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- Publications
- Influence
A Theory of Workouts and the Effects of Reorganization Law
- Robert H. Gertner, D. Scharfstein
- Economics
- 1 May 1991
We present a model of a financially distressed firm with outstanding bank debt and public debt. Coordination problems among public debtholders introduce investment inefficiencies in the workout… Expand
Internal Versus External Capital Markets
- Robert H. Gertner, D. Scharfstein, J. Stein
- Business, Economics
- 1 June 1994
This paper presents a framework for analyzing the costs and benefits of internal vs. external capital allocation. We focus primarily on comparing an internal capital market to bank lending. While… Expand
Game Shows and Economic Behavior: Risk-Taking on “Card Sharks”
- Robert H. Gertner
- Economics
- 1 May 1993
This paper studies individual risk-taking behavior with a unique data set: risky decisions of contestants during the threeyear history of the television game show, "Card Sharks." In the bonus round… Expand
Learning about Internal Capital Markets from Corporate Spin-offs
- Robert H. Gertner, Eric A. Powers, D. Scharfstein
- Economics, Business
- 1 December 2002
We examine the investment behavior of firms before and after being spun off from their parent companies. Their investment after the spin-off is significantly more sensitive to measures of investment… Expand
Simultaneous signalling to the capital and product markets
- Robert H. Gertner, R. Gibbons, D. Scharfstein
- Business, Economics
- 1 May 1987
In this article we analyze an informed firm's choice of financial structure when the financing contract is observed not only by the capital market but also by a second uninformed party, such as a… Expand
The Value Maximizing Board
- Robert H. Gertner, S. Kaplan
- Business
- 1 December 1996
This paper compares board and director characteristics of reverse leveraged buyout (LBO) firms controlled by LBO specialists to those of an industry- and size-matched comparison sample. We consider… Expand
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Organizing for Synergies
- Wouter Dessein, Luis Garicano, Robert H. Gertner
- Economics
- 1 January 2007
Large companies are usually organized into business units, yet some activities are almost always centralized in a company-wide functional unit. We first show that organizations endogenously create an… Expand
Strategic Contractual Inefficiency and the Optimal Choice of Legal Rules
- I. Ayres, Robert H. Gertner
- Economics
- 1992
Two separate groups of academics have brought about a renaissance of sorts in the analysis of incomplete contracts. Law and economics scholars-writing in law reviews-have shown renewed interest in… Expand
Market Power and Mergers in Durable-Good Industries
- D. Carlton, Robert H. Gertner
- Economics
- The Journal of Law and Economics
- 1 October 1989
THIS article investigates the effect on competition of mergers in industries that produce durable goods and shows how difficult it is to create market power through merger in a durable good… Expand
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