A Theory Of Equity Carve Outs And Negative Stub Values Under Heterogeneous Beliefs

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A Theory of Equity Carve-Outs and Negative Stub Values under Heterogeneous Beliefs

Author : Onur Bayar
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis A Theory of Equity Carve-Outs and Negative Stub Values under Heterogeneous Beliefs by : Onur Bayar

Download or read book A Theory of Equity Carve-Outs and Negative Stub Values under Heterogeneous Beliefs written by Onur Bayar and published by . This book was released on 2015 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a theory of new project financing and equity carve-outs under heterogeneous beliefs among investors in the equity market. We consider a setting where an employee of a firm generates an idea for a new project that can be financed either by issuing equity against the future cash flows of the entire firm, i.e., both assets in place and the new project (quot;integrationquot;), or by undertaking an equity carve-out of the new project (quot;non-integrationquot;). The patent underlying the new project is owned by the firm. However, the employee generating the idea needs to be motivated to exert optimal effort for the project to be successful. The most important ingredient driving the firm's choice between integration and non-integration is heterogeneity in beliefs among outside investors (each of whom has limited wealth to invest in the equity market) and between firm insiders and outsiders. If outsider beliefs are such that the marginal outsider financing the new project is more optimistic about the prospects of the project than firm insiders, and this incremental optimism of the marginal outsider over firm insiders is greater regarding the new project than about the firm's assets in place, then the firm will implement the project under non-integration rather than integration. Two other ingredients driving the choice between integration and non-integration are the cost of motivating the employee to exert optimal effort for project implementation, and the synergy between the new project and the firm's assets in place, which is eliminated under non-integration. We derive a number of testable predictions regarding a firm's equilibrium choice between integration and non-integration. We also provide a rationale for the quot;negative stub valuesquot; documented in the equity carve-outs of certain firms (e.g., the carve-out of Palm from 3Com) and develop predictions for the magnitude of these stub values.

Management of Innovation, Equity Carve-Outs, and Negative Stub Values under Heterogeneous Beliefs

Author : Thomas J. Chemmanur
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Management of Innovation, Equity Carve-Outs, and Negative Stub Values under Heterogeneous Beliefs by : Thomas J. Chemmanur

Download or read book Management of Innovation, Equity Carve-Outs, and Negative Stub Values under Heterogeneous Beliefs written by Thomas J. Chemmanur and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a theory of the management of innovation and equity carve-outs under heterogeneous beliefs among investors in the equity market. We consider a setting where an employee of a firm generates an idea for a new project (ldquo;innovationrdquo;) which can be financed either by issuing equity against the future cash flows of the entire firm, i.e., both assets in place and the new project (ldquo;integrationrdquo;), or by undertaking an equity carve-out of the new project (ldquo;non-integrationrdquo;). The patent underlying the new project is owned by the firm. However, the employee generating the idea needs to be motivated to exert optimal effort for the project to be successful. The most important ingredient driving the firm's choice between integration and non-integration is heterogeneity in beliefs among outside investors (each of whom has limited wealth to invest in the equity market) and between firm insiders and outsiders. If outsider beliefs are such that the marginal outsider financing the innovation is more optimistic about the prospects of the new project than firm insiders, and this incremental optimism of the marginal outsider over firm insiders is greater regarding the new project than about the firm's assets in place, then the firm will implement the project under non-integration rather than integration. Two other ingredients driving the choice between integration and non-integration are the cost of motivating the employee to exert optimal effort for project implementation, and the synergy between the new project and the firm's assets in place, which is eliminated under non-integration. We derive a number of testable predictions regarding a firm's equilibrium choice between integration and non-integration. We also provide a rationale for the ldquo;negative stub valuesrdquo; documented in the equity carve-outs of certain firms (e.g., the carve-out of Palm from 3Com) and develop predictions for the magnitude of these stub values.

The Economics of Entrepreneurship

Author : Simon C. Parker
Publisher : Cambridge University Press
ISBN 13 : 1316762203
Total Pages : 919 pages
Book Rating : 4.3/5 (167 download)

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Book Synopsis The Economics of Entrepreneurship by : Simon C. Parker

Download or read book The Economics of Entrepreneurship written by Simon C. Parker and published by Cambridge University Press. This book was released on 2018-04-03 with total page 919 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of The Economics of Entrepreneurship is an essential resource for scholars following the current state of this fast-moving field, covering a broad range of topics in unparalleled depth. Designed to be used both as a textbook for specialist degree courses on the economics of entrepreneurship, and as a reference text for academic research in the field, the book draws on theoretical insights and recent empirical findings to show how economics can contribute to our understanding of entrepreneurship. New topics, such as crowdfunding, entrepreneurship education and microenterprise field experiments, appear for the first time, while existing treatments of topics like regional entrepreneurship, innovation and public policy are considerably deepened. Parker also discusses new empirical methods, including quasi-experimental methods and field experiments. Every section - indeed every page - of the new edition has been updated, resulting in a rigorous scientific account of entrepreneurship today.

