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Mergers and acquisitions in Germany : social-setting and regulatory framework
Schmid, Frank A. (contributor); Wahrenburg, Mark (contributor) - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001817426
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Does patience pay? Empirical testing of the option to delay accepting a tender offer in the US banking sector
Campbell, Rachel A.; Kräussl, Roman - Center for Financial Studies - 2006
We examine the empirical predictions of a real option-pricing model using a large sample of data on mergers and acquisitions in the U.S. banking sector. We provide estimates for the option value that the target bank has in waiting for a higher bid instead of accepting an initial tender offer. We...
Persistent link: https://www.econbiz.de/10010986471
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Mergers and acquisitions in Germany: Social-setting and regulatory framework
Schmid, Frank A.; Wahrenburg, Mark - Center for Financial Studies - 2003
including minority shareholders, organized labour and the government may present powerful obstacles to takeovers in Germany. In … spite of the overall convergence of European takeover and securities trading laws, Germany still shows many peculiarities … will risk their takeover attempt be frustrated by opposing influence groups. …
Persistent link: https://www.econbiz.de/10010958516
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Is rated debt arm's length? Evidence from mergers and acquisitions
Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - Center for Financial Studies - 2011
constant, rated firms increase their leverage in takeover transactions by less than their unrated counterparts. Consistent with …
Persistent link: https://www.econbiz.de/10010958748
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Mergers and Acquisitions in Germany - Social Setting and Regulatory Framework
Schmid, Frank A.; Wahrenburg, Mark - Center for Financial Studies - 2003
including minority shareholders, organized labour and the government may present powerful obstacles to takeovers in Germany. In … spite of the overall convergence of European takeover and securities trading laws, Germany still shows many peculiarities … will risk their takeover attempt be frustrated by opposing influence groups. …
Persistent link: https://www.econbiz.de/10005120779
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Does Patience Pay? Empirical Testing of the Option to Delay Accepting a Tender Offer in the U.S. Banking Sector
Campbell, Rachel A.; Kräussl, Roman - Center for Financial Studies - 2006
We examine the empirical predictions of a real option-pricing model using a large sample of data on mergers and acquisitions in the U.S. banking sector. We provide estimates for the option value that the target bank has in waiting for a higher bid instead of accepting an initial tender offer. We...
Persistent link: https://www.econbiz.de/10005120788
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Governance und Vertragsstrukturen in der deutschen VC Industrie: Eine empirische Einschätzung
Bienz, Carsten; Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2008
Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-,...
Persistent link: https://www.econbiz.de/10010986442
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The dynamics of venture capital contracts
Bienz, Carsten; Hirsch, Julia - Center for Financial Studies - 2005
We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure milestone financing, pure round financing and...
Persistent link: https://www.econbiz.de/10010986443
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Hold-up in multiple banking: Evidence from SME lending
Brunner, Antje; Krahnen, Jan Pieter - Center for Financial Studies - 2010
This paper analyzes loan pricing when there is multiple banking and borrower distress. Using a unique data set on SME lending collected from major German banks, we can instrument for effective coordination between lenders, carrying out a panel estimation. The analysis allows to distinguish...
Persistent link: https://www.econbiz.de/10010958524
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Why do contracts differ between VC types? Market segmentation versus corporate governance varieties
Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2006
The main objective of the present paper is to disentangle observed differences in the design of contracts across VC types into firm selection effects and corporate governance differences between VC types (different contracts). Based on a theoretical approach developed in the first part of the...
Persistent link: https://www.econbiz.de/10010958526