| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP4036
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| DP4036 Responsive Pricing |
| Pascal Courty; Mario Pagliero
|
| 发表日期 | 2003-08-23
|
| 出版年 | 2003
|
| 语种 | 英语
|
| 摘要 | We examine whether, and why, it matters how tender offers for widely held firms are financed. If tender offers are financed with debt, the positive effect of a synergy gain or value improvement on the combined firm?s equity is partly offset by the simultaneous increase in debt. Dispersed target shareholders then only appropriate part of the value improvement, which mitigates the free-rider problem. Bankruptcy costs, incentive problems on the part of the raider, and defensive leveraged recapitalizations and asset sales by the target management are all counter-forces to high bidder leverage, thereby shifting takeover gains to target shareholders and causing takeovers to fail. While bankruptcy costs are a social cost, the takeover premium is merely a wealth transfer between the raider and target shareholders. As the raider does not internalize this, they use too much debt relative to the social optimum. |
| 主题 | Financial Economics
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| 关键词 | Tender offers
Leverage
Free-rider problem
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| URL | https://cepr.org/publications/dp4036
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533011
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推荐引用方式
GB/T 7714 |
Pascal Courty,Mario Pagliero. DP4036 Responsive Pricing. 2003.
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