• Are stock-financed takeovers opportunistic? 

      Eckbo, B. Espen; Makaew, Tanakorn; Thorburn, Karin S. (Working paper;2013:4, Working paper, 2013)
      We find that the probability of all-stock financed takeovers increases with measures of bidder overvaluation. However, when we instrument the bidder's pricing error using aggregate mutual fund flows, the reverse happens: ...
    • Bidding in mandatory bankruptcy auctions : theory and evidence 

      Eckbo, B. Espen; Thorburn, Karin S. (Discussion paper, Working paper, 2004-07)
      We analyze bidding incentives and present evidence on takeover premiums in mandatory Swedish bankruptcy auctions, where three-quarters of the firms are sold as going concerns. The bankrupt firms’ main creditors (banks) ...
    • The choice of seasoned-equity selling mechanism : theory and evidence 

      Eckbo, B. Espen; Norli, Øyvind (Discussion paper, Working paper, 2004-11)
      Extending the Myers and Majluf (1984) framework, we present a model for the choice of seasoned-equity selling mechanism. A sequential pooling equilibrium exists which implies a positive market reaction to certain flotation ...
    • Control benefits and CEO discipline in automatic bankruptcy auctions 

      Eckbo, B. Espen; Thorburn, Karin S. (Discussion paper, Working paper, 2002-11)
      In Sweden, a bankruptcy filing automatically terminates CEO employment and places the firm in an open auction. This has prompted warnings of strong shareholder risk-shifting incentives to delay filing ("go for broke"). ...
    • Corporate restructuring 

      Thorburn, Karin S.; Eckbo, B. Espen (Working paper;2013:3, Working paper, 2013)
      We survey the empirical literature on corporate nancial restructuring, including breakup transactions (divestitures, spin-o s, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). ...
    • Leverage, liquidity and long-run IPO returns 

      Eckbo, B. Espen; Norli, Øyvind (Discussion paper, Working paper, 2000-02)
      It is well known that IPO stocks on average substantially underperform (over 3-5 years) non-IPO stocks matched on firm size. With a large sample of Nasdaq IPOs, this paper presents systematic evidence that IPO stocks are ...
    • Liquidity risk, leverage and long-run IPO returns 

      Eckbo, B. Espen; Norli, Øyvind (Discussion paper, Working paper, 2002-07)
      We examine the risk-return characteristics of a rolling portfolio investment strategy where more than 6,300 Nasdaq IPO stocks are bought and held for up to five years over the 1973-2000 period. The puzzling low average ...
    • Merger negotiations with stock market feedback 

      Betton, Sandra; Eckbo, B. Espen; Thompson, Rex; Thorburn, Karin S. (Discussion paper, Working paper, 2011-05)
    • Overbidding vs fire-sales in bankruptcy auctions 

      Eckbo, B. Espen; Thorburn, Karin S. (Discussion paper, Working paper, 2002-06)
      We analyze bidding incentives of the main creditor (bank) in Swedish bankruptcy auctions. Absent a direct mechanism for enforcing its seller reservation price, the bank offers financing to a potential bidder in return for ...
    • Pervasive liquidity risk 

      Eckbo, B. Espen; Norli, Øyvind (Discussion paper, Working paper, 2002-11)
      While there is no equilibrium framework for defining liquidity risk per se, several plausible arguments suggest that liquidity risk is pervasive and thus may be priced. For example, market frictions increase the cost of ...
    • Toeholds and fire-sales in bankruptcy auctions 

      Eckbo, B. Espen; Thorburn, Karin S. (Discussion paper, Working paper, 2000-11)
      We study the role of distressed bank debt in affecting the outcome of Swedish bankruptcy auctions. The auction determines the going-concern premium, i.e., the premium over the piecemeal liquidation value to be paid for the ...