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Tender offer

About: Tender offer is a research topic. Over the lifetime, 914 publications have been published within this topic receiving 65303 citations.


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Journal ArticleDOI
TL;DR: In this article, the authors explore a model in which the presence of a large minority shareholder provides a partial solution to the free-rider problem in a corporation with many small owners, where the corporation may not pay any one of them to monitor the performance of the management.
Abstract: In a corporation with many small owners, it may not pay any one of them to monitor the performance of the management We explore a model in which the presence of a large minority shareholder provides a partial solution to this free-rider problem The model sheds light on the following questions: Under what circumstances will we observe a tender offer as opposed to a proxy fight or an internal management shake-up? How strong are the forces pushing toward increasing concentration of ownership of a diffusely held firm? Why do corporate and personal investors commonly hold stock in the same firm, despite their disparate tax preferences?

7,929 citations

Journal ArticleDOI
TL;DR: A review of the scientific literature on the market for corporate control can be found in this paper, where the authors argue that corporate control is best viewed as an arena in which managerial teams compete for the rights to manage corporate resources.

3,821 citations

Journal ArticleDOI
TL;DR: In this paper, the authors study privately and socially optimal corporate charters under the alternative assumptions of competition and monopoly in the market for corporate control, and analyze exclusionary devices that can be built into the corporate charter to overcome this free-rider problem.
Abstract: It is commonly thought that a widely held corporation that is not being run in the interest of its shareholders will be vulnerable to a takeover bid. We show that this is false, since shareholders can free ride on the raider's improvement of the corporation, thereby seriously limiting the raider's profit. We analyze exclusionary devices that can be built into the corporate charter to overcome this free-rider problem. We study privately and socially optimal corporate charters under the alternative assumptions of competition and monopoly in the market for corporate control.

2,905 citations

Journal ArticleDOI
TL;DR: The authors analyzes how managerial control of voting rights affects firm value and financing policies and shows that an increase in the fraction of voting votes controlled by management decreases the probability of a successful tender offer and increases the premium offered if a tender offer is made.

2,257 citations

Journal ArticleDOI
TL;DR: In this paper, the authors provide a theoretical analysis of the process of competition for control of the target and empirical evidence that competition among bidding firms increases the returns to targets and decreases the return to acquirers, and that the supply of target shares is positively sloped.

1,880 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20237
202226
202110
20209
20193
201812