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Froot, Kenneth (ed.) - 1993

Persistent link: https://www.econbiz.de/10000881399

World Markets for Mergers and Acquisitions

Erel, Isil - 2009

Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on public firms, usually from the United States. Yet,...

Persistent link: https://www.econbiz.de/10012463518

Is There a Diversification Discount in Financial Conglomerates?

Laeven, Luc - 2005

Persistent link: https://www.econbiz.de/10012467179

The Economic Effects of Private Equity Buyouts

Davis, Steven J. - 2019

We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions....

Persistent link: https://www.econbiz.de/10012480316

Globalization, Governance, and the Returns to Cross-Border Acquisitions

Ellis, Jesse - 2011

Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...

Persistent link: https://www.econbiz.de/10012461981

Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts

Axelson, Ulf - 2010

This paper provides an empirical analysis of the financial structure of large buyouts. We collect detailed information on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated to the leverage of matched public firms, and is largely...

Persistent link: https://www.econbiz.de/10012462699

A Reference Point Theory of Mergers and Acquisitions

Baker, Malcolm - 2009

The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and … acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the …, bidder shareholders react increasingly negatively as the offer price is pulled upward toward that price. Merger waves occur …

Persistent link: https://www.econbiz.de/10012463098

Venture Capital Investments and Merger and Acquisition Activity Around the World

Phillips, Gordon M. - 2017

engage in more deals. We also explore the effects of country-level pro-takeover legislation passed internationally (positive … post-law changes in VC activity. VC activity intensifies after enactment of country-level takeover friendly legislation and …

Persistent link: https://www.econbiz.de/10012453631

Corporate Liquidity, Acquisitions, and Macroeconomic Conditions

Erel, Isil - 2017

Firms hold liquid assets to enhance their ability to invest efficiently when external financing costs are high, especially during poor macroeconomic conditions. Using a sample of 47,378 acquisitions from 36 countries between 1997 and 2014, we study how the relation between firms' cash holdings...

Persistent link: https://www.econbiz.de/10012455188

Extending Industry Specialization through Cross-Border Acquisitions

Frésard, Laurent - 2016

We investigate the role of industry specialization in horizontal cross-border mergers and acquisitions. We find that acquirers from more specialized industries in a country are more likely to buy foreign targets in countries that are less specialized in these same industries. The role of...

Persistent link: https://www.econbiz.de/10012455832