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hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorde La Bruslerie, Hubert*
hal.structure.identifierGroupe de Recherche Angevin en Economie et Management [GRANEM]
dc.contributor.authorDeffains-Crapsky, Catherine*
dc.date.accessioned2018-12-06T15:29:09Z
dc.date.available2018-12-06T15:29:09Z
dc.date.issued2005
dc.identifier.issn1058-3300
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/18265
dc.language.isoenen
dc.subjectshareholdersen
dc.subjectfinanceen
dc.subjectwealth transferen
dc.subject.ddc658.1en
dc.subject.classificationjelK.K2.K22en
dc.subject.classificationjelG.G3.G34en
dc.titleTakeover bids, unconditional offer price and investors protectionen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenIn this paper, we develop a contingent claim analysis on shareholders' right to sell unconditionally their shares at the acquisition bid price during a takeover bid procedure. Compared with a situation without any guarantee, this regulation brings about wealth transfer towards outside shareholders. Why, in an apparently irrational way, do outside shareholders, who may benefit from a price guarantee, not systematically sell their shares? That question emphasizes the outside shareholders' behavior. Using a real option valuation model to evaluate the price guarantee opportunity, we show that an equal treatment rule between controlling and outside shareholders may lead outside shareholders to sell their shares.en
dc.relation.isversionofjnlnameReview of Financial Economics
dc.relation.isversionofjnlvol14en
dc.relation.isversionofjnlissue2en
dc.relation.isversionofjnldate2005-11
dc.relation.isversionofjnlpages103-126en
dc.relation.isversionofdoi10.1016/j.rfe.2004.07.001en
dc.contributor.countryeditoruniversityotherFRANCE
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelGestion financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenonen
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2018-11-23T11:53:59Z
hal.identifierhal-01947321*
hal.version1*
hal.update.actionupdateMetadata*
hal.author.functionaut
hal.author.functionaut


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