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The objective of this study was to analyse the changes in the intraday market microstructure behaviour before a takeover announcement for a sample of target, bidder and control (non-target) companies. Under the hypothesis that agents with asymmetric information were operating in the market, the...
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Chapter 1: Introduction -- Chapter 2: The Basics Of Time Value Of Money -- Chapter 3: Valuation Of Cash Flows …, Annuities And Perpetuities -- Chapter 4: Sources And Cost Of Long-Term Capital -- Chapter 5: Valuation Of Fixed Income … Securities -- Chapter 6: Valuation Of Equities -- Chapter 7: Firm And Equity Valuation Using Free Cash Flow Models -- Chapter 8 …
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This book introduces corporate financial management, based on the basic capital budgeting framework and the time value of money. It focuses on theoretical formulations and correct application of financial techniques that will help improve managerial and financial decisions. Based on fundamental...
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incumbent managers: to protect their high wages, they resist hostile takeovers, by refusing to sell their shares to the raider …
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We find that firms that treat their employees better are less likely to be acquired. The shareholders of employee-friendly targets also receive lower premiums and smaller share of the surplus created by the deal. We also show that bidders tend to improve their employee policy following the...
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We find, in a sample of 7581 merger offer announcements from 1990 to 2013, shareholders of 1283 (or 17%) target firms responded to the offer with negative market returns. These investors were disappointed at the offer, despite the price premium. To explain their disappointment, one must...
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In this paper, we examine whether findings on downward accrual-based earnings management for firms publicly ‘seeking a buyer’ from the US can be extrapolated outside of the US context, given that past research has indicated that the function of the Merger and Acquisition (M&A) markets is...
Persistent link: https://www.econbiz.de/10010730288