Excess returns and the distinguished player paradox
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Alberto Bisin & Danilo Guaitoli, 2004.
"Moral Hazard and Nonexclusive Contracts,"
RAND Journal of Economics, The RAND Corporation, vol. 35(2), pages 306-328, Summer.
- Bisin, A. & Guaitoli, D., 1998. "Moral Hazard and Non-Exclusive Contracts," Working Papers 98-24, C.V. Starr Center for Applied Economics, New York University.
- Alberto Bisin & Danilo Guaitoli, 1998. "Moral hazard and non-exclusive contracts," Economics Working Papers 345, Department of Economics and Business, Universitat Pompeu Fabra.
- Bisin, Alberto & Guaitoli, Danilo, 1998. "Moral Hazard and Non-Exclusive Contracts," CEPR Discussion Papers 1987, C.E.P.R. Discussion Papers.
- Stephen A. Ross, 2013.
"The Arbitrage Theory of Capital Asset Pricing,"
World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 1, pages 11-30,
World Scientific Publishing Co. Pte. Ltd..
- Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, vol. 13(3), pages 341-360, December.
- Stephen A. Ross, "undated". "The Arbitrage Theory of Capital Asset Pricing," Rodney L. White Center for Financial Research Working Papers 02-73, Wharton School Rodney L. White Center for Financial Research.
- Stephen A. Ross, "undated". "The Arbitrage Theory of Capital Asset Pricing," Rodney L. White Center for Financial Research Working Papers 2-73, Wharton School Rodney L. White Center for Financial Research.
- Fahlenbrach, Rüdiger & Stulz, René M., 2009.
"Managerial ownership dynamics and firm value,"
Journal of Financial Economics, Elsevier, vol. 92(3), pages 342-361, June.
- Rüdiger Fahlenbrach & René M. Stulz, 2007. "Managerial Ownership Dynamics and Firm Value," NBER Working Papers 13202, National Bureau of Economic Research, Inc.
- Fahlenbrach, Rudiger & Stulz, Rene, 2008. "Managerial Ownership Dynamics and Firm Value," Working Paper Series 2007-12, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Fahlenbrach, Rüdiger & Stulz, René M., 2008. "Managerial ownership dynamics and firm value," CEI Working Paper Series 2008-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Charles M. Kahn & Dilip Mookherjee, 1998.
"Competition and Incentives with Nonexclusive Contracts,"
RAND Journal of Economics, The RAND Corporation, vol. 29(3), pages 443-465, Autumn.
- Charles M. Kahn & Dilip Mookherjee, 1996. "Competition and Incentives with Non-Exclusive Contracts," Papers 0075, Boston University - Industry Studies Programme.
- Kahn, C.M. & Mookherjee, D., 1996. "Competition and Incentives with Non-Exclusive Contracts," Papers 75, Boston University - Industry Studies Programme.
- Brunnermeier, Markus K., 2001. "Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding," OUP Catalogue, Oxford University Press, number 9780198296980.
- 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.
- repec:bla:jfinan:v:53:y:1998:i:6:p:2205-2223 is not listed on IDEAS
- Admati, Anat R & Pfleiderer, Paul & Zechner, Josef, 1994.
"Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium,"
Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1097-1130, December.
- A. Admati & P. Pßeiderer & J. Zechner, 2005. "Large shareholder activism, risk sharing, and financial market equilibrium," Public Economics 0502011, University Library of Munich, Germany.
- Albert S. Kyle, 1989. "Informed Speculation with Imperfect Competition," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 56(3), pages 317-355.
- Kumar Venkataraman, 2001. "Automated Versus Floor Trading: An Analysis of Execution Costs on the Paris and New York Exchanges," Journal of Finance, American Finance Association, vol. 56(4), pages 1445-1485, August.
- Tirole, Jean, 1982. "On the Possibility of Speculation under Rational Expectations," Econometrica, Econometric Society, vol. 50(5), pages 1163-1181, September.
- Peter M. DeMarzo & Branko Uro, 2006. "Ownership Dynamics and Asset Pricing with a Large Shareholder," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 774-815, August.
- Bruce N. Lehmann and David M. Modest., 1994. "Trading and Liquidity on the Tokyo Stock Exchange: A Bird's Eye View," Research Program in Finance Working Papers RPF-234, University of California at Berkeley.
- Grossman, Sanford J & Hart, Oliver D, 1983.
"An Analysis of the Principal-Agent Problem,"
Econometrica, Econometric Society, vol. 51(1), pages 7-45, January.
- Sanford Grossman & Oliver Hart, "undated". "An Analysis of the Principal-Agent Problem," Rodney L. White Center for Financial Research Working Papers 15-80, Wharton School Rodney L. White Center for Financial Research.
