Publications
JOURNAL ARTICLES
- "Banking System Bailout - Scandanavian Style," Journal of Applied Corporate Finance, 22 (3), 85-93, 2010.
- "Introduction to Corporate Takeovers: Modern Empirical Developments," in B. E. Eckbo (ed.), Corporate Takeovers: Modern Empirical Developments, Vol. 1 and Vol. 2, (Elsevier/Academic Press), xxiii-lvii (35 pages), 2010.
- "Bankruptcy as an Auction Process: Lessons from Sweden," with Karin S. Thorburn, Journal of Applied Corporate Finance, 21 (3), 36-50, 2009.
- “Merger Negotiations and the Toehold Puzzle," with Sandra Betton and Karin S. Thorburn, Journal of Financial Economics, 91, 158-178, 2009.
- "Bidding Strategies and Takeover Premiums: A Review," Journal of Corporate Finance, 15,
149-178, 2009.
- “Creditor Financing and Overbidding in Bankruptcy Auctions," with Karin S. Thorburn, Journal of Corporate Finance, 15, 10-29, 2009.
- "Equity Issues and the Disappearing Rights Offer Phenomenon," Journal of Applied Corporate Finance, 20 (4), 1-14, 2008.
- "Automatic Bankruptcy Auctions and Fire-Sales," with Karin S. Thorburn, Journal of Financial Economics, 89, 404-422, 2008.
- "Liquidity
Risk, Leverage and Long-Run IPO Returns," with Øyvind Norli, Journal
of Corporate Finance, 11, 1-35, 2005.
(lead article)
- "Control
Benefits and CEO Discipline in Automatic Bankruptcy Auctions," with
Karin S. Thorburn, Journal of Financial Economics, 69, 227-258,
2003.
- "Toeholds,
Bid Jumps, and Expected Payoffs in Takeovers," with Sandra Betton, Review of Financial Studies 13, 841-882, 2000. (lead article)
- "Seasoned
Public Offerings: Resolution of the 'New Issues Puzzle,'" with Ronald
W. Masulis and Øyvind Norli, Journal of Financial Economics, 56,
251-291, 2000.
- "Gains
to Bidder Firms Revisited: Domestic and Foreign Acquisitions in Canada,"
with Karin S. Thorburn, Journal of Financial and Quantitative Analysis 35, 1-25, 2000. (lead article)
- "The
Conditional Performance of Insider Trades," with David C. Smith, Journal
of Finance 53, 467-498, 1998.
- "Why
Underwrite Rights Offers? Some New Evidence," with Øyvind Bøhren,
and Dag Michalsen, Journal of Financial Economics 46, 223-261,
1997.
- "Comment
on `Determinants of Intercorporate Shareholdings'," European Finance
Review 1, 289-293, 1997.
- "Managerial
Shareownership, Voting Power, and Corporate Dividends," with Savita
Verma, Journal of Corporate Finance 1, 33-62, 1994.
- Temporary
Components of Stock Prices: New Univariate Results," with Jian Liu, Journal of Financial and Quantitative Analysis 28, 161-176, 1993.
- "Adverse
Selection and the Rights Offer Paradox," with Ronald W. Masulis, Journal
of Financial Economics 32, 293-332, 1992.
- "Common stock offerings," Praktisk Økonomi og Ledelse, no 3, 41-52, 1994.
- "Mergers
and the Value of Antitrust Deterrence," Journal of Finance 47, 1005-1029, 1992.
- "Anatomy of a Takeover Defense: The Southam-Torstar Standstill Agreement," Canadian Investment Review 4 (Fall), 73-78, 1991.
- "Valuation
Effects of Greenmail Prohibitions," Journal of Financial and Quantitative
Analysis 25, 491-505, 1990.
- "Asymmetric
Information and the Medium of Exchange in Takeovers: Theory and Tests,"
with Ronald Giammarino and Robert Heinkel, Review of Financial Studies 3, 651-675, 1990.
- "Consistent
Estimation of Cross-Sectional Models in Event Studies," with Vojislav
Maksimovic and Joseph Williams, Review of Financial Studies 3,
343-365, 1990.
- "Information
Disclosure, Means of Payment, and Takeover Premiums: Public and Private
Tender Offers in France," with Herwig Langohr, Journal of Financial
Economics 24, 363-403, 1989.
