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The certification hypothesis of fairness opinions for acquiring firms

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Author Info

  • La Mura, Pierfrancesco
  • Rapp, Marc Steffen
  • Schwetzler, Bernhard
  • Wilms, Andreas
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    Abstract

    We study the certification role of fairness opinions in corporate transactions in a simple non-cooperative setting with asymmetric information and possibly misaligned managerial incentives, and discuss the effect of different regulatory scenarios. Specifically, we compare three settings: one in which no third-party fairness opinion is available, one in which the management is required to obtain a fairness opinion before any transaction, and one in which the management’s decision to require a fairness opinion is voluntary. We compare shareholder value in each of the three scenarios and discuss implications for the optimal design of regulatory environments for fairness opinions.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0144818811000457
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    Bibliographic Info

    Article provided by Elsevier in its journal International Review of Law and Economics.

    Volume (Year): 31 (2011)
    Issue (Month): 4 ()
    Pages: 240-248

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    Handle: RePEc:eee:irlaec:v:31:y:2011:i:4:p:240-248

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    Web page: http://www.elsevier.com/locate/irle

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    Keywords: Fairness opinion; Acquisition; Management incentives;

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