- Sanford J Grossman & Oliver D Hart, 2001. "An Analysis of the Principal-Agent Problem," Levine's Working Paper Archive 391749000000000339, David K. Levine.
- Ehud Kalai, 2004.
"Large Robust Games,"
Econometrica, Econometric Society, vol. 72(6), pages 1631-1665, November.
- Ehud Kalai, 2002. "Large Robust Games," Discussion Papers 1350, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
- 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.
- repec:bla:jfinan:v:53:y:1998:i:1:p:65-98 is not listed on IDEAS
- Huang, Roger D. & Stoll, Hans R., 2001. "Tick Size, Bid-Ask Spreads, and Market Structure," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 36(4), pages 503-522, December.
- Maureen O'Hara, 2003. "Presidential Address: Liquidity and Price Discovery," Journal of Finance, American Finance Association, vol. 58(4), pages 1335-1354, August.
- Lehmann, Bruce N & Modest, David M, 1994. "Trading and Liquidity on the Tokyo Stock Exchange: A Bird's Eye View," Journal of Finance, American Finance Association, vol. 49(3), pages 951-984, July.
- 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.
- Magill, Michael & Quinzii, Martine, 2002. "Capital market equilibrium with moral hazard," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 149-190, September.
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.- repec:got:cegedp:78 is not listed on IDEAS
- Matthias Blonski & Ulf Lilienfeld-Toal, 2023. "Moral hazard with excess returns," Mathematics and Financial Economics, Springer, volume 17, number 6, February.
- Becht, Marco & Bolton, Patrick & Roell, Ailsa, 2003.
"Corporate governance and control,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 1, pages 1-109,
Elsevier.
- Patrick Bolton & Marco Becht & Alisa Röell, 2002. "Corporate Governance and Control," NBER Working Papers 9371, National Bureau of Economic Research, Inc.
- Marco Becht & Patrick Bolton & Ailsa Roell, 2003. "Corporate governance and control," ULB Institutional Repository 2013/13330, ULB -- Universite Libre de Bruxelles.
- Robert Marquez & Bilge Yılmaz, 2012. "Takeover Bidding and Shareholder Information," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 1(1), pages 1-27.
- 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.
- Alberto Bisin & Piero Gottardi & Adriano A. Rampini, 2008.
"Managerial Hedging and Portfolio Monitoring,"
Journal of the European Economic Association, MIT Press, vol. 6(1), pages 158-209, March.
- Alberto Bisin & Piero Gottardi & Adriano A. Rampini, 2004. "Managerial Hedging and Portfolio Monitoring," CESifo Working Paper Series 1322, CESifo.
- Piero Gottardi & Alberto Bisin & Adriano Rampini, 2007. "Managerial Hedging and Portfolio Monitoring," Working Papers 2007_24, Department of Economics, University of Venice "Ca' Foscari".
- Broere, Mark & Christmann, Robin, 2019. "Takeovers, Shareholder Litigation, and the Free-riding Problem," MPRA Paper 93201, University Library of Munich, Germany.
- Branko Urosevic, 2001. "Moral hazard and dynamics of insider ownership stakes," Economics Working Papers 787, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2004.
- Alexander Radygin & Revold Entov & Marina Turuntseva & Alena Gontmakher & Harry Swain & Jeff Carruthers & Karen Minden & Cheryl Urban, 2002. "The problems of corporate governance in Russia and its regions," Published Papers 12, Gaidar Institute for Economic Policy, revised 2002.
- 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.
- Christian At & Sylvain Béal & Pierre-Henri Morand, 2013. "Freezeout, Compensation Rules and Voting Equilibria," Working Papers 2013-04, CRESE.
- Christian At & Sylvain Béal & Pierre-Henri Morand, 2015. "Freezeout, Compensation Rules, and Voting Equilibria," Post-Print halshs-01308314, HAL.
- Goergen, Marc & Manjon, Miguel C. & Renneboog, Luc, 2008.
"Recent developments in German corporate governance,"
International Review of Law and Economics, Elsevier, vol. 28(3), pages 175-193, September.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Other publications TiSEM db2cef31-d47e-445d-ba35-d, Tilburg University, School of Economics and Management.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Discussion Paper 2004-014, Tilburg University, Tilburg Law and Economic Center.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Other publications TiSEM f1cb70de-0638-4cfc-baf6-b, Tilburg University, School of Economics and Management.
- Goergen, M. & Manjon, M.C. & Renneboog, L.D.R., 2004. "Recent Developments in German Corporate Governance," Discussion Paper 2004-123, Tilburg University, Center for Economic Research.
- Bilge Yilmaz, "undated". "A Theory of Takeover Bidding," Rodney L. White Center for Financial Research Working Papers 03-00, Wharton School Rodney L. White Center for Financial Research.