Equity Markets in India

Author : Shveta Singh
Publisher : Springer
ISBN 13 : 981100868X
Total Pages : 208 pages
Book Rating : 4.8/5 (11 download)

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Book Synopsis Equity Markets in India by : Shveta Singh

Download or read book Equity Markets in India written by Shveta Singh and published by Springer. This book was released on 2016-05-06 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book presents a comprehensive view of the Indian equity markets over the past two decades (1994-2014). Equity markets constitute the most important segment of stock exchanges; in fact, the status of equity returns is, by and large, considered as a barometer of the state of a country’s economy. Returns earned by the equity investors on their funds invested in equity markets have become a decisive factor in the growth of such markets. In this context, the book discusses all the major aspects of equity returns and also conducts a dis-aggregative analysis based on underlying factors like age, size, ownership structure, industry affiliation/sector, among others, to explain the factors affecting returns and risk. While on the one hand the study ascertains the market rates of return (earned) on equities from the investors’ perspective (by including both the capital gains and the dividend income), it also shows how to compute the rates of returns on equities from the corporate perspective (that is, rate of return earned on equity funds). It further assesses the required/expected rate of return and examines the volatility in stock returns, with a focus on its behaviour during the period of the study. It deepens investors’ understanding of equity investment, helping them to make more-informed investments. While of interest to the investor community, this book also contributes significantly to the existing literature on market returns and is a valuable reference resource for academics, researchers and market participants, financial institutions and other intermediaries, regulators and policy makers.

Dissertation Abstracts International

Author :
Publisher :
ISBN 13 :
Total Pages : 582 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Dissertation Abstracts International by :

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009-05 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Make Python Talk

Author : Mark Liu
Publisher : No Starch Press
ISBN 13 : 1718501579
Total Pages : 438 pages
Book Rating : 4.7/5 (185 download)

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Book Synopsis Make Python Talk by : Mark Liu

Download or read book Make Python Talk written by Mark Liu and published by No Starch Press. This book was released on 2021-08-24 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: A project-based book that teaches beginning Python programmers how to build working, useful, and fun voice-controlled applications. This fun, hands-on book will take your basic Python skills to the next level as you build voice-controlled apps to use in your daily life. Starting with a Python refresher and an introduction to speech-recognition/text-to-speech functionalities, you’ll soon ease into more advanced topics, like making your own modules and building working voice-controlled apps. Each chapter scaffolds multiple projects that allow you to see real results from your code at a manageable pace, while end-of-chapter exercises strengthen your understanding of new concepts. You’ll design interactive games, like Connect Four and Tic-Tac-Toe, and create intelligent computer opponents that talk and take commands; you’ll make a real-time language translator, and create voice-activated financial-market apps that track the stocks or cryptocurrencies you are interested in. Finally, you’ll load all of these features into the ultimate virtual personal assistant – a conversational VPA that tells jokes, reads the news, and gives you hands-free control of your email, browser, music player, desktop files, and more. Along the way, you’ll learn how to: ● Build Python modules, implement animations, and integrate live data into an app ● Use web-scraping skills for voice-controlling podcasts, videos, and web searches ● Fine-tune the speech recognition to accept a variety of input ● Associate regular tasks like opening files and accessing the web with speech commands ● Integrate functionality from other programs into a single VPA with computational knowledge engines to answer almost any question Packed with cross-platform code examples to download, practice activities and exercises, and explainer images, you’ll quickly become proficient in Python coding in general and speech recognition/text to speech in particular.

Corporate Restructuring

Author : Bjørn Espen Eckbo
Publisher : Now Pub
ISBN 13 : 9781601986900
Total Pages : 144 pages
Book Rating : 4.9/5 (869 download)

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Book Synopsis Corporate Restructuring by : Bjørn Espen Eckbo

Download or read book Corporate Restructuring written by Bjørn Espen Eckbo and published by Now Pub. This book was released on 2013-07 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring gains. Many breakup transactions appear to be a response to excessive conglomeration and attempt to reverse a potentially costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for shareholders. The value-drivers include elimination of costly cross-subsidizations characterizing internal capital markets, reduction in financing costs for subsidiaries through asset securitization and increased divisional transparency, improved (and more focused) investment programs, reduction in agency costs of free cash flow, implementation of executive compensation schemes with greater pay-performance sensitivity, and increased monitoring by lenders and LBO sponsors. Buyouts after the 1990s on average create value similar to LBOs of the 1980s. Recent developments include consortiums of private equity funds (club deals), exits through secondary buyouts (sale to another LBO fund), and evidence of persistence in fund returns. LBO deal financing has evolved toward lower leverage ratios. In Europe, recent deals are financed with less leveraged loans and mezzanine debt and more high-yield debt than before. Future research challenges include integrating analyses across transaction types and financing mixes, and producing unbiased estimates of the expected return from buyout investments in the presence of limited data on portfolio companies that do not return to public status.

