Smart buyers
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Mike Burkart & Samuel Lee, 2016. "Smart Buyers," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 5(2), pages 239-270.
- Burkart, Mike & Lee, Samuel, 2012. "Smart Buyers," CEPR Discussion Papers 8774, C.E.P.R. Discussion Papers.
- Mike Burkart & Samuel Lee, 2012. "Smart Buyers," FMG Discussion Papers dp696, Financial Markets Group.
- Burkart, Mike & Lee, Samuel, 2016. "Smart buyers," LSE Research Online Documents on Economics 69537, London School of Economics and Political Science, LSE Library.
References listed on IDEAS
- repec:bla:jfinan:v:55:y:2000:i:4:p:1807-1854 is not listed on IDEAS
- 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.
- 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.
- Myers, Stewart C. & Majluf, Nicolás S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Weinstein, Mark, 1998. "Profit-Sharing Contracts in Hollywood: Evolution and Analysis," The Journal of Legal Studies, University of Chicago Press, vol. 27(1), pages 67-112, January.
- Muthoo,Abhinay, 1999. "Bargaining Theory with Applications," Cambridge Books, Cambridge University Press, number 9780521576475.
- Giuseppe Dari-Mattiacci & Sander Onderstal & Francesco Parisi, 2011. "Inverse Adverse Selection: The Market for Gems," Tinbergen Institute Discussion Papers 11-017/1, Tinbergen Institute.
- Shleifer, Andrei & Vishny, Robert W, 1986.
"Large Shareholders and Corporate Control,"
Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
- Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
- Jehiel, Philippe & Moldovanu, Benny, 2001.
"Efficient Design with Interdependent Valuations,"
Econometrica, Econometric Society, vol. 69(5), pages 1237-1259, September.
- Philippe Jehiel & Benny Moldovanu, 1998. "Efficient Design with Interdependent Valuations," Discussion Papers 1244, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Jéhiel, Philippe & Moldovanu, Benny, 1999. "Efficient design with interdependent valuations," Papers 99-74, Sonderforschungsbreich 504.
- Jehiel, Phillipe & Moldovanu, Benny, 1999. "Efficient Design with Interdependent Valuations," Sonderforschungsbereich 504 Publications 99-74, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Jehiel, Phillipe & Moldovanu, Benny, 1998. "Efficient Design with Interdependent Valuations," Sonderforschungsbereich 504 Publications 98-22, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Patrick Bolton & Tano Santos & Jose A. Scheinkman, 2011.
"Outside and Inside Liquidity,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 126(1), pages 259-321.
- Patrick Bolton & Tano Santos & Jose A. Scheinkman, 2009. "Outside and Inside Liquidity," NBER Working Papers 14867, National Bureau of Economic Research, Inc.
- Patrick Bolton & Tano Santos & Jose A. Scheinkman, 2010. "Outside And Inside Liquidity," Working Papers 1395, Princeton University, Department of Economics, Econometric Research Program..
- Baron, David P & Myerson, Roger B, 1982.
"Regulating a Monopolist with Unknown Costs,"
Econometrica, Econometric Society, vol. 50(4), pages 911-930, July.
- David P. Baron & Roger B. Myerson, 1979. "Regulating a Monopolist with Unknown Costs," Discussion Papers 412, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Hansen, Robert G, 1985. "Auctions with Contingent Payments," American Economic Review, American Economic Association, vol. 75(4), pages 862-865, September.
- Matthew Rhodes‐Kropf & S. Viswanathan, 2000. "Corporate Reorganizations and Non‐Cash Auctions," Journal of Finance, American Finance Association, vol. 55(4), pages 1807-1849, August.
- repec:bla:jfinan:v:44:y:1989:i:1:p:41-57 is not listed on IDEAS
- Ulf Axelson, 2007. "Security Design with Investor Private Information," Journal of Finance, American Finance Association, vol. 62(6), pages 2587-2632, December.
- Steven N. Kaplan & Per Strömberg, 2003.
"Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 70(2), pages 281-315.
- Steven N. Kaplan & Per Strömberg, 2000. "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," CRSP working papers 513, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Kaplan, Steven & Strömberg, Per, 2000. "Financial Contracting Theory Meets The Real World: An Empirical Analysis Of Venture Capital Contracts," CEPR Discussion Papers 2421, C.E.P.R. Discussion Papers.
- Steven N. Kaplan & Per Stromberg, 2000. "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," NBER Working Papers 7660, National Bureau of Economic Research, Inc.
- Bond, Philip & Zhong, Hongda, 2016. "Buying high and selling low: stock repurchases and persistent asymmetric information," LSE Research Online Documents on Economics 67011, London School of Economics and Political Science, LSE Library.
- Mike Burkart & Samuel Lee, 2015.
