| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5227 |
| DP5227 What's the monetary value of distributive justice? | |
| Giacomo Corneo; Christina Fong | |
| 发表日期 | 2005-09-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper analyses takeovers of companies owned by atomistic shareholders and by one minority blockholder, all of whom can only decide to tender or retain their shares. As private benefit extraction is inefficient, the post-takeover share value increases with the bidder's shareholdings. In a successful takeover, the blockholder tenders all his shares and the small shareholders tender the amount needed such that the post-takeover share value matches the bid price. Compared to a fully dispersed target company, the bidder may have to offer a higher price either to win the blockholder's support or to attract enough shares from small shareholders. |
| 主题 | Financial Economics |
| 关键词 | Large shareholder Takeover premia |
| URL | https://cepr.org/publications/dp5227 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534100 |
| 推荐引用方式 GB/T 7714 | Giacomo Corneo,Christina Fong. DP5227 What's the monetary value of distributive justice?. 2005. |
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