The Dynamics of Financially Constrained Arbitrage
We develop a model in which financially constrained arbitrageurs exploit price discrepancies across segmented markets. We show that the dynamics of...
The Dynamics of Financially Constrained Arbitrage
We develop a model of financially constrained arbitrage, and use it to study the dynamics of arbitrage capital, liquidity, and asset prices...
The Dynamics of Financially Constrained Arbitrage
We develop a model of financially constrained arbitrage, and use it to study the dynamics of arbitrage capital, liquidity, and asset prices...
Limits of Arbitrage: The State of the Theory
We survey theoretical developments in the literature on the limits of arbitrage. This literature investigates how costs faced by arbitrageurs can...
Minority blocks and takeover premia
This paper analyses takeovers of companies owned by atomistic shareholders and by one minority blockholder, all of whom can only decide to tender or...
Public Trading and Private Incentives
This paper studies the link between public trading and the activity of a firm's large shareholder who can affect firm value. Public trading results in...
Block Premia in Transfers of Corporate Control
This paper studies block trades and tender offers as alternative means for transferring corporate control in firms with a dominant minority...
Why Higher Takeover Premia Protect Minority Shareholders: Tender Offers When Dilution is Endogeneous
The combination of post-takeover moral hazard by the bidder and free-riding by the target shareholders leads the former to acquire in a tender offer...
Large Shareholders, Monitoring and the Value of the Firm
This paper argues that the ownership structure of a firm acts as a commitment device to delegate a certain degree of authority from the shareholders...
Is One Share/One Vote Optimal?
In a tender offer by a value increasing raider, voting shareholders face a free-rider problem. However, when they are not atomistic, they do not...
