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The sale of small firms: a multidimensional analysis

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  • Christian At
  • Pierre-Henri Morand

Abstract

This paper endogeneizes the security voting structure in an auction mechanism used to sell a small firm. The design of security voting structure allows the seller to choose between two objectives which are not mutually consistent. If the seller wants to maximize his revenue, he should retain some shares to benefit from the future dividends generated by the acquirer. At the opposite, if he wants to sell his firm to the most efficient candidate, he should sell all the shares.
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Suggested Citation

  • Christian At & Pierre-Henri Morand, 2003. "The sale of small firms: a multidimensional analysis," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(4), pages 927-933, November.
  • Handle: RePEc:spr:joecth:v:22:y:2003:i:4:p:927-933
    DOI: 10.1007/s00199-002-0342-3
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    1. repec:wsi:jecxxx:v:17:y:2009:i:01:n:s0218495809000254 is not listed on IDEAS
    2. Grundström, Christina & Öberg, Christina & Öhrwall Rönnbäck, Anna, 2012. "Family-owned manufacturing SMEs and innovativeness: A comparison between within-family successions and external takeovers," Journal of Family Business Strategy, Elsevier, vol. 3(3), pages 162-173.

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