作者：Gavazza, Alessandro
作者单位：New York University
摘要：Financial contracting theories agree that more-liquid assets decrease the expected cost of external financing, thus making leasing more attractive and reducing lessors' equilibrium return. However, the literature has ambiguous predictions about the effect of liquidity on the maturity of leases. These predictions are further complicated by the existence of two types of lease contracts-operating and capital-that differ in whether asset ownership transfers to the lessee at the end of the contract...
作者：Albuquerque, Rui; Schroth, Enrique
作者单位：Boston University; University of Amsterdam
摘要：We study the determinants of private benefits of control in negotiated block transactions. We estimate the block pricing model in Burkart, Gromb and Panunzi (2000) explicitly accounting for both block premiums and block discounts in the data. The evidence suggests that the occurrence of a block premium or discount depends on the controlling block holder's ability to fight a potential tender offer for the target's stock. We find evidence of large private benefits of control and of associated de...
