Bookcover of Takeovers, Restructuring, and the Market for Corporate Control
Booktitle:

Takeovers, Restructuring, and the Market for Corporate Control

Ownership Structure: Does it Matter?

VDM Verlag Dr. Müller (2009-01-22 )

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ISBN-13:

978-3-639-11335-8

ISBN-10:
3639113357
EAN:
9783639113358
Book language:
English
Blurb/Shorttext:
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 empirical evidence for the relationship between the degree of ownership concentration in target firms and the returns to shareholders of bidding and target firms.
Publishing house:
VDM Verlag Dr. Müller
Website:
http://www.vdm-verlag.de
By (author) :
Han Donker
Number of pages:
244
Published on:
2009-01-22
Stock:
Available
Category:
Business management
Price:
79.00 €
Keywords:
Takeovers, Corporate Restructuring, Mergers and Acquisitions, Event-Study, Market for Corporate Control, Free-rider Problem, Agency theory, Ownership Structure, Market for Corporate Control

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