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The Effects of Changes in Tax Laws on Corporate Reorganization Activity

Scholes, Myron S. - 1989

We present evidence that changes in tax laws passed in the 1980s, culminating with the Tax Reform Act of 1986, had a first order effect on observed merger and acquisition activity in the US. We also present evidence of increased reliance on certain institutional arrangements (unit management...

Persistent link: https://www.econbiz.de/10012475950

Are Bigger Banks Better? Firm-Level Evidence from Germany

Huber, Kilian - National Bureau of Economic Research - 2021

The effects of large banks on the real economy are theoretically ambiguous and politically controversial. I identify quasi-exogenous increases in bank size in postwar Germany. I show that firms did not grow faster after their relationship banks became bigger. In fact, opaque borrowers grew more...

Persistent link: https://www.econbiz.de/10012533316

Mergers and productivity

Kaplan, Steven N. (ed.) - 2000

Persistent link: https://www.econbiz.de/10001421960

Job Transitions and Employee Earnings After Acquisitions : Linking Corporate and Worker Outcomes

Arnold, David; Milligan, Kevin; Moon, Terry; Tavakoli, … - National Bureau of Economic Research - 2023

This paper connects changes in employer characteristics through job transitions to employee earnings following mergers and acquisitions (M&As). Using firm balance sheet data linked to individual earnings data in Canada and a matched difference-in-differences design, we find that after M&As...

Persistent link: https://www.econbiz.de/10014436997

Is There Information in Corporate Acquisition Plans?

Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024

. Communication of acquisition plans does not increase takeover premiums but is less common in more competitive industries …

Persistent link: https://www.econbiz.de/10014512055

Corporate Governance and Equity Prices

Gompers, Paul A. - 2001

Corporate-governance provisions related to takeover defenses and shareholder rights vary substantially across firms. In …

Persistent link: https://www.econbiz.de/10012470270

Stock Market Driven Acquisitions

Shleifer, Andrei - 2001

We present a model of mergers and acquisitions based on stock market misvaluations of the combining firms. The key ingredients of the model are the relative valuations of the merging firms, the horizons of their respective managers, and the market's perception of the synergies from the...

Persistent link: https://www.econbiz.de/10012470280

Corporate Governance and Merger Activity in the U.S : Making Sense of the 1980s and 1990s

Holmstrom, Bengt - 2001

This paper describes and considers explanations for changes in corporate governance and merger activity in the United States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence of leveraged buyouts (LBOs) and hostility. After a...

Persistent link: https://www.econbiz.de/10012470504

A New Approach to Takeover Law and Regulatory Competition

Bebchuk, Lucian Arye - 2001

The development of U.S. state takeover law in the past three decades has produced considerable and quite possibly … excessive protection for incumbent managers from hostile takeovers. Although the shortcomings of state takeover law have been … produce even worse takeover arrangements. This paper puts forward a novel form of federal intervention in the regulation of …

Persistent link: https://www.econbiz.de/10012470578

Does Diversification Destroy Value? Evidence From Industry Shocks

Lamont, Owen - 2000

Does corporate diversification reduce shareholder value? Since firms endogenously choose to diversify, exogenous variation in diversification is necessary in order to draw inferences about the causal effect. We examine changes in the within-firm dispersion of industry investment, or diversity.'...

Persistent link: https://www.econbiz.de/10012470947

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