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The Sales of Small firms : a multidimensional analysis

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  • Christian At

    (GATE - Groupe d'analyse et de théorie économique - UL2 - Université Lumière - Lyon 2 - Ecole Normale Supérieure Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique)

  • 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.

Suggested Citation

  • Christian At & Pierre-Henri Morand, 2001. "The Sales of Small firms : a multidimensional analysis," Post-Print halshs-00179998, HAL.
  • Handle: RePEc:hal:journl:halshs-00179998 Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00179998
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    References listed on IDEAS

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    Cited by:

    1. 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.
    2. repec:wsi:jecxxx:v:17:y:2009:i:01:n:s0218495809000254 is not listed on IDEAS

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