A theory of takeovers and disinvestment:
"We present a real-options model of takeovers and disinvestment in declining industries. As product demand declines, a first-best closure level is reached, where overall value is maximized by shutting down the .rm and releasing its capital to investors. Absent takeovers, managers of unlevered f...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11082 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | "We present a real-options model of takeovers and disinvestment in declining industries. As product demand declines, a first-best closure level is reached, where overall value is maximized by shutting down the .rm and releasing its capital to investors. Absent takeovers, managers of unlevered firms always abandon the firm's business too late. We model the managers' payout policy absent takeovers and consider the effects of golden parachutes and leverage on managers' shut-down decisions. We analyze the effects of takeovers of under-leveraged firms. Takeovers by raiders enforce first-best closure. Hostile takeovers by other firms occur either at the first-best closure point or too early. We also consider management buyouts and mergers of equals and show that in both cases closure happens inefficiently late"--National Bureau of Economic Research web site. |
| Physical Description: | 42 S. graph. Darst. |
Staff View
MARC
| LEADER | 00000nam a2200000zcb4500 | ||
|---|---|---|---|
| 001 | BV023591244 | ||
| 003 | DE-604 | ||
| 005 | 20100217 | ||
| 007 | t | ||
| 008 | 050204s2005 xxud||| |||| 00||| eng d | ||
| 035 | |a (OCoLC)57672814 | ||
| 035 | |a (DE-599)BVBBV023591244 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-521 |a DE-19 | ||
| 050 | 0 | |a HB1 | |
| 100 | 1 | |a Lambrecht, Bart M. |e Verfasser |0 (DE-588)129796964 |4 aut | |
| 245 | 1 | 0 | |a A theory of takeovers and disinvestment |c Bart M. Lambrecht ; Stewart C. Myers |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2005 | |
| 300 | |a 42 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11082 | |
| 520 | 3 | |a "We present a real-options model of takeovers and disinvestment in declining industries. As product demand declines, a first-best closure level is reached, where overall value is maximized by shutting down the .rm and releasing its capital to investors. Absent takeovers, managers of unlevered firms always abandon the firm's business too late. We model the managers' payout policy absent takeovers and consider the effects of golden parachutes and leverage on managers' shut-down decisions. We analyze the effects of takeovers of under-leveraged firms. Takeovers by raiders enforce first-best closure. Hostile takeovers by other firms occur either at the first-best closure point or too early. We also consider management buyouts and mergers of equals and show that in both cases closure happens inefficiently late"--National Bureau of Economic Research web site. | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Consolidation and merger of corporations |x Econometric models | |
| 650 | 4 | |a Disinvestment |x Econometric models | |
| 700 | 1 | |a Myers, Stewart C. |d 1940- |e Verfasser |0 (DE-588)129325023 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11082 |w (DE-604)BV002801238 |9 11082 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w11082.pdf |z kostenfrei |3 Volltext |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-016906574 | ||
Record in the Search Index
| _version_ | 1804138248366194688 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Lambrecht, Bart M. Myers, Stewart C. 1940- |
| author_GND | (DE-588)129796964 (DE-588)129325023 |
| author_facet | Lambrecht, Bart M. Myers, Stewart C. 1940- |
| author_role | aut aut |
| author_sort | Lambrecht, Bart M. |
| author_variant | b m l bm bml s c m sc scm |
| building | Verbundindex |
| bvnumber | BV023591244 |
| callnumber-first | H - Social Science |
| callnumber-label | HB1 |
| callnumber-raw | HB1 |
| callnumber-search | HB1 |
| callnumber-sort | HB 11 |
| callnumber-subject | HB - Economic Theory and Demography |
| ctrlnum | (OCoLC)57672814 (DE-599)BVBBV023591244 |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02281nam a2200373zcb4500</leader><controlfield tag="001">BV023591244</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20100217 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">050204s2005 xxud||| |||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)57672814</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV023591244</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-521</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HB1</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Lambrecht, Bart M.