Dartmouth College Tuck School of Business Center for Corporate Governance Finance Faculty

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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.