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| Tekijä: | Bruner, R.F. Brownlee, E.R. |
| Otsikko: | Leveraged ESOPs, wealth transfers, and "shareholder neutrality": the case of Polaroid |
| Lehti: | Financial Management
1990 : SPRING, VOL. 19:1, p. 59-74 |
| Asiasana: | SIMULATION EMPLOYEE STOCK OWNERSHIP DISTRIBUTION OF WEALTH |
| Kieli: | eng |
| Tiivistelmä: | Examination of Polaroid's employee stock ownership plan /ESOP/ with simulation analysis, related to market-adjusted returns for stock and bondholders. ESOP economic framework. The Polaroid case ESOP history. ESOP structure. Share repurchase programme. Share and bondholder wealth consequences. Simulation of ESOP effects on shareholder wealth. Impact of restructuring plans. Leveraged share repurchase. Implications for scholars, managers and policymakers. Six Exhibits illustra200te the study and three Appendices provide statistics. |
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