Spin-off to Pay-off

Author : Joseph W. Cornell
Publisher : McGraw-Hill Companies
ISBN 13 : 9780786312047
Total Pages : 0 pages
Book Rating : 4.3/5 (12 download)

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Book Synopsis Spin-off to Pay-off by : Joseph W. Cornell

Download or read book Spin-off to Pay-off written by Joseph W. Cornell and published by McGraw-Hill Companies. This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than theory and research, however, Spin-off to Pay-off brings you proven evidence of how some spin-offs have worked for shareholders in the past ... while others have left shareholders high and dry. Actual case histories, presented along with Cornell's expert analysis, will fine-tune your sixth sense and clue you in on what signs to watch out for.

Handbook of the Economics of Finance

Author : G. Constantinides
Publisher : Elsevier
ISBN 13 : 9780444513632
Total Pages : 698 pages
Book Rating : 4.5/5 (136 download)

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Book Synopsis Handbook of the Economics of Finance by : G. Constantinides

Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.

Value Creation in European Equity Carve-Outs

Author : Nikolas Pojezny
Publisher : Springer Science & Business Media
ISBN 13 : 3835093630
Total Pages : 334 pages
Book Rating : 4.8/5 (35 download)

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Book Synopsis Value Creation in European Equity Carve-Outs by : Nikolas Pojezny

Download or read book Value Creation in European Equity Carve-Outs written by Nikolas Pojezny and published by Springer Science & Business Media. This book was released on 2007-10-24 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Employing the most comprehensive sample of European carve-outs to date, Nikolas Pojezny analyzes the performance of carve-outs along various dimensions: Both the reaction of parent firms to the announcement of a carve-out as well as share price and operating performance in a multi-year window around the event are examined in detail.

Handbook of Corporate Finance

Author : Bjørn Espen Eckbo
Publisher : Elsevier
ISBN 13 : 0080488919
Total Pages : 559 pages
Book Rating : 4.0/5 (84 download)

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Book Synopsis Handbook of Corporate Finance by : Bjørn Espen Eckbo

Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms' financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything "corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work.*The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance*Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance*The series is international in scope with contributions from field leaders the world over

Toward an Anthropological Theory of Value

Author : D. Graeber
Publisher : Springer
ISBN 13 : 0312299060
Total Pages : 344 pages
Book Rating : 4.3/5 (122 download)

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Book Synopsis Toward an Anthropological Theory of Value by : D. Graeber

Download or read book Toward an Anthropological Theory of Value written by D. Graeber and published by Springer. This book was released on 2001-12-13 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now a widely cited classic, this innovative book is the first comprehensive synthesis of economic, political, and cultural theories of value. David Graeber reexamines a century of anthropological thought about value and exchange, in large measure to find a way out of ongoing quandaries in current social theory, which have become critical at the present moment of ideological collapse in the face of Neoliberalism. Rooted in an engaged, dynamic realism, Graeber argues that projects of cultural comparison are in a sense necessarily revolutionary projects: He attempts to synthesize the best insights of Karl Marx and Marcel Mauss, arguing that these figures represent two extreme, but ultimately complementary, possibilities in the shape such a project might take. Graeber breathes new life into the classic anthropological texts on exchange, value, and economy. He rethinks the cases of Iroquois wampum, Pacific kula exchanges, and the Kwakiutl potlatch within the flow of world historical processes, and recasts value as a model of human meaning-making, which far exceeds rationalist/reductive economist paradigms.

Asset Pricing

Author : John H. Cochrane
Publisher : Princeton University Press
ISBN 13 : 1400829135
Total Pages : 560 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Asset Pricing by : John H. Cochrane

Download or read book Asset Pricing written by John H. Cochrane and published by Princeton University Press. This book was released on 2009-04-11 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the prestigious Paul A. Samuelson Award for scholarly writing on lifelong financial security, John Cochrane's Asset Pricing now appears in a revised edition that unifies and brings the science of asset pricing up to date for advanced students and professionals. Cochrane traces the pricing of all assets back to a single idea--price equals expected discounted payoff--that captures the macro-economic risks underlying each security's value. By using a single, stochastic discount factor rather than a separate set of tricks for each asset class, Cochrane builds a unified account of modern asset pricing. He presents applications to stocks, bonds, and options. Each model--consumption based, CAPM, multifactor, term structure, and option pricing--is derived as a different specification of the discounted factor. The discount factor framework also leads to a state-space geometry for mean-variance frontiers and asset pricing models. It puts payoffs in different states of nature on the axes rather than mean and variance of return, leading to a new and conveniently linear geometrical representation of asset pricing ideas. Cochrane approaches empirical work with the Generalized Method of Moments, which studies sample average prices and discounted payoffs to determine whether price does equal expected discounted payoff. He translates between the discount factor, GMM, and state-space language and the beta, mean-variance, and regression language common in empirical work and earlier theory. The book also includes a review of recent empirical work on return predictability, value and other puzzles in the cross section, and equity premium puzzles and their resolution. Written to be a summary for academics and professionals as well as a textbook, this book condenses and advances recent scholarship in financial economics.

