Fiche du document
2003
- handle: 10670/1.dofw59
- halshs: halshs-01309043
- doi: 10.1007/s00199-002-0342-3
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.1007/s00199-002-0342-3
info:eu-repo/semantics/OpenAccess
Mots-clés
Security voting structure Auctions Small firms D - Microeconomics/D.D4 - Market Structure, Pricing, and Design/D.D4.D44 - Auctions G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G34 - Mergers • Acquisitions • Restructuring • Corporate GovernanceSujets proches
PollsCiter ce document
Christian At et al., « The sales of small firms : a multidimensional analysis », HAL-SHS : économie et finance, ID : 10.1007/s00199-002-0342-3
Métriques
Partage / Export
Résumé
This paper endogeneizes the security voting structure in an auction mechanism used to sell a small firm. The design of security voting structure allows the seller to choose between two objectives which are not mutually consistent. If the seller wants to maximize his revenue, he should retain some shares to benefit from the future dividends generated by the acquirer. At the opposite, if he wants to sell his firm to the most efficient candidate, he should sell all the shares.