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Full-Text Articles in Business
The Influence Of Professional Investors On The Failure Of Management Buyout Attempts, Sarah Peck
The Influence Of Professional Investors On The Failure Of Management Buyout Attempts, Sarah Peck
Finance Faculty Research and Publications
In a sample of 111 MBO offers between 1984 and 1987, almost 30% attract new blockholders. These blockholders are primarily professional investors who act to facilitate a takeover by a higher bidder, thus increasing returns to both themselves and other public shareholders. In contrast, I find little evidence that pre-existing blockholders, particularly institutional holders, affect either the offer outcome or actively participate in the buyout contest once it begins. The overall pattern of results suggests that professional investors, particularly equity-holding companies, are 'control specialists' who provide valuable services as brokers in the market for corporate control.
How Critical Is A Good Location To A Regional Shopping Center?, Mark Eppli, James D. Shilling
How Critical Is A Good Location To A Regional Shopping Center?, Mark Eppli, James D. Shilling
Finance Faculty Research and Publications
The goal of this paper is to empirically measure the consumer utility trade-off between store location (i.e., distance to a shopping center) and retail agglomeration in regional shopping centers. Using the Lakshmanan and Hansen retail expenditure model, our findings reveal that the distance specification is of surprisingly little importance in explaining retail sales. Conversely, agglomeration economies were of significant importance in explaining consumer patronage at regional shopping centers. The implication of these results is that smaller regional shopping centers may be dominated by large super-regional shopping centers with the smaller one or two anchor regional shopping centers unable to compete …