Professor Eckbo's working papers, work in progress, books, and selected publications
are below. For the full list of publications, please see Publications in the Vitae.
B. Espen Eckbo
(ed.), Handbook
of Corporate Finance: Empirical Corporate Finance (Handbooks
in Finance Series, Elsevier/North-Holland), forthcoming, 2005
(ISBN 0-444-50898-8)
B. Espen Eckbo (ed.), Handbook of Corporate Finance: Corporate
Governance (Handbooks in Finance Series, Elsevier/North-Holland),
in preparation
(ISBN 0-444-51117-2)
"The Choice of Seasoned-Equity Selling Mechanisms: Theory and Evidence",
with Øyvind Norli, Working Paper, Tuck School of Business, latest draft, November 2004.
"Bidding in Mandatory Bankruptcy Auctions: Theory and Evidence", with
Karin S. Thorburn, working papers, Tuck School of Business, latest draft, December 2004.
"The Toehold Puzzle", with Sandra Betton and Karin S. Thorburn,
Working paper, Tuck School of Business, latest draft, November 2007.
"Pervasive Liquidity Risk”, with Øyvind Norli, Working paper, Tuck School of Business, latest draft, November 2002.
"CEO Compensation, Pay-Performance Sensitivity, and Total Executive Wealth", with Darius
Palia and Karin S. Thorburn.
"Measuring Insider Performance Using Stock Holdings", with Inmoo Lee and Øyvind Norli.
"Security Offerings", with Ronald W. Masulis and Øyvind Norli, in B. E. Eckbo, Handbook
of Corporate Finance: Empirical Corporate Finance (North-Holland/Elsevier), Ch 13.
"Corporate Takeovers
and Restructurings", with Sandra Betton and Karin S. Thorburn (review
article), in B. E. Eckbo, Handbook of Corporate Finance: Empirical
Corporate Finance (North-Holland/Elsevier), Ch 17.
"Insider Trading
and Private Benefits of Control: Evidence from a Small Open Economy",
with Bern A. Ødegaard.
"Liquidity
Risk, Leverage and Long-Run IPO Returns",
with Øyvind Norli, Journal of Corporate Finance, 11, 1-35, 2005
"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.
- Received
Barclays Global Investors/Michael Brennan Prize for the Best Paper
in the Review of Financial Studies in 2000.
- Reprinted
in Mulherin, Harold and Lorraine Freeberg, Mergers and Corporate
Governance, (Business Economics Series, Edward Elgar Publishing
Ltd), forthcoming.
"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.
"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.
"The
Conditional Performance of Insider Trades", with David C. Smith,
Journal of Finance 53, 467-498, 1998.
- Smith-Breeden
Prize Nominee for Best Paper in the Journal of Finance
"Pensjonsfond:
Porteføljevalg, Avkastning og Risiko", Norsk Offentlig Utredning
(NOU 1998:10, vedlegg 3), 324-360, 1998.
"Bedriftsoppkjøp
og Verdiskapning", in K. Boye and C. B. Meyer (eds.), Fusjoner
og Oppkjøp, (Cappelen Akademiske Forlag, Oslo),44-278, 1998.
Eckbo, B. Espen,
"Aktiv Eller Passiv Fondsforvaltning?", Praktisk Økonomi og Ledelse,
no 1, 7-17, 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.
"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.
"Managerial
Shareownership, Voting Power, and Cash Dividend Policy", 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.
Omfang og Lønnosomhet
av Bedriftsoppkjøp", in Omstrukturering av Føretak, Nordiska
Skattevetenskapliga Forskningsrådets Skriftserie, NSFS 29, Iustus
Forlag, 291-336, 1993.
"Adverse
Selection and the Rights Offer Paradox", with Ronald W. Masulis,
Journal of Financial Economics 32, 293-332, 1992.
- Reprinted
in M. Levis (ed.), 1995, Empirical Issues in Raising Equity
Capital, (North-Holland series in Advances in Finance, Investment
Banking).
"Mergers
and the Value of Antitrust Deterrence", Journal of Finance
47, 1005-1029, 1992.
"Acquisitions",
in The New Palgrave Dictionary of Money and Finance, Macmillan
Press, London, 10-13, 1992.
"Costs of Equity
Issuance", with Ronald W. Masulis, in The New Palgrave Dictionary
of Money and Finance, Macmillan Press, London, 496-499, 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, chap.
6, 123-143, 1991.
"Anatomy of
a Takeover Defense: The Southam-Torstar Standstill Agreement", Canadian
Investment Review 4 (Fall), 73-78, 1991.
"Bedriftsoppkjøp
og Internasjonalisering: Norge og Europa i 1980-årene", Beta 5,
1-30, 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.
"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, chap.
9, 297-332, 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.
- Reprinted
in Deborah Miller and Stewart Meyers (eds.), 1990, Frontiers
of Finance: The Batermarch Fellowship Papers, chi. 20, (Basil
Blackwell: New York).
- Reprinted
in A. Cosh and A. Hughes (eds.), 1998, Takeovers, (The
International Library of Management, Vol II), (Dartmouth Publishing
Company, Ltd.) ch. 21.
"The
Role of Stock Market Studies in Formulating Antitrust Policy Towards
Horizontal Mergers", Quarterly Journal of Business and Economics
28, 22-38, 1989.
"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,M (The
Canadian Institute for Research on Public Policy, Montreal), chap.
7, 143-225, 1988.
"Markedet for
Selskapskontroll: En Oversikt over Internasjonale Empiriske Forskningsresultater",
Beta 1, 54-89, 1987.
Eckbo, B. Espen
and Peggy Wier, "Antitrust Policy Towards Mergers: Misguided Intervention
Prevents Efficiency Gains", 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.
- Received
the Harry F. Johnson Prize of the Canadian Economics Association
for the best paper published in the Canadian Journal of Economics
"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.
- Reprinted
in P. A. Gaughan (ed.), 1993, Readings in Mergers and Acquisitions,
(Basil Blackwell: New York).
- Reprinted
in A. Cosh and A. Hughes (eds), 1998, Takeovers (The
International Library of Management, Vol I), (Dartmouth Publishing
Company Ltd.), ch. 18.
Eckbo, B. Espen
and
"AntimergerPolicy 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.
- Reprinted
in F.S. McChesney and W.F. Shughart II (eds.), 1995, The
Causes and Consequences of AntiTrust, ch. 9, (The University
of Chicago Press: Chicago.)
"Horizontal
Mergers, Collusion and Stockholder Wealth", Journal of Financial
Economics 11, 241-273, 1983.