作者：Gorbenko, Alexander S.; Malenko, Andrey
作者单位：University of London; London Business School; Massachusetts Institute of Technology (MIT)
摘要：Using data on auctions of companies, we estimate valuations (maximum willingness to pay) of strategic and financial bidders from their bids. We find that a typical target is valued higher by strategic bidders. However, 22.4% of targets in our sample are valued higher by financial bidders. These are mature, poorly performing companies. We also find that (i) valuations of different strategic bidders are more dispersed and (ii) valuations of financial bidders are correlated with aggregate economi...
作者：Krishnamurthy, Arvind; Nagel, Stefan; Orlov, Dmitry
作者单位：Stanford University; National Bureau of Economic Research; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; University of Rochester
摘要：To understand which short-term debt markets experienced runs during the financial crisis, we analyze a novel data set of repurchase agreements (repo), that is, loans between nonbank cash lenders and dealer banks collateralized with securities. Consistent with a run, repo volume backed by private asset-backed securities falls to near zero in the crisis. However, the reduction is only $182 billion, which is small relative to the stock of private asset-backed securities as well as the contraction...
