Takeover Bidding and Shareholder Information

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Oxford Journals Contact Us My Basket My Account Review of Corporate Finance Studies About This Journal Contact This Journal Subscriptions View Current Issue (Volume 2 Issue 1 March 2013) Archive Search Oxford Journals EconomicsSocial Sciences Review of Corporate Finance Studies Volume 1 Issue 1 Pp. 1-27. Takeover Bidding and Shareholder Information Robert Marquez

University of California at Davis Bilge Yilmaz

University of Pennsylvania Send correspondence to Bilge Yilmaz, Finance Department, University of Pennsylvania, 2300 Steinberg Hall/Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104; telephone: (215) 898-1163. E-mail: yilmaz{at}wharton.upenn.edu. Abstract We study the role of shareholder information during the acquisition of widely held firms. When target shareholders share the same information about the post-takeover value, increasing the precision of information has no effect on the expected acquisition price. However, more precise information aggravates the free-rider problem, allowing shareholders to better discern when it is worthwhile to hold out rather than tender their shares. By contrast, when information is dispersed among shareholders, providing shareholders with superior information induces the raider to offer higher prices, thus increasing shareholder value. However, in this case, neither prices nor tendering decisions aggregate any information. (JEL G34, D82)

© The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com. Next Article » Table of Contents This Article Review of Corporate Finance Studies (2012) 1 (1): 1-27. doi: 10.1093/rcfs/cfs004 First published online: July 25, 2012 » Abstract Full Text (HTML) Full Text (PDF) All Versions of this Article: cfs004v1 1/1/1 most recent Classifications Articles Services Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Citing articles via Google Scholar Google Scholar Articles by Marquez, R. Articles by Yilmaz, B. Search for related content Related Content Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this?

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Argentina Student Creates Video of Study Abroad Experience

Sohee Cha, a University of Pennsylvania student who attended our Argentine Universities Program in Buenos Aires, created a video of her experiences in Argentina. The video is posted on YouTube. Sohee was also one of our IFSA-Butler Ambassadors. Great work, Sohee!

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Trinity College Dublin Ranked in Global Top 50

In a recent survey, the Trinity College Dublin has been ranked 48th among universities around the world in terms of scientific research and accomplishments. The survey, published by the University of Leiden in the Netherlands, based its rankings on the publication of scientific research and the number of citations the research receives.

Click here to see the full list of rankings.

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Financial Development, Fixed Costs, and International Trade

Financial Development, Fixed Costs, and International Trade Skip Navigation

Oxford Journals Contact Us My Basket My Account Review of Corporate Finance Studies About This Journal Contact This Journal Subscriptions View Current Issue (Volume 2 Issue 1 March 2013) Archive Search Oxford Journals EconomicsSocial Sciences Review of Corporate Finance Studies Volume 2 Issue 1 Pp. 1-28. Financial Development, Fixed Costs, and International Trade Bo Becker

Harvard Business School and NBER Jinzhu Chen

Chinese Academy of Social Sciences David Greenberg

BlackRock, Inc. Send correspondence to Bo Becker, Harvard Business School, Boston, MA 02163, USA; telephone: 617-496-5335. E-mail: bbecker{at}hbs.edu. Abstract Exports require significant up-front costs in product design, marketing, and distribution. These are intangible, firm-specific investments that are likely difficult to finance externally. We argue that a developed financial system can therefore facilitate exports. We test this prediction and find support for it. First, financial development is associated with more exports in industries in which fixed costs are high as well as to importers that require high costs. Second, trade dynamics are affected by financial development. In countries with better finance, exports are more sensitive to exchange rates. Finally, we predict and document that countries with more developed finance experience more volatile exports. (JEL F14, F36, G20, G30)

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NEW! IFSA-Butler Goes to Barcelona

IFSA-Butler is delighted to announce a brand new study abroad opportunity in Barcelona, Spain. Our Directed Study and Internship in Barcelona program will combine program courses, a university elective, an internship and a directed study project in one of Europe's greatest cities.

Participants choose an academic focus of either international business or European politics. No previous study of Spanish is required.

This program will be available beginning spring semester 2014. Click here to learn more!

