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Sunday, May 3, 2020 | History

2 edition of Hostile takeovers and expropriation of extramarginal wages found in the catalog.

Hostile takeovers and expropriation of extramarginal wages

David Neumark

Hostile takeovers and expropriation of extramarginal wages

a test

by David Neumark

  • 32 Want to read
  • 12 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Consolidation and merger of corporations -- Econometric models.,
  • Wages -- United States.

  • Edition Notes

    StatementDavid Neumark, Steven A. Sharpe.
    SeriesNBER working papers series -- working paper no. 4101, Working paper series (National Bureau of Economic Research) -- working paper no. 4101.
    ContributionsSharpe, Steven Alan., National Bureau of Economic Research.
    The Physical Object
    Pagination33, [20] p. ;
    Number of Pages33
    ID Numbers
    Open LibraryOL22439595M

    w Hostile Takeovers and Expropriation of Extramarginal Wages: A Test National Bureau of Economic Research, Massachusetts Ave., Cambridge, MA ; ; email: [email protected] Contact Us. Takeover is an indicator that takes a value of one if the firm was the target of a hostile takeover during the year and zero otherwise where takeovers are identified from the SDC database. Q is the ratio of the market-to-book value of assets where the market value of assets is defined as the book value of total assets plus the market value of Cited by:

    Characteristics of Targets of Hostile and Friendly Takeovers , initial rejection by the target's board is taken as evidence Ltion of the bidder's hostility, as is active management resistance to the bid:istic escape to a "white knight," or a management buyout in response to unsolicited pressure. We sort acquisitions on the basis of the initial. 35 Breach of Trust in Hostile Takeovers rents immediately find work elsewhere at the same wage. Pickens also stops older purchasing from numerous suppliers, who find that they can sell their ions output without any price reduction to other customers. The stock of kers Plateau Petroleum rises by 25 percent. In scenario 13 Frank Lorenzo takes over Direction Airlines and im-.

    Because of poor management, the stock prices of DigiKing Inc. falls and many investors sell their shares. Soon DigiKing becomes the target of a hostile takeover, during which Charles buys enough shares to exert control over the firm. In this scenario, Charles performs the role of a(n) A. inside director. B. outside director. C. corporate raider. D. The role of hostile takeovers is controversial. On the one hand, hostile takeovers are considered to be a device to keep managerial autonomy under check and to impose discipline by enabling the acquirer to reallocate the target's resources more profitably (Burkart, ; Grossman & Hart, ). On the other hand, there is little evidence that Cited by:


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Hostile takeovers and expropriation of extramarginal wages by David Neumark Download PDF EPUB FB2

Hostile Takeovers and Expropriation of Extramarginal Wages: A Test David Neumark, Steven A. Sharpe. NBER Working Paper No. Issued in June NBER Program(s):Labor Studies We construct a prediction model for testing the hypothesis that firms with employees earning extramarginal wages--perhaps owing to long-term implicit contracts-were more likely to experience hostile tender Cited by: 6.

Variables related to proxies for the magnitude of extramarginal wages payments, plus other firm characteristics such as the extent of diversification across industries, are found to raise the likelihood of being a hostile takeover target, relative to other corporate control by: 6.

Hostile Takeovers and Expropriation of Extramarginal Wages: A Test by the expropriation of extramarginal wages. Then, using data on wage and employment structures both before and after. Get this from a library. Hostile takeovers and expropriation of extramarginal wages: a test.

[David Neumark; Steven Alan Sharpe; National Bureau of Economic Research.]. Get this from a library. Hostile takeovers and expropriation of extramarginal wages: a test.

[David Neumark; Steven A Sharpe; National Bureau of Economic Research.] -- We construct a prediction model for testing the hypothesis that firms with employees earning extramarginal wages--perhaps owing to long-term implicit contracts-were more likely to experience hostile.

Variables related to proxies for the magnitude of extramarginal wages payments, plus other firm characteristics such as the extent of diversification across industries, are found to raise the likelihood of being a hostile takeover target, relative to other corporate control events.