</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)129796964</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">A theory of takeovers and disinvestment</subfield><subfield code="c">Bart M. Lambrecht ; Stewart C. Myers</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="b">National Bureau of Economic Research</subfield><subfield code="c">2005</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">42 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">11082</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">"We present a real-options model of takeovers and disinvestment in declining industries. As product demand declines, a first-best closure level is reached, where overall value is maximized by shutting down the .rm and releasing its capital to investors. Absent takeovers, managers of unlevered firms always abandon the firm's business too late. We model the managers' payout policy absent takeovers and consider the effects of golden parachutes and leverage on managers' shut-down decisions. We analyze the effects of takeovers of under-leveraged firms. Takeovers by raiders enforce first-best closure. Hostile takeovers by other firms occur either at the first-best closure point or too early. We also consider management buyouts and mergers of equals and show that in both cases closure happens inefficiently late"--National Bureau of Economic Research web site.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Ökonometrisches Modell</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Consolidation and merger of corporations</subfield><subfield code="x">Econometric models</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Disinvestment</subfield><subfield code="x">Econometric models</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Myers, Stewart C.</subfield><subfield code="d">1940-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)129325023</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">11082</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">11082</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w11082.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-016906574</subfield></datafield></record></collection> |
| id | DE-604.BV023591244 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:28Z |
| indexdate | 2024-07-09T21:25:10Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016906574 |
| oclc_num | 57672814 |
| open_access_boolean | 1 |
| owner | DE-521 DE-19 DE-BY-UBM |
| owner_facet | DE-521 DE-19 DE-BY-UBM |
| physical | 42 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Lambrecht, Bart M. Verfasser (DE-588)129796964 aut A theory of takeovers and disinvestment Bart M. Lambrecht ; Stewart C. Myers Cambridge, Mass. National Bureau of Economic Research 2005 42 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11082 "We present a real-options model of takeovers and disinvestment in declining industries. As product demand declines, a first-best closure level is reached, where overall value is maximized by shutting down the .rm and releasing its capital to investors. Absent takeovers, managers of unlevered firms always abandon the firm's business too late. We model the managers' payout policy absent takeovers and consider the effects of golden parachutes and leverage on managers' shut-down decisions. We analyze the effects of takeovers of under-leveraged firms. Takeovers by raiders enforce first-best closure. Hostile takeovers by other firms occur either at the first-best closure point or too early. We also consider management buyouts and mergers of equals and show that in both cases closure happens inefficiently late"--National Bureau of Economic Research web site. Ökonometrisches Modell Consolidation and merger of corporations Econometric models Disinvestment Econometric models Myers, Stewart C. 1940- Verfasser (DE-588)129325023 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11082 (DE-604)BV002801238 11082 http://papers.nber.org/papers/w11082.pdf kostenfrei Volltext |
| spellingShingle | Lambrecht, Bart M. Myers, Stewart C. 1940- A theory of takeovers and disinvestment National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Consolidation and merger of corporations Econometric models Disinvestment Econometric models |
| title | A theory of takeovers and disinvestment |
| title_auth | A theory of takeovers and disinvestment |
| title_exact_search | A theory of takeovers and disinvestment |
| title_exact_search_txtP | A theory of takeovers and disinvestment |
| title_full | A theory of takeovers and disinvestment Bart M. Lambrecht ; Stewart C. Myers |
| title_fullStr | A theory of takeovers and disinvestment Bart M. Lambrecht ; Stewart C. Myers |
| title_full_unstemmed | A theory of takeovers and disinvestment Bart M. Lambrecht ; Stewart C. Myers |
| title_short | A theory of takeovers and disinvestment |
| title_sort | a theory of takeovers and disinvestment |
| topic | Ökonometrisches Modell Consolidation and merger of corporations Econometric models Disinvestment Econometric models |
| topic_facet | Ökonometrisches Modell Consolidation and merger of corporations Econometric models Disinvestment Econometric models |
| url | http://papers.nber.org/papers/w11082.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT lambrechtbartm atheoryoftakeoversanddisinvestment AT myersstewartc atheoryoftakeoversanddisinvestment |