- "The
Role of Stock Market Studies in Formulating Antitrust Policy Towards Horizontal
Mergers," Quarterly Journal of Business and Economics 28, 22-38,
1989.
- "Antitrust Policy Towards Mergers: Misguided
Intervention Prevents Efficiency Gains," with Peggy Wier, Simon Management Review,(Summer),
1-5, 1987.
- "Mergers
and the Market for Corporate Control: The Canadian Evidence," Canadian
Journal of Economics 19, 236-260, 1986.
- "Valuation Effects of Corporate Debt Offerings," Journal
of Financial Economics 15, 119-151, 1986.
- "Mergers
and the Market Concentration Doctrine: Evidence from the Capital Market," Journal of Business 58, 325-349, 1985.
- "Antimerger Policy under the Hart-Scott-Rodino Act: A Re-Examination of
the Market Power Hypothesis," with Peggy Wier, Journal of Law and
Economics 28, 119-149, 1985.
- "Horizontal
Mergers, Collusion and Stockholder Wealth," Journal of Financial
Economics 11, 241-273, 1983.
BOOK CHAPTERS
- “Introduction to Corporate Takeovers: Modern Empirical Developments,” in B. E. Eckbo (ed.), Corporate Takeovers: Modern Empirical Developments, Volume 1 & 2, (Elsevier/Academic Press), xxiii-lvii (35 pages), 2010.
- “Corporate Takeovers,” with Sandra Betton and Karin S. Thorburn, to appear in B. E. Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance, Volume 2, (Elsevier/North-Holland Handbook of Finance Series), Ch. 15, 291-430, 2008.
Reprinted in B.E. Eckbo (ed.), Corporate Takeovers: Modern Empirical Developments, Volume 2, (Elsevier), 2010.
- “Corporate Restructurings,” with Karin S. Thorburn, to appear in B. E. Eckbo, Handbook of Corporate Finance: Empirical Corporate Finance Volume 2, (Elsevier/North-Holland Handbook of Finance Series), Ch. 16, 431-496, 2008.
Reprinted in B.E. Eckbo (ed.), Corporate Takeovers: Modern Empirical Developments, Volume 2, (Elsevier), 2010.
- “Preface: Empirical Corporate Finance”, in B. Espen Eckbo, Handbook of Corporate Finance: Empirical Corporate Finance, Volume 1,
(Elsevier/North-Holland Handbook of Finance Series), pp. ix-xviii, 2007.
- “Security Offerings,” with Ronald W. Masulis and Øyvind Norli, in B.
Espen Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance,
Volume 1, (Elsevier/North-Holland Handbook of Finance Series), Ch. 6,
233-373, 2007.
- "Are Mandatory Bankruptcy Auctions More Efficient?," with Karin S. Thorburn,
in B. Green (ed.), Risk Behavior and Risk Management in Business Life (Kluwer Academic Publishers), 288-295, 2000.
- "Pensjonsfond: Porteføljevalg, Avkastning og Risiko" [Pension Funds: Portfolio Selection, Return and Risk], Norsk Offentlig
Utredning (NOU 1998:10, vedlegg 3), 324-360, 1998.
- "Bedriftsoppkjøp og Verdiskapning" [Corporate Takeovers and Value Creation], in K. Boye and C. B. Meyer (eds.), Fusjoner og Oppkjøp, (Cappelen Akademiske Forlag, Oslo), 244-278,
1998.
- “Seasoned Equity Offerings: A Survey,” with Ronald W. Masulis, in R. Jarrow, V. Maksimovic
and B. Ziemba (eds.) Finance (North-Holland, Series of Handbooks in Operations Research and
Management Science), 1017-1072, 1995.
- "Omfang og Lønnosomhet av Bedriftsoppkjøp" [Extent and Profitability of Corporate Takeovers], in Omstrukturering av Føretak, Nordiska Skattevetenskapliga Forskningsrådets Skriftserie,
NSFS 29, Iustus Forlag, 291-336, 1993.
- "Costs of Equity Issuance," with Ronald W. Masulis, in The New Palgrave
Dictionary of Money and Finance, (Macmillan Press, London), 496-499,
1992.
- "Acquisitions," in The New Palgrave Dictionary of Money and Finance,
(Macmillan Press, London), 10-13, 1992.
- "Mergers, Concentration, and Antitrust," in C. Wihlborg, M. Fratiani,
and T.D. Willett (eds.), Financial Regulation and Monetary Arrangements
after 1992, (North-Holland, Contributions to Economic Analysis Series),
ch. 6, 123-143, 1991.