- Bilge Yilmaz, "undated". "A Theory of Takeover Bidding," Rodney L. White Center for Financial Research Working Papers 3-00, Wharton School Rodney L. White Center for Financial Research.
- Pascual, Roberto, 1999. "How does liquidity behave? A multidimensional analysis of NYSE stocks," DEE - Working Papers. Business Economics. WB 6433, Universidad Carlos III de Madrid. Departamento de EconomÃa de la Empresa.
- Edward Cartwright & Anna Stepanova, 2017.
"Efficiency in a forced contribution threshold public good game,"
International Journal of Game Theory, Springer;Game Theory Society, vol. 46(4), pages 1163-1191, November.
- Edward Cartwright & Anna Stepanova, 2015. "Efficiency in a forced contribution threshold public good game," Studies in Economics 1506, School of Economics, University of Kent.
- Mike Burkart & Denis Gromb & Fausto Panunzi, 2006.
"Minority Blocks and Takeover Premia,"
Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 162(1), pages 32-49, March.
- Burkart, Mike & Gromb, Denis & Panunzi, Fausto, 2005. "Minority blocks and takeover premia," LSE Research Online Documents on Economics 24663, London School of Economics and Political Science, LSE Library.
- Burkart, Mike & Gromb, Denis & Panunzi, Fausto, 2006. "Minority blocks and takeover premia," LSE Research Online Documents on Economics 69546, London School of Economics and Political Science, LSE Library.
- Gromb, Denis & Panunzi, Fausto & Burkart, Mike, 2005. "Minority Blocks and Takeover Premia," CEPR Discussion Papers 5240, C.E.P.R. Discussion Papers.
- Fausto Panunzi & Denis Gromb & Mike Burkart, 2005. "Minority Blocks And Takeover Premia," FMG Discussion Papers dp544, Financial Markets Group.
- Noe, Thomas H. & Pi, Lynn, 2000. "Learning dynamics, genetic algorithms, and corporate takeovers," Journal of Economic Dynamics and Control, Elsevier, vol. 24(2), pages 189-217, February.
- Hellwig, Martin F., 2005.
"Nonlinear incentive provision in Walrasian markets: a Cournot convergence approach,"
Journal of Economic Theory, Elsevier, vol. 120(1), pages 1-38, January.
- Martin Hellwig, 2004. "Nonlinear Incentive Provision in Walrasian Markets: A Cournot Convergence Approach," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2004_8, Max Planck Institute for Research on Collective Goods.
- Mirman, Leonard J. & Santugini, Marc, 2013.
"Firms, shareholders, and financial markets,"
The Quarterly Review of Economics and Finance, Elsevier, vol. 53(2), pages 152-164.
- Leonard J. Mirman & Marc Santugini, 2008. "Firms, Shareholders, and Financial Markets," Cahiers de recherche 08-05, HEC Montréal, Institut d'économie appliquée, revised Mar 2013.
- Leonard J. Mirman & Marc Santugini, 2011. "Firms, Shareholders, and Financial Markets," Cahiers de recherche 1124, CIRPEE.
- Karle, H. & Klein, T.J. & Stahl, K.O., 2011.
"Ownership and Control in a Competitive Industry,"
Other publications TiSEM
75fbaeb6-c5b2-498b-93b9-e, Tilburg University, School of Economics and Management.
- Karle, Heiko & Klein, Tobias J. & Stahl, Konrad O., 2011. "Ownership and control in a competitive industry," ZEW Discussion Papers 11-071, ZEW - Leibniz Centre for European Economic Research.
- Karle, H. & Klein, T.J. & Stahl, K.O., 2011. "Ownership and Control in a Competitive Industry," Discussion Paper 2011-026, Tilburg University, Center for Economic Research.
- Stahl, Konrad & Klein, Tobias & Karle, Heiko, 2011. "Ownership and Control in a Competitive Industry," CEPR Discussion Papers 8277, C.E.P.R. Discussion Papers.
- Karle, Heiko & Klein, Tobias J. & Stahl, Konrad O., 2011. "Ownership and Control in a Competitive Industry," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 350, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
- Heiko Karle & Tobias J. Klein & Konrad O. Stahl, 2011. "Ownership and Control in a Competitive Industry," CESifo Working Paper Series 3380, CESifo.
- Frédéric Teulon & Bruno Laurent Moschetto, 2013. "Linear Voting Rule Limitation Strategy to Reduce the Power of a Unique New Comer in a Firm’s Capital," Working Papers 2013-1, Department of Research, Ipag Business School.
More about this item
Keywords
excess returns; underpricing; no-arbitrage; asset pricing; corporate finance;All these keywords.
JEL classification:
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
- D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
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:zbw:cegedp:78. 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: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/cdgoede.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.