dc.contributor.author | de La Bruslerie, Hubert | |
dc.contributor.author | Deffains-Crapsky, Catherine | |
dc.date.accessioned | 2014-01-30T14:45:38Z | |
dc.date.available | 2014-01-30T14:45:38Z | |
dc.date.issued | 2005 | |
dc.identifier.uri | https://basepub.dauphine.fr/handle/123456789/12556 | |
dc.language.iso | en | en |
dc.subject | STOCKHOLDERS | en |
dc.subject | BID price | en |
dc.subject | STOCKS (Finance) -- Prices | en |
dc.subject | CONSOLIDATION & merger of corporations | en |
dc.subject | CAPITALISTS & financiers | en |
dc.subject | DEBT-to-equity ratio | en |
dc.subject.ddc | 332 | en |
dc.subject.classificationjel | G3 | en |
dc.subject.classificationjel | G34 | en |
dc.subject.classificationjel | K2 | en |
dc.title | Takeover bids, unconditional offer price and investor protection | en |
dc.type | Article accepté pour publication ou publié | |
dc.contributor.editoruniversityother | Université Paris I Sorbonne;France | |
dc.description.abstracten | In this paper, we develop a contingent claim analysis on shareholders' right to sell unconditionally their shares at the acquisition bid price during a takeover bid procedure. Compared with a situation without any guarantee, this regulation brings about wealth transfer towards outside shareholders. Why, in an apparently irrational way, do outside shareholders, who may benefit from a price guarantee, not systematically sell their shares? That question emphasizes the outside shareholders' behavior. Using a real option valuation model to evaluate the price guarantee opportunity, we show that an equal treatment rule between controlling and outside shareholders may lead outside shareholders to sell their shares. | en |
dc.relation.isversionofjnlname | Review of Financial Economics | |
dc.relation.isversionofjnlvol | 14 | en |
dc.relation.isversionofjnlissue | 2 | en |
dc.relation.isversionofjnldate | 2005 | |
dc.relation.isversionofjnlpages | 103-126 | en |
dc.relation.isversionofdoi | http://dx.doi.org/10.1016/j.rfe.2004.07.001 | en |
dc.relation.isversionofjnlpublisher | Elsevier | en |
dc.subject.ddclabel | Economie financière | en |
dc.relation.forthcoming | non | en |
dc.relation.forthcomingprint | non | en |