"Signalling to Dispersed Shareholders and Corporate Control,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 82(3), pages 922-962.
- Burkart, Mike & Lee, Samuel, 2015. "Signalling to dispersed shareholders and corporate control," LSE Research Online Documents on Economics 69538, London School of Economics and Political Science, LSE Library.
- Claudio Mezzetti, 2007.
"Mechanism Design with Interdependent Valuations: Surplus Extraction,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 31(3), pages 473-488, June.
- Claudio Mezzetti, 2005. "Mechanism Design with Interdependent Valuations: Surplus Extraction," Discussion Papers in Economics 05/1, Division of Economics, School of Business, University of Leicester, revised Mar 2006.
- Philip Bond & Hongda Zhong, 2016. "Buying High and Selling Low: Stock Repurchases and Persistent Asymmetric Information," The Review of Financial Studies, Society for Financial Studies, vol. 29(6), pages 1409-1452.
- Roman Inderst & Holger M. Mueller, 2006.
"Informed Lending and Security Design,"
Journal of Finance, American Finance Association, vol. 61(5), pages 2137-2162, October.
- Inderst, Roman & Mueller, Holger, 2005. "Informed Lending and Security Design," CEPR Discussion Papers 5185, C.E.P.R. Discussion Papers.
- Milgrom, Paul & Stokey, Nancy, 1982.
"Information, trade and common knowledge,"
Journal of Economic Theory, Elsevier, vol. 26(1), pages 17-27, February.
- Paul Milgrom & Nancy L.Stokey, 1979. "Information, Trade, and Common Knowledge," Discussion Papers 377R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Peter M. DeMarzo & Ilan Kremer & Andrzej Skrzypacz, 2005.
"Bidding with Securities: Auctions and Security Design,"
American Economic Review, American Economic Association, vol. 95(4), pages 936-959, September.
- Peter M. DeMarzo & Ilan Kremer & Andrzej Skrzypacz, 2004. "Bidding With Securities: Auctions and Security Design," NBER Working Papers 10891, National Bureau of Economic Research, Inc.
- Andrzej Skrzypacz & Peter M. DeMarzo & Ilan Kremer, 2004. "Bidding with Securities: Auctions and Security Design," Econometric Society 2004 North American Winter Meetings 637, Econometric Society.
- Andrzej Skrzypacz & Peter M. DeMarzo & Ilan Kremer, 2004. "Bidding with Securities: Auctions and Security Design," Econometric Society 2004 North American Winter Meetings 641, Econometric Society.
- Eckbo, B Espen & Giammarino, Ronald M & Heinkel, Robert L, 1990. "Asymmetric Information and the Medium of Exchange in Takeovers: Theory and Tests," The Review of Financial Studies, Society for Financial Studies, vol. 3(4), pages 651-675.
- Peter M. DeMarzo, 2005. "The Pooling and Tranching of Securities: A Model of Informed Intermediation," The Review of Financial Studies, Society for Financial Studies, vol. 18(1), pages 1-35.
- Glosten, Lawrence R. & Milgrom, Paul R., 1985.
"Bid, ask and transaction prices in a specialist market with heterogeneously informed traders,"
Journal of Financial Economics, Elsevier, vol. 14(1), pages 71-100, March.
- Lawrence R. Glosten & Paul R. Milgrom, 1983. "Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders," Discussion Papers 570, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Leland, Hayne E & Pyle, David H, 1977.
"Informational Asymmetries, Financial Structure, and Financial Intermediation,"
Journal of Finance, American Finance Association, vol. 32(2), pages 371-387, May.
- Hayne E. Leland and David H. Pyle., 1976. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Research Program in Finance Working Papers 41, University of California at Berkeley.
- In-Koo Cho & David M. Kreps, 1987.
"Signaling Games and Stable Equilibria,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(2), pages 179-221.
- In-Koo Cho & David M. Kreps, 1997. "Signaling Games and Stable Equilibria," Levine's Working Paper Archive 896, David K. Levine.
- John G. Riley, 2001. "Silver Signals: Twenty-Five Years of Screening and Signaling," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 432-478, June.
- Michael J. Fishman, 1988. "A Theory of Preemptive Takeover Bidding," RAND Journal of Economics, The RAND Corporation, vol. 19(1), pages 88-101, Spring.
- Maskin, Eric & Tirole, Jean, 1992. "The Principal-Agent Relationship with an Informed Principal, II: Common Values," Econometrica, Econometric Society, vol. 60(1), pages 1-42, January.
- Jeffrey S. Banks, 1990. "Monopoly Agenda Control and Asymmetric Information," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 105(2), pages 445-464.
- Lee, Charles M C & Ready, Mark J, 1991. "Inferring Trade Direction from Intraday Data," Journal of Finance, American Finance Association, vol. 46(2), pages 733-746, June.
