Blar i Discussion papers (FOR) på forfatter "Thorburn, Karin S."
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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) ... -
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"). ... -
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 ... -
Public information and IPO underpricing
Bakke, Einar; Leite, Tore; Thorburn, Karin S. (Discussion paper, Working paper, 2010-08)We analyze the effect of public information on rational investors' incentives to reveal private information during the bookbuilding process and their demand for allocations in the IPO. Our model generates several new ... -
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 ...