An Inquiry Into Modes of Existence

Author : Bruno Latour
Publisher : Harvard University Press
ISBN 13 : 0674728556
Total Pages : 519 pages
Book Rating : 4.6/5 (747 download)

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Book Synopsis An Inquiry Into Modes of Existence by : Bruno Latour

Download or read book An Inquiry Into Modes of Existence written by Bruno Latour and published by Harvard University Press. This book was released on 2013-08-19 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a new approach to philosophical anthropology, Bruno Latour offers answers to questions raised in We Have Never Been Modern: If not modern, what have we been, and what values should we inherit? An Inquiry into Modes of Existence offers a new basis for diplomatic encounters with other societies at a time of ecological crisis.

Private Equity and Venture Capital in Europe

Author : Stefano Caselli
Publisher : Academic Press
ISBN 13 : 0128122552
Total Pages : 352 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis Private Equity and Venture Capital in Europe by : Stefano Caselli

Download or read book Private Equity and Venture Capital in Europe written by Stefano Caselli and published by Academic Press. This book was released on 2018-01-26 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global financial markets might seem as if they increasingly resemble each other, but a lot of peculiar aspects qualify different markets with different levels of development. Private equity investors can take advantage of these variations. Structured to provide a taxonomy of the business, Private Equity and Venture Capital in Europe, Second Edition, introduces private equity and venture capital markets while presenting new information about the core of private equity: secondary markets, private debt, PPP within private equity, crowdfunding, venture philanthropy, impact investing, and more. Every chapter has been updated, and new data, cases, examples, sections, and chapters illuminate elements unique to the European model. With the help of new pedagogical materials, this Second Edition provides marketable insights about valuation and deal-making not available elsewhere. - Covers new regulations and legal frameworks (in Europe and the US) described by data and tax rates - Features overhauled and expanded pedagogical supplements to increase the versatility of the Second Edition - Focuses on Europe - Includes balanced presentations throughout the book

Authoritarianism and the Elite Origins of Democracy

Author : Michael Albertus
Publisher : Cambridge University Press
ISBN 13 : 110819642X
Total Pages : 326 pages
Book Rating : 4.1/5 (81 download)

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Book Synopsis Authoritarianism and the Elite Origins of Democracy by : Michael Albertus

Download or read book Authoritarianism and the Elite Origins of Democracy written by Michael Albertus and published by Cambridge University Press. This book was released on 2018-01-25 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book argues that - in terms of institutional design, the allocation of power and privilege, and the lived experiences of citizens - democracy often does not restart the political game after displacing authoritarianism. Democratic institutions are frequently designed by the outgoing authoritarian regime to shield incumbent elites from the rule of law and give them an unfair advantage over politics and the economy after democratization. Authoritarianism and the Elite Origins of Democracy systematically documents and analyzes the constitutional tools that outgoing authoritarian elites use to accomplish these ends, such as electoral system design, legislative appointments, federalism, legal immunities, constitutional tribunal design, and supermajority thresholds for change. The study provides wide-ranging evidence for these claims using data that spans the globe and dates from 1800 to the present. Albertus and Menaldo also conduct detailed case studies of Chile and Sweden. In doing so, they explain why some democracies successfully overhaul their elite-biased constitutions for more egalitarian social contracts.

Envisioning Real Utopias

Author : Erik Olin Wright
Publisher : Verso Books
ISBN 13 : 1789601452
Total Pages : 536 pages
Book Rating : 4.7/5 (896 download)

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Book Synopsis Envisioning Real Utopias by : Erik Olin Wright

Download or read book Envisioning Real Utopias written by Erik Olin Wright and published by Verso Books. This book was released on 2020-05-05 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rising inequality of income and power, along with recent convulsions in the finance sector, have made the search for alternatives to unbridled capitalism more urgent than ever. Yet few are attempting this task-most analysts argue that any attempt to rethink our social and economic relations is utopian. Erik Olin Wright's major new work is a comprehensive assault on the quietism of contemporary social theory. A systematic reconstruction of the core values and feasible goals for Left theorists and political actors, Envisioning Real Utopias lays the foundations for a set of concrete, emancipatory alternatives to the capitalist system. Characteristically rigorous and engaging, this will become a landmark of social thought for the twenty-first century.