dc.contributor.author | de La Bruslerie, Hubert | |
dc.date.accessioned | 2014-01-29T09:20:34Z | |
dc.date.available | 2014-01-29T09:20:34Z | |
dc.date.issued | 2013-12 | |
dc.identifier.uri | https://basepub.dauphine.fr/handle/123456789/12532 | |
dc.language.iso | en | en |
dc.subject | Equal opportunity rule | en |
dc.subject | transfer of control | en |
dc.subject | takeover | en |
dc.subject | controlling shareholder | en |
dc.subject | investors protection | en |
dc.subject | private benefits | en |
dc.subject.ddc | 332 | en |
dc.subject.classificationjel | G3 | en |
dc.subject.classificationjel | G38 | en |
dc.subject.classificationjel | K2 | en |
dc.subject.classificationjel | G34 | en |
dc.subject.classificationjel | G30 | en |
dc.title | Equal opportunity rule vs. market rule in transfer of control: How can private benefits help to provide an answer? | en |
dc.type | Article accepté pour publication ou publié | |
dc.description.abstracten | Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and the outside investors. Both parties need to design a new implicit contract to share the firm's ownership. Using a signaling model, we show that the new controlling shareholder issues signals to outside shareholders to deliver private information on a firm's future economic return and her private rate of appropriation. The ownership stake of the controlling shareholder and the premium embedded in the acquisition price are key parameters. In a controlling ownership system, the equal opportunity rule modifies the relative behavior of controlling and outside shareholders. The quality of information deteriorates but the discipline on appropriation may become stronger. | en |
dc.relation.isversionofjnlname | Journal of corporate finance | |
dc.relation.isversionofjnlvol | 23 | en |
dc.relation.isversionofjnldate | 2013-12 | |
dc.relation.isversionofjnlpages | 88–107 | en |
dc.relation.isversionofdoi | http://dx.doi.org/10.1016/j.jcorpfin.2013.07.007 | en |
dc.identifier.urlsite | http://halshs.archives-ouvertes.fr/halshs-00937543 | en |
dc.relation.isversionofjnlpublisher | Elsevier | en |
dc.subject.ddclabel | Economie financière | en |
dc.relation.forthcoming | non | en |
dc.relation.forthcomingprint | non | en |