By Kai Rudolph
This paintings used to be approved as a dissertation by means of the college of Muenster, Germany, in 2004. It used to be written whereas i used to be a instructing and learn assistant on the division of Banking. I personal many accounts - own and highbrow - to Professor Dr. Andreas Pfingsten, my doctoral adviser, for his total help whereas i used to be writing my dissertation. This thesis benefited a lot from his confident feedback. i'm additionally thankful that Professor Dr. Klaus Roder, division of Finance, college of Regensburg, Germany, acted as my moment consultant. in addition, i would like to thank Dr. Alistair Milne, Sir John Cass company university, urban college, nice Britain, seeing that he assisted me in the course of a vital part of my dissertation undertaking whereas i used to be staying as a traveling student on the Marie Curie education web site in company Finance, Capital Markets and Banking at Cass. This 5 month stopover at in London used to be financially supported via the eu fee (Fellowship Ref. No. HPMT-GH-01-00330-04). i'm additionally indebted to my past colleagues, usually Dr. Hendrik Hakenes and Dr. Markus Ricke, for his or her encouragement and useful discussions all through my complete dissertation venture. The dissertation additionally benefited from reviews on a primary operating paper concerning the dissertation's subject by way of contributors of study seminars on the Universities of Constance, Tuebingen and Osnabrueck, Germany, and on the 2003 Annual assembly of the ecu financial organization, Stockholm, Sweden.
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Additionally, they consider social optimality, i. e. they take the private benefits accruing to the incumbent and to the rival management into account. The authors find that one share / one vote is socially optimal since it ensures that the management which generates the greatest total surplus (payout to shareholders and private benefits to managers) controls the firm. However, from the original owner's perspective (private optimization) it is preferable to issue two classes of extreme securities, i.
However, this problem can be mitigated by debt financing since debt financing shields wealth from the suppliers (cf. Dasgupta and Sengupta (1993)). Furthermore, an advantage of debt financing is that debt financing strengthens the bargaining position of the shareholders, respectively their managers, in dealing with input suppliers and employees since bondholders bear the main costs of any bargaining failure but do not fully participate from its gains (cf. e. g. Sarig (1998)). Bondholders partly insure equityholders against bargaining failures.
This prediction is consistent with cross sectional evidence the authors present for US electric utilities. , e. g.. Spier and Sykes (1998)). A high level of debt makes shareholders tougher bargainers in pretrail negotiations by narrowing the settlement range. The usefulness of debt as a bargaining device depends on the bankruptcy priority rules. If the civil plaintiff does not receive top 24 2 A Review of Related Research priority in bankruptcy debt financing directly dilutes the value of the civil claims.