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Corporate takeovers : modern empirical developments

Eckbo, B. Espen - 2011

a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …

Persistent link: https://www.econbiz.de/10008906523

Acquisition Decisions of Zero-Leverage Firms

Bae, Chang Suk - 2014

We provide evidence on whether zero-leverage firms make unique acquisition decisions in line with their unique leverage policies. We show that zero-leverage firms are more likely to acquire targets with low or zero leverage than they are to acquire other targets in order to maintain zero...

Persistent link: https://www.econbiz.de/10013046919

Cash Windfalls and Acquisitions

von Beschwitz, Bastian - 2016

This article studies the effect of cash windfalls on the acquisition policy of companies. As identification I use a German tax reform that permitted firms to sell their equity stakes tax-free. Companies that could realize a cash windfall by selling equity stakes see an increase in the...

Persistent link: https://www.econbiz.de/10012997602

Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders

Nguyen, Pascal - 2014

We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …

Persistent link: https://www.econbiz.de/10013048623

Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders

Nguyen, Pascal - 2014

We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …

Persistent link: https://www.econbiz.de/10013048624

Why are Cash-Rich Firms More Likely to Pay for Acquisitions with Stock?

Pinkowitz, Lee - 2012

We examine why cash-rich firms prefer to use stock to make acquisitions. Consistent with prior literature, we find that cash-rich firms are more likely to attempt acquisitions than other firms. However, cash-rich acquirers are more likely to employ stock as the method of payment. We investigate...

Persistent link: https://www.econbiz.de/10013115768

Do Firms Set Free Cash Free? Misallocation vs. Opportunism in Acquisitions

Sturgess, Jason - 2012

We examine the impact of excess cash on the decision and method of payment in acquisitions. Consistent with prior literature, we find that firms that have excess cash do make more acquisitions. However, those acquisitions frequently use stock as the method of payment. We investigate this finding...

Persistent link: https://www.econbiz.de/10013116318

Bidder Earnings Management, Cynical Targets and Acquisition Premia

Alsharairi, Malek - 2016

Mergers and acquisitions are the result of negotiations between bidder and target managers and shareholders where both sides have incentives to manipulate the value of shares and assets. While a naive target investor may perceive higher share value for a bidder who engages in income increasing...

Persistent link: https://www.econbiz.de/10012992549

Coinvestment and risk taking in private equity funds

Bienz, Carsten; Thorburn, Karin; Walz, Uwe - 2016

Private equity fund managers are typically required to invest their own money alongside the fund. We examine how this coinvestment affects the acquisition strategy of leveraged buyout funds. In a simple model, where the investment and capital structure decisions are made simultaneously, we show...

Persistent link: https://www.econbiz.de/10011436066

The political economy of dominant investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - 2005

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

Persistent link: https://www.econbiz.de/10011337975

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