Get this from a library. Hostile takeovers and expropriation of extramarginal wages: a test. [David Neumark; Steven Alan Sharpe; National Bureau of Economic Research.] -- We construct a prediction model for testing the hypothesis that firms with employees earning extramarginal wages--perhaps owing to long-term implicit contracts-were more likely to experience hostile.

hostile takeovers facilitate the expropriation of these extramarginal wage payments. We may fail to find evidence linking the proxies for extra-marginal wages to the occurrence of hostile takeovers because hostile takeovers do not, in fact, facilitate their expropriation, even though our proxies capture extramarginal wages.

Alter-natively, we may fail to find such evidence be. Downloadable (with restrictions). We study the relationship between proxies for extramarginal wage payments and subsequent hostile takeover activity, and find little evidence that the takeovers are motivated by the expropriation of extramarginal wages.

Then, using data on wage and employment structures both before and after takeovers, we investigate whether proxies for extramarginal wage. Hostile takeovers may reduce the prevalence of long-term employment contracts if they facilitate the opportunistic expropriation of extramarginal wage payments.

Our tests of two versions of the expropriation hypothesis improve on existing research by using firm- and establishment-level data from an employer salary survey, and by performing both ex ante and ex post by: Hostile takeovers may have significant implications for long-term employment contracts if they facilitate the opportunistic expropriation of extramarginal wage payments.

We test the expropriation hypothesis by studying the relationship between proxies for extramarginal wage payments and subsequent hostile takeover activity. Downloadable. Author(s): Jagadeesh Gokhale & Erica L.

Groshen & David Neumark. Abstract: Hostile takeovers may have significant implications for long-term employment contracts if they facilitate the opportunistic expropriation of extramarginal wage payments.

We test the expropriation hypothesis by studying the relationship between proxies for extramarginal wage payments and subsequent. Hostile takeovers may reduce the prevalence of long-term employment contracts if they facilitate the opportunistic expropriation of extramarginal wage payments.

Our tests of two versions of the expropriation hypothesis improve on existing research by using firm- and establishment-level data from an employer salary survey, and by performing both ex ante and ex post tests. Hostile takeovers may have significant implications for long-term employment contracts if they facilitate the opportunistic expropriation of extramarginal wage payments.

Hostile takeovers are most likely to occur when a firm's stock is selling below its intrinsic value because of its poor management. Stockholders in general would be better off if managers concealed good events and therefore caused the price of the firm's stock to sell at a price below its intrinsic value.

Hostile takeovers are most likely. Hostile Takeovers and Expropriation of Extramarginal Wages: A Test. By David Neumark and Steven A.

Sharpe. Download PDF ( KB) Abstract. We construct a prediction model for testing the hypothesis that firms with employees earning extramarginal wages--perhaps owing to long-term implicit contracts-were more likely to experience hostile tender Author: David Neumark and Steven A. Sharpe. We study the relationship between proxies for extramarginal wage payments and subsequent hostile takeover activity, and find little evidence that the takeovers are motivated by the expropriation.

Hostile Takeovers and Expropriation of Extramarginal Wages: A Test NBER Working Papers, National Bureau of Economic Research, Inc View citations (1) Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) () View citations (2) Debt and employment volatility over the business cycle.

Hostile takeovers and expropriation of extramarginal wages: a test David Neumark and Steven Sharpe Dividend-price ratios and expected inflation: is there more to the story than the proxy effect. Paul Kupiec Labor hoarding when unemployment is a worker discipline device Athanasios Orphanides The timing of stabilizations.

-- Abstract: Hostile takeovers may reduce the prevalence of long-term employment contracts if they facilitate the opportunistic expropriation of extramarginal wage payments.

Our tests of. Hostile takeovers may have significant implications for long-term employment contracts if they facilitate the opportunistic expropriation of extramarginal wage payments. We test the expropriation hypothesis by studying the relationship between proxies for extramarginal wage payments and subsequent hostile takeover activity.

This paper improves on existing research by using firm- and Cited by: Do hostile takeovers reduce extramarginal wage payments? 0: 0: 0: 1: 3: 8: Do labor market networks have an important spatial dimension? 0: 0: 0: 1: 2: Does Eliminating the Earnings Test Increase the Incidence of Low Income Among Older Women?

0: 0: 1: 0: 1: 6: Does Eliminating the Earnings Test Increase the.We study the relationship between proxies for extramarginal wage payments and subsequent hostile takeover activity, and find little evidence that the takeovers are motivated by the expropriation Author: Kate Litvak.