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The Performance of the European Market for Corporate Control : Evidence from the 5th Takeover Wave

Renneboog, Luc; Martynova, M. - Tilburg University, Center for Economic Research - 2006

For the 5th takeover wave, European M&As were expected to create significant takeover value: the announcement reactions were strongly positive for target shareholders (more than 35%) and the bidding shareholders also expected to gain a small though significant increase in market value of...

Persistent link: https://www.econbiz.de/10011092576

Takeover Waves : Triggers, Performance and Motives

Renneboog, Luc; Martynova, M. - Tilburg University, Center for Economic Research - 2005

This paper reviews the vast academic literature on the market for corporate control.Our main focus is the cyclical wave pattern this market exhibits.From the perspective of takeover waves, we address questions such as: Why do mergers and acquisitions (M&As) occur?Does the ensuing transfer of...

Persistent link: https://www.econbiz.de/10011092613

Diversification at Financial Institutions and Systemic Crises

Wagner, Wolf - Tilburg University, Center for Economic Research - 2006

We show that the diversification of risks at financial institutions has unwelcome effects by increasing the likelihood … of systems crises.As a result, complete diversification is not warranted adn the optimal degree of diversification is … arbitrarily low.We also identify externalities that cause financial institutions to diversify beyond diversification may thus have …

Persistent link: https://www.econbiz.de/10011092648

Bank Activity and Funding Strategies : The Impact on Risk and Return

Huizinga, Harry P.; Demirgüc-Kunt, A. - Tilburg University, Center for Economic Research - 2009

diversification benefits at very low levels. Non-deposit, wholesale funding in contrast lowers the rate of return on assets, while it …

Persistent link: https://www.econbiz.de/10011092794

Back to Basics in Banking? A Micro-Analysis of Banking System Stability

De Jonghe, Olivier - Tilburg University, Center for Economic Research - 2009

This paper analyzes the relationship between banks’ divergent strategies toward specialization and diversification of …

Persistent link: https://www.econbiz.de/10011092811

Financial Connections and Systemic Risk

Allen, F.; Babus, A.; Carletti, E. - Tilburg University, Center for Economic Research - 2010

We develop a model where institutions form connections through swaps of projects in order to diversify their individual risk. These connections lead to two different network structures. In a clustered network groups of financial institutions hold identical portfolios and default together. In an...

Persistent link: https://www.econbiz.de/10011091107

Diversification in Private Equity Funds : On Knowledge-sharing, Risk-aversion and Limited-attention

Humphery-Jenner, M. - Tilburg University, Center for Economic Research - 2011

This paper examines diversification as a source of value creation and destruction in private equity. The literature has … focused on the `diversification discount' in corporations. It has not analyzed diversification in PE-funds, where … diversification might increase value by ameliorating managerial risk aversion and by facilitating knowledge sharing. Thus, I examine a …

Persistent link: https://www.econbiz.de/10011091238

The Long-Term Operating Performance of European Mergers and Acquisitions

Renneboog, Luc; Martynova, M.; Oosting, S. - Tilburg University, Center for Economic Research - 2006

We investigate the long-term profitability of corporate takeovers of which both the acquiring and target companies are from Continental Europe or the UK.We employ four different measures of operating performance that allow us to overcome a number of measurement limitations of the previous...

Persistent link: https://www.econbiz.de/10011091329

Mergers and Acquisitions in Europe

Renneboog, Luc; Martynova, M. - Tilburg University, Center for Economic Research - 2006

status of the target firm (public or private), takeover strategy (focus or diversification), amongst other factors …

Persistent link: https://www.econbiz.de/10011091400

The Two Faces of Interbank Correlation

Wagner, Wolf; Schaeck, K.; Silva Buston, C.F. - Tilburg University, Center for Economic Research - 2013

from diversi cation activities. Estimation for U.S. Bank Holding Companies (BHCs) shows the diversification component to be …

Persistent link: https://www.econbiz.de/10011091690