Stabsseminar med Michel Habib

Det er stabsseminar på Institutt for foretaksøkonomi fredag 12. april ved Michel Habib fra London Business School.

11.04.2002 - Torunn G. Saunes

Tema: "An Analysis of Shareholder Agreements."

Tid: Fredag 12. april, kl. 12.15-13.30

Sted: Karl Borch's aud.

Abstract:
"Shareholder agreements govern the relations among shareholders in
privately-held companies, such as joint ventures or venture
capital-backed firms. We provide an economic explanation for the use of put and call options, pre-emption rights, catch-up clauses, drag-along rights, demand rights, and tag-along rights in shareholder agreements. We view these clauses as a response to a problem of dynamic, double moral hazard, whereby the value of the venture depends on ex ante investments and ex post transfers. Contract clauses i) preserve the incentives to make ex ante investments and ii) minimize ex posttransfers. We extend our framework to discuss the use of other clauses, such as the option to extend the life of a business alliance."

Paper er tilgjengelig på instituttets hjemmeside:
http://www.nhh.no/for/seminars/2002-spring/120402.pdf.

Kontaktperson: Hans K. Hvide (59283)