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Efficiency and fairness in minority freezeouts: Takeovers, overbidding, and the freeze-in problem

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  • Maug, Ernst

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  • Maug, Ernst, 2006. "Efficiency and fairness in minority freezeouts: Takeovers, overbidding, and the freeze-in problem," International Review of Law and Economics, Elsevier, vol. 26(3), pages 355-379, September.
    • Handle: RePEc:eee:irlaec:v:26:y:2006:i:3:p:355-379
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    1. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    3. Harrington, Joseph E, Jr & Prokop, Jacek, 1993. "The Dynamics of the Free-Rider Problem in Takeovers," The Review of Financial Studies, Society for Financial Studies, vol. 6(4), pages 851-882.
    4. Grossman, Sanford J & Hart, Oliver D, 1981. "The Allocational Role of Takeover Bids in Situations of Asymmetric Information," Journal of Finance, American Finance Association, vol. 36(2), pages 253-270, May.
    5. Lucian Arye Bebchuk, 1994. "Efficient and Inefficient Sales of Corporate Control," NBER Working Papers 4788, National Bureau of Economic Research, Inc.
    6. Mike Burkart & Denis Gromb & Fausto Panunzi, 1998. "Why Higher Takeover Premia Protect Minority Shareholders," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 172-204, February.
    7. Holmstrom, Bengt & Nalebuff, Barry, 1992. "To the Raider Goes the Surplus? A Reexamination of the Free-Rider Problem," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 1(1), pages 37-62, Spring.
    8. Armo Gomes, 2001. "Takeovers, Freezeouts, and Risk Arbitrage," Penn CARESS Working Papers c4679b705ea88aebda985c6da, Penn Economics Department.
    9. repec:bla:jfinan:v:59:y:2004:i:3:p:1325-1344 is not listed on IDEAS
    10. Bradley, Michael, 1980. "Interfirm Tender Offers and the Market for Corporate Control," The Journal of Business, University of Chicago Press, vol. 53(4), pages 345-376, October.
    11. DeAngelo, Harry & DeAngelo, Linda & Rice, Edward M, 1984. "Going Private: Minority Freezeouts and Stockholder Wealth," Journal of Law and Economics, University of Chicago Press, vol. 27(2), pages 367-401, October.
    12. Morck, Randall K. (ed.), 2000. "Concentrated Corporate Ownership," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226536781.
    13. Bebchuk, Lucian Arye, 1989. "Takeover Bids below the Expected Value of Minority Shares," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 24(2), pages 171-184, June.
    14. Jensen, Michael C. & Ruback, Richard S., 1983. "The market for corporate control : The scientific evidence," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 5-50, April.
    15. Hermalin, Benjamin & Schwartz, Alan, 1996. "Buyouts in Large Companies," The Journal of Legal Studies, University of Chicago Press, vol. 25(2), pages 351-370, June.
    16. Hirshleifer, David & Titman, Sheridan, 1990. "Share Tendering Strategies and the Success of Hostile Takeover Bids," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 295-324, April.
    17. Francesca Cornelli & David D. Li, 2002. "Risk Arbitrage in Takeovers," The Review of Financial Studies, Society for Financial Studies, vol. 15(3), pages 837-868.
    18. Randall K. Morck, 2000. "Concentrated Corporate Ownership," NBER Books, National Bureau of Economic Research, Inc, number morc00-1.
    19. Lucian Arye Bebchuk, 1994. "Efficient and Inefficient Sales of Corporate Control," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(4), pages 957-993.
    20. Kahan, Marcel, 1993. "Sales of Corporate Control," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 9(2), pages 368-379, October.
    21. Subramanian, Guhan, 2004. "Post-Siliconix Freeze-Outs: Theory, Evidence & Policy," Berkeley Olin Program in Law & Economics, Working Paper Series qt6rn0f1gb, Berkeley Olin Program in Law & Economics.
    22. Goshen, Zohar & Wiener, Zvi, 2000. "The Value of the Freezeout Option," Berkeley Olin Program in Law & Economics, Working Paper Series qt4ts4k8gc, Berkeley Olin Program in Law & Economics.
    23. Sanford J. Grossman & Oliver D. Hart, 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 42-64, Spring.
    24. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
    25. Mark Bagnoli, Barton L. Lipman, 1988. "Successful Takeovers without Exclusion," The Review of Financial Studies, Society for Financial Studies, vol. 1(1), pages 89-110.
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    Cited by:

    1. Dai, Ya & Guo, Liang & Kadapakkam, Palani-Rajan, 2019. "Protecting the weak: Efficacy of mandated auctions in minority buyouts," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 9-19.
    2. Bøhren, Øyvind & Krosvik, Nils Erik, 2013. "The economics of minority freezeouts: Evidence from the courtroom," International Review of Law and Economics, Elsevier, vol. 36(C), pages 48-58.
    3. repec:mul:jdp901:doi:10.12831/73633:y:2013:i:1:p:51-65 is not listed on IDEAS
    4. At, Christian & Béal, Sylvain & Morand, Pierre-Henri, 2015. "Freezeout, compensation rules, and voting equilibria," International Review of Law and Economics, Elsevier, vol. 41(C), pages 91-102.
    5. Brada, Josef C., 2016. "Corporate governance following mass privatization," Journal of Comparative Economics, Elsevier, vol. 44(4), pages 1132-1144.
    6. Clerc, Christophe & Demarigny, Fabrice & Valiante, Diego & de Manuel, Mirzha, 2012. "A Legal and Economic Assessment of European Takeover Regulation," CEPS Papers 7525, Centre for European Policy Studies.
    7. Armando Gomes, 2024. "Takeovers, Freezeouts, and Risk Arbitrage," Games, MDPI, vol. 15(1), pages 1-27, January.
    8. Flavio Bazzana & Eleonora Broccardo, 2013. "The role of bondholder coordination in freeze-out exchange offers," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 1, pages 67-84, January.
    9. Konstantinos Konstantaras & Vasilios Sogiakas, 2019. "Is stock liquidity transferred and upgraded in acquisitions? Evidence from liquidity synergies in US freeze-outs," Annals of Operations Research, Springer, vol. 282(1), pages 179-216, November.

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