- Mailath, George J. & von Thadden, Ernst-Ludwig, 2013.
"Incentive compatibility and differentiability: New results and classic applications,"
Journal of Economic Theory, Elsevier, vol. 148(5), pages 1841-1861.
- George J. Mailath & Ernst-Ludwig von Thadden, 2010. "Incentive Compatibility and Differentiability: New Results and Classic Applications," PIER Working Paper Archive 10-032, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Mailath, George J. & Thadden, Ernst-Ludwig von, 2013. "Incentive Compatibility and Differentiability New Results and Classic Applications," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 447, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
- Sudipto Bhattacharya, 1980. "Nondissipative Signaling Structures and Dividend Policy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 95(1), pages 1-24.
- David de Meza & David C. Webb, 1987. "Too Much Investment: A Problem of Asymmetric Information," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(2), pages 281-292.
- Datar, Srikant & Frankel, Richard & Wolfson, Mark, 2001. "Earnouts: The Effects of Adverse Selection and Agency Costs on Acquisition Techniques," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 17(1), pages 201-238, April.
- Miller, Merton H & Rock, Kevin, 1985. "Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-1051, September.
- Douglas W. Diamond, 1991. "Debt Maturity Structure and Liquidity Risk," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(3), pages 709-737.
- repec:bla:jfinan:v:53:y:1998:i:2:p:773-784 is not listed on IDEAS
- 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.
- Peter DeMarzo & Darrell Duffie, 1999. "A Liquidity-Based Model of Security Design," Econometrica, Econometric Society, vol. 67(1), pages 65-100, January.
- Eric Maskin & John Riley, 1984. "Monopoly with Incomplete Information," RAND Journal of Economics, The RAND Corporation, vol. 15(2), pages 171-196, Summer.
- Nancy T. Gallini & Brian D. Wright, 1990. "Technology Transfer under Asymmetric Information," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 147-160, Spring.
- Beggs, A. W., 1992. "The licensing of patents under asymmetric information," International Journal of Industrial Organization, Elsevier, vol. 10(2), pages 171-191, June.
- Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
- Nachman, David C & Noe, Thomas H, 1994. "Optimal Design of Securities under Asymmetric Information," The Review of Financial Studies, Society for Financial Studies, vol. 7(1), pages 1-44.
- Ambarish, Ramasastry & John, Kose & Williams, Joseph, 1987. "Efficient Signalling with Dividends and Investments," Journal of Finance, American Finance Association, vol. 42(2), pages 321-343, June.
- Kyle, Albert S, 1985. "Continuous Auctions and Insider Trading," Econometrica, Econometric Society, vol. 53(6), pages 1315-1335, November.
- Yeon-Koo Che & Jinwoo Kim, 2010. "Bidding with Securities: Comment," American Economic Review, American Economic Association, vol. 100(4), pages 1929-1935, September.
- Vermaelen, Theo, 1984. "Repurchase Tender Offers, Signaling, and Managerial Incentives," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(2), pages 163-181, June.
- Alexander S. Gorbenko & Andrey Malenko, 2011. "Competition among Sellers in Securities Auctions," American Economic Review, American Economic Association, vol. 101(5), pages 1806-1841, August.
- Hansen, Robert G, 1987. "A Theory for the Choice of Exchange Medium in Mergers and Acquisitions," The Journal of Business, University of Chicago Press, vol. 60(1), pages 75-95, January.
- George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
- John, Kose & Williams, Joseph, 1985. "Dividends, Dilution, and Taxes: A Signalling Equilibrium," Journal of Finance, American Finance Association, vol. 40(4), pages 1053-1070, September.
- Michael Spence, 1973. "Job Market Signaling," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 87(3), pages 355-374.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Daniel Broxterman & Tingyu Zhou, 2023. "Information Frictions in Real Estate Markets: Recent Evidence and Issues," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 203-298, February.
- Tingjun Liu & Dan Bernhardt, 2021.
"Rent Extraction with Securities Plus Cash,"
Journal of Finance, American Finance Association, vol. 76(4), pages 1869-1912, August.
- Liu, Tingjun & Bernhardt, Dan, 2019. "Rent extraction with securities plus cash," The Warwick Economics Research Paper Series (TWERPS) 1212, University of Warwick, Department of Economics.
- Burkart, Mike & Lee, Samuel, 2010.
"Signalling in tender offer games,"
LSE Research Online Documents on Economics
119085, London School of Economics and Political Science, LSE Library.
- Burkart, Mike & Lee, Samuel, 2010. "Signaling in Tender Offer Games," CEPR Discussion Papers 7938, C.E.P.R. Discussion Papers.