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The Review of Corporate Finance Studies Volume 2 Number 1 March 2013 - Table of Content

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Oxford Journals Contact Us My Basket My Account Review of Corporate Finance Studies About This Journal Contact This Journal Subscriptions View Current Issue (Volume 2 Issue 1 March 2013) Archive Search Oxford Journals EconomicsSocial Sciences Review of Corporate Finance Studies Volume 2 Issue 1 Pp. i3. This item requires a subscription* to Review of Corporate Finance Studies. * Please note that articles prior to 1996 are not normally available via a current subscription. In order to view content before this time, access to the Oxford Journals digital archive is required. If you would like to access this item you must have a personal account. Please sign in below with your personal user name and password or Register to obtain a user name and password for free. Full Text (PDF) Cover / standing material: The Review of Corporate Finance Studies Volume 2 Number 1 March 2013 - Table of Content Review of Corporate Finance Studies (2013) 2 (1): i3 doi:10.1093/rcfs/cfs013 Full Text (PDF) To view this item, select one of the options below: Oxford Journals Subscribers and Registrants Sign In If your subscription is through Oxford University Press, or you have signed up for personalization on this site, sign in below. Sign In User Name Password Remember my user name & password. Forgot your user name or password? Can't get past this page? Help with Cookies. Need to Activate? OpenAthens Users Sign in via OpenAthens : If your organization uses OpenAthens, you can log in using your OpenAthens username and password. Contact your library for more details. List of OpenAthens registered sites, including contact details. Login via Your Institution Login via your institution : You may be able to gain access using your login credentials for your institution. Contact your library if you do not have a username and password. Register or Subscribe Subscribe to the Journal - Subscribe to the print and/or online journal. Register - Register online for access to selected content and to use Pay per View. Registration is free. This Article Review of Corporate Finance Studies (2013) 2 (1): i3. doi: 10.1093/rcfs/cfs013 Show PDF in full window » Full Text (PDF) Classifications Cover / standing material Services Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Related Content Load related web page information Share Email this article

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Advanced » Current Issue March 2013 2 (1) Alert me to new issues The Journal About the journal Rights & permissions Dispatch date of the next issue Published on behalf of Society for Financial Studies Executive Editor Paolo Fulghieri View full editorial board For Authors Services for authors Instructions to authors Self-archiving policy Editors’ Joint Policy Statement Regarding “Coercive Citations” Corporate Services What we offer Advertising sales Reprints Supplements Alerting Services Email table of contents Email Advance Access XML RSS feed Most Most Read A Theory of Arbitrage Capital Bank Bailout Menus Financial Development, Fixed Costs, and International Trade Takeover Bidding and Shareholder Information Bridging the Gap? Government Subsidized Lending and Access to Capital » View all Most Read articles Online ISSN 2046-9136 - Print ISSN 2046-9128 Copyright ©  2013  Society for Financial Studies Oxford Journals Oxford University Press Site Map Privacy Policy Cookie Policy Legal Notices Frequently Asked Questions Other Oxford University Press sites: Oxford University Press Oxford Journals China Oxford Journals Japan Academic & Professional books Children's & Schools Books Dictionaries & Reference Dictionary of National Biography Digital Reference English Language Teaching Higher Education Textbooks International Education Unit Law Medicine Music Online Products & Publishing Oxford Bibliographies Online Oxford Dictionaries Online Oxford English Dictionary Oxford Language Dictionaries Online Oxford Scholarship Online Reference Rights and Permissions Resources for Retailers & Wholesalers Resources for the Healthcare Industry Very Short Introductions World's Classics

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Corporate Fraud, Governance, and Auditing

Corporate Fraud, Governance, and Auditing Skip Navigation

Oxford Journals Contact Us My Basket My Account Review of Corporate Finance Studies About This Journal Contact This Journal Subscriptions View Current Issue (Volume 2 Issue 1 March 2013) Archive Search Oxford Journals EconomicsSocial Sciences Review of Corporate Finance Studies Volume 1 Issue 1 Pp. 109-133. Corporate Fraud, Governance, and Auditing Marco Pagano

Università di Napoli Federico II, CSEF, EIEF, and Imperial College Giovanni Immordino

Università di Salerno and CSEF Send correspondence to Marco Pagano, CSEF, Facoltà di Economia, Università di Napoli Federico II, Via Cintia, 80126 Napoli, Italy; telephone: +39-081-675309; fax: +39-081-7663540. E-mail: mrpagano{at}tin.it. Abstract We analyze corporate fraud in a setting in which managers have superior information but are biased against liquidation because of their private benefits from empire building. This may induce them to misreport information and even bribe auditors when liquidation would be value-increasing. To curb fraud, shareholders optimally design corporate governance by jointly choosing audit quality and managerial compensation. We analyze how country-level rules affect these firm-level choices. Our analysis underscores that different country-level governance provisions have different effects on firm-level governance: Some act as substitutes of internal governance mechanisms, whereas others enhance their effectiveness and therefore complement them. (JEL G28, K22, M42)

© The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com. « Previous | Next Article » Table of Contents This Article Review of Corporate Finance Studies (2012) 1 (1): 109-133. doi: 10.1093/rcfs/cfs001 First published online: June 22, 2012 » Abstract Full Text (HTML) Full Text (PDF) All Versions of this Article: cfs001v1 1/1/109 most recent Classifications Articles Services Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Citing articles via Google Scholar Google Scholar Articles by Pagano, M. Articles by Immordino, G. Search for related content Related Content Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this?

