Equity Carveouts, Agency Costs, and Firm Value by Lukas JunkerEquity Carveouts, Agency Costs, and Firm Value by Lukas Junker

Equity Carveouts, Agency Costs, and Firm Value

byLukas JunkerForeword byProf. Dr. Malte Brettel

Paperback | September 27, 2005

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Lukas Junker shows that in contrast to the dominantly positive assessment, on the German capital market and on a long-term basis ECOs are associated with a deterioration of firm value. This can be mainly explained by a lack of independence of the subsidiary in the typical transaction.
Dr. Lukas Junker promovierte bei Prof. Dr. Malte Brettel am Lehrstuhl für Wirtschaftswissenschaften für Ingenieure und Naturwissenschaftler der Rheinisch-Westfälischen Technischen Hochschule Aachen. Er ist als Unternehmensberater im Sektor Financial Institutions bei McKinsey & Company in Frankfurt am Main tätig.
Title:Equity Carveouts, Agency Costs, and Firm ValueFormat:PaperbackDimensions:469 pages, 8.27 × 5.83 × 0.01 inPublished:September 27, 2005Publisher:Deutscher UniversitätsverlagLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:3835000926

ISBN - 13:9783835000926


Table of Contents

Existing ECO researchTheoretical foundations: An agency model for the analysis of ECOsLevers determining the effect of ECOs on firm value: Focus and investment efficiency, information asymmetries and disclosure, incentive compensation, ownership concentrationEmpirical evidence: short-term and long-term effect of ECOs on firm valueConclusions and implications for research and practice