Article Dans Une Revue Journal of Law, Economics, and Organization Année : 2009

Privatization and Leverage

Résumé

This paper studies privatization methods when potential buyers can lever up strategically to maximize their probability of winning. We endogenize the optimal fraction of shares to be auctioned off when privatizing a company. There is a close correlation between the optimal fraction of shares to be sold off and the auction winner’s debt level and hence the risk of bankruptcy

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hal-01313413 , version 1 (25-11-2017)

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  • HAL Id : hal-01313413 , version 1

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Christian At, Pierre-Henri Morand. Privatization and Leverage. Journal of Law, Economics, and Organization, 2009, 28 (1), pp.32-44. ⟨hal-01313413⟩

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