Takeovers, Restructuring, and the Market for Corporate Control
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Описание:
Ownership structure: Does it matter in takeovers? That has been the central focus of this book. This study investigates the effects of the ownership structure of target firms on the returns to shareholders of bidding and target firms in corporate takeovers. Grossman and Hart introduced the free-rider problem in takeovers and showed that atomistic target shareholders will take all the post-takeover value-improvements of the bidder when the bidder cannot dilute minority shareholders of the target firm. Bagnoli and Lipman, and Shleifer and Vishny argued that if target shareholders are pivotal respectively have toeholds, the bidder can overcome the free-rider problem. We describe the microeconomic structure of the takeover market and analyze the supply and demand factors. The supply side of the takeover market is determined by target shareholdings. The demand side is determined by the initial shareholdings of the bidder and competition between bidders. In our empirical study, we find...Похожие книги
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