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来源类型Working Paper
规范类型报告
DOI10.3386/w8089
来源IDWorking Paper 8089
The Overlooked Corporate Finance Problems of a Microsoft Breakup
Lucian Arye Bebchuk; David I. Walker
发表日期2001
出版年2001
语种英语
摘要This paper identifies problems with the ordered breakup of Microsoft that seem to have been completely overlooked by the government, the judge, and the commentators. The breakup order prohibits Bill Gates and other large Microsoft shareholders from owning shares in both of the companies that would result from the separation. Given this prohibition, we show, dividing the securities in the resultant companies among the shareholders is not as straightforward as the government has suggested. Any method of distributing the securities that would comply with this mandate would either (i) impose a significant financial penalty on Microsoft's large shareholders that is not contemplated by the order, or (ii) create a risk of a substantial transfer of value between Microsoft's shareholders. In addition to identifying the difficulties and costs involved in the two distribution methods that would comply with the cross-shareholding prohibition, we examine how the breakup order could be refined to reduce these difficulties and costs. The problems that we identify should be addressed if a breakup is ultimately to be pursued and should be taken into account in making the basic decision of whether to break up Microsoft at all.
主题Financial Economics ; Corporate Finance ; Other ; Law and Economics
URLhttps://www.nber.org/papers/w8089
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/565682
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GB/T 7714
Lucian Arye Bebchuk,David I. Walker. The Overlooked Corporate Finance Problems of a Microsoft Breakup. 2001.
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