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Cross-border mergers and hollowing-out
Secrieru, Oana - 2009
The purpose of our paper is to examine the profitability and social desirability of both domestic and foreign mergers in a location-quantity competition model, where we allow for the possibility of hollowing-out of the target firm. We refer to hollowing-out as the situation where the target firm...
Persistent link: https://www.econbiz.de/10003933343
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Corporate Governance, Product Market Competition and Debt Financing
Paligorova, Teodora; Yang, Jun - Bank of Canada - 2014
the use of bond covenants. We find that more anti-takeover provisions are associated with a lower cost of debt only in … competitive industries. Because they are exposed to higher takeover risk in competitive industries, bondholders charge higher bond … spreads to firms that have fewer anti-takeover provisions. Once firms’ anti-takeover provisions are in place, we find that …
Persistent link: https://www.econbiz.de/10010762041
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Fire-Sale FDI or Business as Usual?
Alquist, Ron; Mukherjee, Rahul; Tesar, Linda - Bank of Canada - 2013
Using a new data set, we examine the characteristics and dynamics of cross-border mergers and acquisitions during emerging-market financial crises, that is, so-called “fire-sale FDI.” Our findings shed fresh light on whether the transactions undertaken during crisis periods differ in...
Persistent link: https://www.econbiz.de/10010667180
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The Effects of Bank Consolidation on Risk Capital Allocation and Market Liquidity
D'Souza, Chris; Lai, Alexandra - Bank of Canada - 2002
Persistent link: https://www.econbiz.de/10005808378
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Corporate Risk Taking and Ownership Structure
Paligorova, Teodora - Bank of Canada - 2010
This paper investigates the determinants of corporate risk taking. Shareholders with substantial equity ownership in a single company may advocate conservative investment policies due to greater exposure to firm risk. Using a large cross-country sample, I find a positive relationship between...
Persistent link: https://www.econbiz.de/10008543225
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Cross-border Mergers and Hollowing-out
Secrieru, Oana; Vigneault, Marianne - Bank of Canada - 2009
The purpose of our paper is to examine the profitability and social desirability of both domestic and foreign mergers in a location-quantity competition model, where we allow for the possibility of hollowing-out of the target firm. We refer to hollowing-out as the situation where the target firm...
Persistent link: https://www.econbiz.de/10008477212
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Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?
King, Michael R.; Padalko, Maksym - Bank of Canada - 2005
The authors study the price--volume dynamics ahead of the first public announcement of a takeover for 420 Canadian … and abnormal volume ahead of the takeover announcement. They observe serially correlated volume and a pattern of return …
Persistent link: https://www.econbiz.de/10005162526
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Measures of aggregate credit conditions and their potential use by central banks
García, Alejandro; Prokopiw, Andrei - 2009
Understanding the nature of credit risk has important implications for financial stability. Since authorities notably, central banks focus on risks that have systemic implications, it is crucial to develop ways to measure these risks. The difficulty lies in finding reliable measures of aggregate...
Persistent link: https://www.econbiz.de/10003933233
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Regime Switches in the Risk-Return Trade-Off
Ghysels, Eric; Guérin, Pierre; Marcellino, Massimiliano - Bank of Canada - 2013
This paper deals with the estimation of the risk-return trade-off. We use a MIDAS model for the conditional variance and allow for possible switches in the risk-return relation through a Markov-switching specification. We find strong evidence for regime changes in the risk-return relation. This...
Persistent link: https://www.econbiz.de/10010849950
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What Does the Convenience Yield Curve Tell Us about the Crude Oil Market?
Alquist, Ron; Bauer, Gregory; Rios, Antonio Diez de los - Bank of Canada - 2014
Using the prices of crude oil futures contracts, we construct the term structure of crude oil convenience yields out to one-year maturity. The crude oil convenience yield can be interpreted as the interest rate, denominated in barrels of oil, for borrowing a single barrel of oil, and it measures...
Persistent link: https://www.econbiz.de/10010960394