the Empirical Evidence PDF Download
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Author: Marius Beckermann
Publisher: GRIN Verlag
ISBN: 3656868182
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 1,3, Otto Beisheim School of Management Vallendar (Chair for Corporate Finance), course: Seminar on Recent Developments in Corporate Governance, language: English, abstract: The market for corporate control, often referred to as the takeover market, is subject to scientific research since many years. This paper starts with Manne‘s (1965) initial essay on the topic, introduce the theory of the market for corporate control. Therefore, it will begin with a definition of the terms “corporate control” and “the market for corporate control”. Following this, it will explain the possibilities of taking over the control of a corporation. Subsequently, it will argue why the market for corporate control is of great importance. Afterwards, a synopsis on the current empirical evidence of its efficiency follows. Finally, the author takes a look on the welfare effects of the market for corporate control, before concluding on its applicability and having a look on solutions to correct the imperfections of the model.
Author: Marius Beckermann
Publisher: GRIN Verlag
ISBN: 3656868182
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 1,3, Otto Beisheim School of Management Vallendar (Chair for Corporate Finance), course: Seminar on Recent Developments in Corporate Governance, language: English, abstract: The market for corporate control, often referred to as the takeover market, is subject to scientific research since many years. This paper starts with Manne‘s (1965) initial essay on the topic, introduce the theory of the market for corporate control. Therefore, it will begin with a definition of the terms “corporate control” and “the market for corporate control”. Following this, it will explain the possibilities of taking over the control of a corporation. Subsequently, it will argue why the market for corporate control is of great importance. Afterwards, a synopsis on the current empirical evidence of its efficiency follows. Finally, the author takes a look on the welfare effects of the market for corporate control, before concluding on its applicability and having a look on solutions to correct the imperfections of the model.
Author: Fred S. McChesney
Publisher: Edward Elgar Publishing
ISBN: 9781849801362
Category : Consolidation and merger of corporations
Languages : en
Pages : 0
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Book Description
This volume provides an essential overview of one of the most important developments in economics, finance and law of the past generation: the growing realization of how the market for corporate control functions and why its operation is of crucial importance. Presenting seventeen seminal contributions, the book illustrates the importance of corporate control changes - mergers, acquisitions and other takeovers - in helping to align the interests of corporate shareholders and their managers. The mechanics of various takeover techniques (poison pills, greenmail and other gambits) are also explored alongside empirical research concerning the functioning of the market for corporate control.
Author: John L. Teall
Publisher: Routledge
ISBN: 1317834704
Category : Business & Economics
Languages : en
Pages : 285
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Book Description
Governance and the Market for Corporate Control is a textbook for use on business courses dealing with mergers, acquisitions, governance restructuring and corporate control. Three key features distinguish this book from competing texts. First, following up on recent developments in the corporate arena, it places a heavy emphasis on managerial compensation, incentives and corporate performance. Second, its conciseness allows for flexibility of use. Third, its coverage is broad and examines many topics including: significant discussions of corporate governance power and voting managerial compensation takeovers going private transactions corporate restructuring event study methodology. As well as combining theoretical, empirical, quantitative and practitioner-oriented matter, the material in this key book provides the academic foundation necessary to ensure students’ understanding of important concepts.
Author: Neil Fligstein
Publisher: Harvard University Press
ISBN: 9780674903593
Category : Business & Economics
Languages : en
Pages : 408
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Book Description
In this book Neil Fligstein takes issue with prevailing theories of the corporation and proposes a radically new view that has important implications for American competitiveness.
Author: Adolf Augustus Berle
Publisher:
ISBN:
Category : Corporation law
Languages : en
Pages : 396
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Book Description
Author: Si-Yeon Lee
Publisher:
ISBN:
Category :
Languages : en
Pages : 310
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Book Description
Author: Jiaping Qiu
Publisher:
ISBN:
Category :
Languages : en
Pages : 51
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Book Description
How do bondholders view the existence of an open market for corporate control? Between 1985 and 1991, 30 states in the U.S. enacted business combination (BC) laws, raising the cost of corporate takeovers. Relying on these exogenous events, we estimate the influence of the market for corporate control on the cost of debt. We identify different channels through which an open market for corporate control can benefit or harm bondholders: a reduction in managerial slack or the quot;quiet life,quot; resulting in higher profitability and firm value; a coinsurance effect, in which firms become less risky after being acquired; and an increasing leverage effect, in which bondholder wealth is expropriated through leverage-increasing takeovers. Consistent with the first two mechanisms, we find that the cost of debt rose after the passage of the BC laws; moreover, it rose sharply for firms in non-competitive industries, and for firms rated speculative-grade. In contrast, there is virtually no effect for firms in competitive industries, or firms rated investment-grade.
Author: Donald H. Chew
Publisher: Columbia University Press
ISBN: 0231148569
Category : Business & Economics
Languages : en
Pages : 385
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Book Description
Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of U.S. governance in achieving that end. They address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264179542
Category :
Languages : en
Pages : 91
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Book Description
This publication examines the role of corporate governance arrangements in providing right incentives to contribute the value creation process within the private enterprises and the implications of the differences in ownership structures on corporate governance practices and frameworks.
Author: Paul Hanouna
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Book Description
Existing literature shows that the market values control because controlling shareholder can generate private benefits and improve the efficiency of the corporation. In this study, we provide a measure of the value of control for a set of domestic and foreign transactions. Our measure of the value of control is the difference between the offer premium for minority and comparable majority transactions. We find that the median control premiums in the United States are around 30%. The control premium in 'market-oriented' countries are higher than that for the quot;bank-orientedquot; countries. Also, we find that the premiums are lower in quot;cross-borderquot; transactions relative to quot;domestic transactions.quot.
