Money Monetary Policy

Advances in Corporate Finance and Asset Pricing by L. Renneboog PDF

By L. Renneboog

ISBN-10: 008046288X

ISBN-13: 9780080462882

ISBN-10: 0444527230

ISBN-13: 9780444527233

Offers with the effectiveness of particular company governance units and alterations in capital constitution and chance administration.

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In this country, the number of hostile bids in the past decade significantly fell compared to the 1980s. In contrast, the domestic bids in Continental Europe and the cross-border bids increased in both number and value compared to the previous wave. Moreover, hostile takeover activity in Europe during the 1990s emerged even in countries in which there was none before. Many hostile bids, which would have been opposed by the political and financial establishment in the 1980s, were welcomed in the 1990s.

These rational motives are confirmed in some of the cross-sectional studies. The authors reconcile these contradictory findings by arguing that managers act smarter than they speak (they follow rational motives without being aware of this). The second explanation is that the proxies to measure abstract concepts such as informational asymmetry in the cross-sectional studies are weak. In Chapter 13, de Jong and Röell show that the financial markets and institutions in the Netherlands have been historically shaped by a unique mix of influences: a stock exchange culture dating back to the Dutch golden age of sea-borne-trading dominance, a legal system handed down from a brief period of French occupation, and strong influences from neighbouring Germany as well as from the Anglo-American countries.

One way to mitigate such asymmetric information is the use of shareholder’s lock-in contracts. These contracts comprehend the prohibition for the locked-in shareholders to sell a certain percentage of their shares for a specified period after the IPO. The duration of the lock-in agreement and the percentage of shares locked in may signal the commitment of the pre-IPO shareholders who hold on to (part of) their shares at the IPO. In most Continental European countries (and contrary to the USA), specific types of shareholders (usually insiders, directors and founders) are subject to mandatory lock-in contracts.

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Advances in Corporate Finance and Asset Pricing by L. Renneboog

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