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Advanced » Current Issue March 2013 2 (1) Alert me to new issues The Journal About the journal Rights & permissions Dispatch date of the next issue Published on behalf of Society for Financial Studies Executive Editor Paolo Fulghieri View full editorial board For Authors Services for authors Instructions to authors Self-archiving policy Editors’ Joint Policy Statement Regarding “Coercive Citations” Corporate Services What we offer Advertising sales Reprints Supplements Alerting Services Email table of contents Email Advance Access XML RSS feed Most Most Read A Theory of Arbitrage Capital Bank Bailout Menus Financial Development, Fixed Costs, and International Trade Takeover Bidding and Shareholder Information Bridging the Gap? Government Subsidized Lending and Access to Capital » View all Most Read articles

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Vote for IFSA-Butler!

IFSA-Butler is a finalist for the 2013 GoAbroad Innovation Awards: People's Choice and Innovative Student Video.

Click here to view and vote for the student video by IFSA-Butler student Emily Eckert. Click here to vote for IFSA-Butler in the People's Choice category. You may vote once each day until May 29.

The GoAbroad Awards acknowledges institutions, organizations and individuals who are creating initiatives to move the field of international education forward, and commends leaders in the community for their efforts to go beyond the conventional.

Award recipients will be announced in May during GoAbroad's reception at the annual NAFSA conference.

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Fall 2013 First Generation Scholarship Recipients

IFSA-Butler is pleased to announce the fall 2013 recipients our First Generation scholarship. The First Generation Scholars program awards scholarship money to IFSA-Butler participants who are first generation college students. This year's recipients are:

Ashley Adams, Davidson College
Karina Casanova, Brandeis University
Keith Mattern, Bucknell University
Odalmy Molina, Brown University
Sandy Xiong, Gustavus Adolphus College

Contratulations to our terrific winners, and thanks to all who applied! The deadline for spring 2014 applications and essays is October 1.

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A Theory of Arbitrage Capital

A Theory of Arbitrage Capital Skip Navigation

Oxford Journals Contact Us My Basket My Account Review of Corporate Finance Studies About This Journal Contact This Journal Subscriptions View Current Issue (Volume 2 Issue 1 March 2013) Archive Search Oxford Journals EconomicsSocial Sciences Review of Corporate Finance Studies Volume 2 Issue 1 Pp. 62-97. A Theory of Arbitrage Capital Viral V. Acharya

NYU-Stern, CEPR, and NBER Hyun Song Shin

Princeton University Tanju Yorulmazer

Federal Reserve Bank of New York Send correspondence to Viral Acharya, Department of Finance, Stern School of Business, New York University, 44 West 4th Street, Room 9-84, New York, NY 10012, USA; telephone: (212) 998-0354. E-mail: vacharya{at}stern.nyu.edu. Abstract We present a model of equilibrium allocation of capital for arbitrage. If asset prices may fall low enough, it is profitable to carry liquid capital to acquire assets in such states. Set against this, keeping capital in liquid form entails costs in terms of foregone profitable investments. This trade-off generates occasional fire sales and limited arbitrage capital as robust phenomena. With learning-by-doing effects, arbitrage capital moves in to acquire assets only if fire sales are steep. However, once arbitrage capital finds it profitable to acquire assets, it requires similar returns elsewhere, inducing contagious fire-sale prices even for unrelated assets. (JEL G21, G28, G38, E58, D62)

© The Author 2013. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com. « Previous Table of Contents This Article Review of Corporate Finance Studies (2013) 2 (1): 62-97. doi: 10.1093/rcfs/cfs006 First published online: January 18, 2013 » Abstract Full Text (HTML) Full Text (PDF) All Versions of this Article: cfs006v1 2/1/62 most recent Classifications Articles Services Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Google Scholar Articles by Acharya, V. V. Articles by Yorulmazer, T. Related Content Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this?

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Advanced » Current Issue March 2013 2 (1) Alert me to new issues The Journal About the journal Rights & permissions Dispatch date of the next issue Published on behalf of Society for Financial Studies Executive Editor Paolo Fulghieri View full editorial board For Authors Services for authors Instructions to authors Self-archiving policy Editors’ Joint Policy Statement Regarding “Coercive Citations” Corporate Services What we offer Advertising sales Reprints Supplements Alerting Services Email table of contents Email Advance Access XML RSS feed Most Most Read A Theory of Arbitrage Capital Bank Bailout Menus Financial Development, Fixed Costs, and International Trade Takeover Bidding and Shareholder Information Bridging the Gap? Government Subsidized Lending and Access to Capital » View all Most Read articles