- "Competition
and Wealth Effects of Horizontal Mergers," in F. Mathewson, M. Trebilcock
and M. Walker (eds.), The Law and Economics of Competition Policy , (The Fraser Institute, Vancouver), ch. 9, 297-332, 1990.
- "The Market for Corporate Control: Policy Issues and Capital Market Evidence,"
in R.S. Khemani, D. Shapiro and W.T. Stanbury (eds.), Mergers, Corporate
Concentration and Corporate Power in Canada, (The Canadian Institute
for Research on Public Policy, Montreal), ch. 7, 143-225, 1988.
BOOKS (EDITED)
- Corporate Takeovers: Modern Empirical Developments. Volume 2: Bidding Strategies, Financing, and Corporate Control, (Elsevier/Academic Press). 2010 (1050 pages)
ISBN-13: 978-0-12-382016-7
- Corporate Takeovers: Modern Empirical Developments. Volume 1: Valuation Estimates and Takeover Activity, (Elsevier/Academic Press). 2010 (850 pages)
ISBN-13: 978-0-12-382016-7
- Handbook of Corporate Finance:
Empirical Corporate Finance, Volume 2, (Elsevier/North-Holland Handbook of Finance Series), 2008 (590 pages)
ISBN-13:
978-0-444-53090-5
- Handbook of Corporate Finance: Empirical Corporate Finance, Volume 1,
(Elsevier/North-Holland Handbook of Fiannce Series), 2007 (550 pages)
ISBN-13: 978-0-444-50898-0
OTHER PUBLICATIONS (NORWEGIAN LANGUAGE)
- “Corporate Governance – i et Nøtteskall”, Penger og Kreditt 34 (publication
of the Norwegian Central Bank), 87-99, 2006.
- ”Bedriftsoppkjøp og Verdiskapning” [Corporate Takeovers and Value Creation], Praktisk Økonomi og Finans, no. 2, 52-73, 1999
- ”Aktiv Eller Passiv Fondsforvaltning?” [Active or Passive Fund Management?], Praktisk Økonomi og Ledelse, no 1, 7-17, 1998.
- “Norske Aksjeemisjoner” [Norwegian Equity Offerings], with Øyvind Bøhren and Dag Michalsen, Praktisk Økonomi og
Ledelse, no 1, 47-57, 1996.
- "Bedriftsoppkjøp og Eierbegrensninger” [Corporate Takeovers and Ownership Restrictions], Praktisk Økonomi og Ledelse, no 5, 123-127, 1991.
- "Bedriftsoppkjøp og Internasjonalisering: Norge og Europa i 1980-årene" [Corporate Takeovers adn Internationalization: Norway and Eurpoe in the 1980s], Beta 5, 1-30, 1991.
- "Markedet for Selskapskontroll" [The Market for Corporate Control], Praktisk Økonomi og Ledelse, no 3, 111-122, 1989.
- "Markedet for Selskapskontroll: En Oversikt over Internasjonale Empiriske
Forskningsresultater" [The Market for Corporate Control: A Review of International Empirical Research], Beta 1, 54-89, 1987.
COMMENTARIES
- Presented Congressional Testimony "The Government As Active Shareholder," December 16, 2009.
- "Banking System Bailout - Scandinavian Style," CESifo DICE Report 3, 2009.
- "Ghosts of Crises Past: Failed Banks, State Control, and Rapid Recovery," Financial Times, Mastering Management Series, pp. 6-8, January 23, 2009.
- "Norge på Plass i Førersetet," Dagens Næringsliv (main
Norwegian Business Daily), October 31, 2005.
- "Strong
Insiders Invite Weak Governance," Financial Times Summer School
Series, May 20, 2005. (Lead article)
- "CEO Elections Out of Shareholders’ Control," Financial Times
Summer School Series, August 17, 2004.
- "Ingen Innsidebørs," Dagens Næringsliv (main Norwegian Business
Daily), August 23, 1999.
- ”Verdien av Innsidehandel på Oslo Børs” [The Value of Insider Trades on the Oslo Stock Exchange], Praktisk Økonomi og Finans, no. 3, 119-127, 1999
- "Offentlig Kontroll med Private Stiftelser," Dagens Næringsliv (main Norwegian Business Daily), July, 1992.