Show simple item record

Takeover bids, unconditional offer price and investor protection

dc.contributor.authorde La Bruslerie, Hubert
dc.contributor.authorDeffains-Crapsky, Catherine
dc.date.accessioned2014-01-30T14:45:38Z
dc.date.available2014-01-30T14:45:38Z
dc.date.issued2005
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/12556
dc.language.isoenen
dc.subjectSTOCKHOLDERSen
dc.subjectBID priceen
dc.subjectSTOCKS (Finance) -- Pricesen
dc.subjectCONSOLIDATION & merger of corporationsen
dc.subjectCAPITALISTS & financiersen
dc.subjectDEBT-to-equity ratioen
dc.subject.ddc332en
dc.subject.classificationjelG3en
dc.subject.classificationjelG34en
dc.subject.classificationjelK2en
dc.titleTakeover bids, unconditional offer price and investor protectionen
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherUniversité Paris I Sorbonne;France
dc.description.abstractenIn 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.isversionofjnlnameReview of Financial Economics
dc.relation.isversionofjnlvol14en
dc.relation.isversionofjnlissue2en
dc.relation.isversionofjnldate2005
dc.relation.isversionofjnlpages103-126en
dc.relation.isversionofdoihttp://dx.doi.org/10.1016/j.rfe.2004.07.001en
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen


Files in this item

FilesSizeFormatView

There are no files associated with this item.

This item appears in the following Collection(s)

Show simple item record