- Mike Burkart & Samuel Lee, 2010. "Signaling in Tender Offer Games," FMG Discussion Papers dp655, Financial Markets Group.
- Hartman-Glaser, Barney, 2017. "Reputation and signaling in asset sales," Journal of Financial Economics, Elsevier, vol. 125(2), pages 245-265.
- Alex Gershkov & Benny Moldovanu & Philipp Strack & Mengxi Zhang, 2024. "Optimal Security Design for Risk-Averse Investors," ECONtribute Discussion Papers Series 325, University of Bonn and University of Cologne, Germany.
- Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
- Vladimirov, Vladimir, 2015. "Financing bidders in takeover contests," Journal of Financial Economics, Elsevier, vol. 117(3), pages 534-557.
- repec:dau:papers:123456789/6311 is not listed on IDEAS
- Alex Edmans & William Mann, 2019.
"Financing Through Asset Sales,"
Management Science, INFORMS, vol. 65(7), pages 3043-3060, July.
- Edmans, Alex & Mann, William, 2012. "Financing through Asset Sales," Working Papers 13-03, University of Pennsylvania, Wharton School, Weiss Center.
- Alex Edmans & William Mann, 2013. "Financing Through Asset Sales," NBER Working Papers 18677, National Bureau of Economic Research, Inc.
- Edmans, Alex & Mann, William, 2013. "Financing Through Asset Sales," CEPR Discussion Papers 9720, C.E.P.R. Discussion Papers.
- Yrjö Koskinen & Michael J. Rebello & Jun Wang, 2014.
"Private Information and Bargaining Power in Venture Capital Financing,"
Journal of Economics & Management Strategy, Wiley Blackwell, vol. 23(4), pages 743-775, December.
- Koskinen, Yrjo & Rebello, Michael J. & Wang, Jun, 2006. "Private Information and Bargaining Power in Venture Capital Financing," SIFR Research Report Series 45, Institute for Financial Research, revised 08 Feb 2011.
- Inderst, Roman & Vladimirov, Vladimir, 2012.
"Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information,"
MPRA Paper
53840, University Library of Munich, Germany.
- Inderst, Roman & Vladimirov, Vladimir, 2014. "Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information," CEPR Discussion Papers 9923, C.E.P.R. Discussion Papers.
- Koufopoulos, Kostos & Kozhan, Roman & Trigilia, Giulio, 2014. "Optimal Security Design under Asymmetric Information and Profit Manipulation," The Warwick Economics Research Paper Series (TWERPS) 1050, University of Warwick, Department of Economics.
- Koufopoulos, Kostas & Kozhan, Roman & Trigilia, Giulio, 2014. "Optimal Security Design under Asymmetric Information and Profit Manipulation," Economic Research Papers 270233, University of Warwick - Department of Economics.
- Mike Burkart & Samuel Lee, 2015.
"Signalling to Dispersed Shareholders and Corporate Control,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 82(3), pages 922-962.
- Burkart, Mike & Lee, Samuel, 2015. "Signalling to dispersed shareholders and corporate control," LSE Research Online Documents on Economics 69538, London School of Economics and Political Science, LSE Library.
- Anastasios Dosis, 2019.
"Interest Rates and Investment Under Competitive Screening and Moral Hazard,"
Working Papers
hal-02130434, HAL.
- Anastasios, Dosis, 2019. "Interest Rates and Investment Under Competitive Screening and Moral Hazard," ESSEC Working Papers WP1902, ESSEC Research Center, ESSEC Business School.
- Skrzypacz, Andrzej, 2013. "Auctions with contingent payments — An overview," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 666-675.
- Eckbo, B. Espen, 2009. "Bidding strategies and takeover premiums: A review," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 149-178, February.
- Mark J. Garmaise & Tobias J. Moskowitz, 2002. "Confronting Information Asymmetries: Evidence from Real Estate Markets," NBER Working Papers 8877, National Bureau of Economic Research, Inc.
- Brendan Daley & Brett Green & Victoria Vanasco, 2016. "Designing securities for scrutiny," Economics Working Papers 1818, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2021.
- Douglas Cumming, 2006. "Adverse Selection and Capital Structure: Evidence from Venture Capital," Entrepreneurship Theory and Practice, , vol. 30(2), pages 155-183, March.
- Wong, Tak-Yuen & Wong, Ho-Po Crystal, 2023. "Securities auctions with pre-project information management," International Journal of Industrial Organization, Elsevier, vol. 88(C).
More about this item
Keywords
bilateral trade; asymmetric information; royalties; cash-equity offers; debt-equity swaps; contingent value rights; commissions; lemons problems;All these keywords.
JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ehl:lserod:119056. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: LSERO Manager (email available below). General contact details of provider: https://edirc.repec.org/data/lsepsuk.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.