| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6749 |
| DP6749 Learning, Endogenous Indexation and Disinflation in the New-Keynesian Model | |
| Volker Wieland | |
| 发表日期 | 2008-03-20 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Note: A substantially revised version of this paper has been published as CEPR DP7358, "Quantifying private benefits of control from a structural model of block trades." Please refer to DP7358 for the most up-to-date version. We study the determinants of private benefits of control in negotiated block transactions. We estimate the block pricing model in Burkart, Gromb, and Panunzi (2000) explicitly dealing with the existence of both block premia and block discounts in the data. We find evidence that the occurrence of block premia and block discounts depends on the controlling block holder's ability to fight a potential tender offer for the target's stock. Private benefits represent 3% of the target firm's stock market value. Private benefits increase with the target's cash holdings and decrease with its short term debt providing evidence in favour of Jensen's free cash flow hypothesis. A counterfactual policy evaluation of the Mandatory Bid Rule suggests that it fails to add value to shareholders because it fails to prevent welfare decreasing transactions and, by forcing inefficient tender offers, it deters welfare increasing transactions. |
| 主题 | Financial Economics |
| 关键词 | Block pricing Block trades Control transactions Mandatory bid rule Market rule Private benefits of control Structural estimation |
| URL | https://cepr.org/publications/dp6749 |
| 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/535585 |
| 推荐引用方式 GB/T 7714 | Volker Wieland. DP6749 Learning, Endogenous Indexation and Disinflation in the New-Keynesian Model. 2008. |
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