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Bank Bailout Menus

Bank Bailout Menus Skip Navigation

Oxford Journals Contact Us My Basket My Account Review of Corporate Finance Studies About This Journal Contact This Journal Subscriptions View Current Issue (Volume 2 Issue 1 March 2013) Archive Search Oxford Journals EconomicsSocial Sciences Review of Corporate Finance Studies Volume 2 Issue 1 Pp. 29-61. Bank Bailout Menus Sudipto Bhattacharya

London School of Economics, CEPR Kjell G. Nyborg

University of Zurich, Swiss Finance Institute, CEPR Send correspondence to Kjell G. Nyborg, Department of Banking and Finance, University of Zurich, Plattenstrasse 14, 8032 Zurich, Switzerland. E-mail: kjell.nyborg{at}bf.uzh.ch. Abstract We study bailouts of banks that suffer from debt overhang problems and have private information about the quality of their assets-in-place and new investment opportunities. Menus of bailout plans are used as a screening device. Constrained optimality involves overcapitalization and nonlinear pricing, with worse types choosing larger bailouts. When investment opportunities follow the assets, we derive an equivalence result between equity injections and asset buyouts. The larger capital outlay under asset buyouts can be offset by borrowing against the assets. If investment opportunities follow the bank, equity injections offer more upside to the bailout agency. This may reduce or enhance efficiency, depending on whether screening intensity is needed mostly on assets-in-place or new investments. (JEL G28, G01, D82)

© The Author 2013. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com. « Previous | Next Article » Table of Contents This Article Review of Corporate Finance Studies (2013) 2 (1): 29-61. doi: 10.1093/rcfs/cft001 First published online: February 3, 2013 » Abstract Full Text (HTML) Full Text (PDF) All Versions of this Article: cft001v1 2/1/29 most recent Classifications Articles Services Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Google Scholar Articles by Bhattacharya, S. Articles by Nyborg, K. G. Related Content Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this?

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Fall and Academic Year 2013 Fees Now Available

Our fall and academic year 2013 fees are now available. Individual program fees are displayed on the "Dates & Fees" tab on each program page. To compare fees within a country, click on the Program Dates & Fees bar on the left side navigation.

As always, our fall and year 2013 fees include tuition, housing, meals for some programs, transcripts and IFSA-Butler's outstanding student support.

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Bridging the Gap? Government Subsidized Lending and Access to Capital

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Oxford Journals Contact Us My Basket My Account Review of Corporate Finance Studies About This Journal Contact This Journal Subscriptions View Current Issue (Volume 2 Issue 1 March 2013) Archive Search Oxford Journals EconomicsSocial Sciences Review of Corporate Finance Studies Volume 2 Issue 1 Pp. 98-128. Bridging the Gap? Government Subsidized Lending and Access to Capital Kristle Romero Cortés

Federal Reserve Bank of Cleveland Josh Lerner

Harvard University Send correspondence to Kristle Cortés, Federal Reserve Bank of Cleveland, 1455 East 6th St., Cleveland, OH 44114, USA. E-mail: kristle.cortes{at}researchfed.org. The views expressed here are those of the authors and not necessarily those of the Federal Reserve Bank of Cleveland or the Federal Reserve System. All errors and admissions are our own. Abstract The consequences of providing public funds to financial institutions remain controversial. We examine the Community Development Financial Institution (CDFI) Fund’s impact on credit union activity, using hitherto little studied U.S. Treasury data. The CDFI Fund grants increase lending at credit unions by 3%. For every dollar awarded, 45 additional cents are loaned out to borrowers in the first year, and up to an additional $1.60 is loaned out within three years. Delinquent loan rates also increase slightly. Our panel results are supported by a broadband regression discontinuity analysis. Politics does not seem to play a role in allocating funding. (JEL G28)

© The Author 2013. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com. « Previous | Next Article » Table of Contents This Article Review of Corporate Finance Studies (2013) 2 (1): 98-128. doi: 10.1093/rcfs/cft002 First published online: January 30, 2013 » Abstract Full Text (HTML) Full Text (PDF) All Versions of this Article: cft002v1 2/1/98 most recent Classifications Articles Services Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Google Scholar Articles by Cortés, K. R. Articles by Lerner, J. Related Content Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this?

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Advanced » Current Issue March 2013 2 (1) Alert me to new issues The Journal About the journal Rights & permissions Dispatch date of the next issue Published on behalf of Society for Financial Studies Executive Editor Paolo Fulghieri View full editorial board For Authors Services for authors Instructions to authors Self-archiving policy Editors’ Joint Policy Statement Regarding “Coercive Citations” Corporate Services What we offer Advertising sales Reprints Supplements Alerting Services Email table of contents Email Advance Access XML RSS feed Most Most Read A Theory of Arbitrage Capital Bank Bailout Menus Financial Development, Fixed Costs, and International Trade Takeover Bidding and Shareholder Information Bridging the Gap? Government Subsidized Lending and Access to Capital » View all Most Read articles

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