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Bargaining in Mergers: The Role of Outside Options and Termination Provisions

Rosenkranz, S.; Weitzel, U. - School of Economics, Universiteit Utrecht - 2005

We model takeovers as a bargaining process and explain the existence and net effect of target as well as bidder … termination fees, subject to bargaining power and outside options. In equilibrium, net termination fees (target minus acquirer … fees) are offered by firms with a superior bargaining position in exchange for a greater share of merger synergies. This …

Persistent link: https://www.econbiz.de/10005040935

Breaking and enteringâ€™ of contracts as a matter of bargaining power and exclusivity clauses

Rosenkranz, S.; Weitzel, G.U. - School of Economics, Universiteit Utrecht - 2011

We analyze the effect of liquidated damage rules in exclusive contracts that are negotiated in a sequential bargaining … bargaining power influence the size of the payment of damages and determine which contractual party benefits from including …

Persistent link: https://www.econbiz.de/10008873256

The Glass Door: The Gender Composition of Newly-Hired Workers Across Hierarchical Job Levels

Hassink, W.H.J.; Russo, G. - School of Economics, Universiteit Utrecht - 2010

This paper examines the gender composition of the flow of new hirees along the organizational hierarchy of jobs. We find that women have a reduced chance to be hired at higher hierarchical levels. We refer to this phenomenon as the â€œglass doorâ€. The glass door consists of an absolute...

Persistent link: https://www.econbiz.de/10008478890

Can Coasean Bargaining Justify Pigouvian Taxation?

Rosenkranz, Stephanie; Schmitz, Patrick W. - School of Economics, Universiteit Utrecht - 2004

our framework Coasean bargaining is not a substitute for Pigouvian taxation, instead it is the very reason for government …

Persistent link: https://www.econbiz.de/10005040926

Comparing goodwill before and after the changes in us gaap in 2001.

Nijeholt, M.P. Lycklama à; Grift, Y.K.; Blommaert, J.M.J. - School of Economics, Universiteit Utrecht - 2012

This study examines whether the introduction of SFAS 141 â€œBusiness Combinationsâ€ (2001) and SFAS 142 â€œGoodwill and other Intangible Assetsâ€ (2001) has led to more precise information about accounting goodwill in the financial statements of acquirers. Acquisitions in the...

Persistent link: https://www.econbiz.de/10011213559

Goodwill measuring value creation of acquisitions: an empirical research.

Nijeholt, M.P. Lycklama à; Grift, Y.K. - School of Economics, Universiteit Utrecht - 2012

The reason for this research is that at the beginning of the 21st century, some important changes were introduced in the international standards of accounting affecting reporting on goodwill. The intentions of the standard-setting bodies in drafting the new rules were that the financial...

Persistent link: https://www.econbiz.de/10011213581

Endogenous mergers: Bidder momentum and market reaction

Kling, G.; Weitzel, U. - School of Economics, Universiteit Utrecht - 2009

Recent empirical studies on stock misvaluation as a possible determinant of mergers are inconclusive concerning the central hypothesis that over(under)valuation is negatively (positively) associated with merger announcement returns in stock mergers, but not in cash mergers. We provide empirical...

Persistent link: https://www.econbiz.de/10004998537

Corporate Governance Convergence: Evidence From Takeover Regulation Reforms in Europe

Goergen, Marc; Martynova, Marina; Renneboog, Luc - School of Economics, Universiteit Utrecht - 2005

This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation. In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations. With the help of 150...

Persistent link: https://www.econbiz.de/10005040861

Post Merger Innovative Patterns in Small and Medium Firms

Cefis, E.; Ghita, M.L. - School of Economics, Universiteit Utrecht - 2008

This paper investigates whether involvement in mergers and acquisitions (M&As) triggers distinct patterns of innovative behaviour across firms situated at different points on the firm size distribution. Firms use more and more M&As as mechanisms to bridge the gap between where they are and what...

Persistent link: https://www.econbiz.de/10005040865

Do mergers of potentially dominant firms foster innovation? An empirical analysis for the manufacturing sector

Cefis, E.; Sabidussi, A.; Schenk, E.J.J - School of Economics, Universiteit Utrecht - 2007

We investigate the effects of M&A on innovation in the specific context of potential or realized market dominance. Authorities are challenged by balancing both detrimental and beneficial effects of mergers on innovation, especially when a merger threatens to result in market dominance, while...

Persistent link: https://www.econbiz.de/10005040893