Similar Search Results

Performance-vested Stock Options and Pay-Performance Sensitivity

Kuang, Y.; Qin, B. - Tilburg University, Center for Economic Research - 2006

The paper investigates the incentive effects of performance-vested stock options (PVSOs) in aligning management interests with shareholder wealth. Performance targets attached to option vesting would prevent executives from receiving rewards from outcomes that are unaffected by their effort.Such...

Persistent link: https://www.econbiz.de/10011090438

How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006

This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable...

Persistent link: https://www.econbiz.de/10011090642

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 … though significant increase in market value of 0.5%.While, most of the expected takeover synergies are captured by the target ….We establish that the characteristics of the target and bidding firms and of the bid itself have a significant impact on takeover …

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

Takeover Waves : Triggers, Performance and Motives

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

pattern this market exhibits.From the perspective of takeover waves, we address questions such as: Why do mergers and … in M&As by takeover wave?We find that the pattern of takeover activity and its profitability significantly vary across … the various takeover waves.Despite such diversity, all waves have similarities: they are preceded by technological or …

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

Insider Trading, Option Exercises and Private Benefits of Control (Revision of DP 2010-32)

de Goeij, Peter; Renneboog, Luc; Cziraki, P. - Tilburg University, Center for Economic Research - 2010

We investigate patterns of abnormal stock performance around insider trades and option exercises on the Dutch market. Listed firms in the Netherlands have a long tradition of employing many anti-shareholder mechanisms limiting shareholders rights. Our results imply that insider transactions are...

Persistent link: https://www.econbiz.de/10011092693

Corporate Governance Structures, Control and Performance in European Markets : A Tale of Two Systems

Renneboog, Luc; Crama, Y.; Leruth, L.; Urbain, J-P. - Tilburg University, Center for Economic Research - 1999

Traditionally share price returns and their variance have been explained by factors linked to the operations of the company such as systematic risk, corporate size and P/E ratios or by factors related to the influence of the macro-economic environment. In these models, the institutional...

Persistent link: https://www.econbiz.de/10011092775

The International Diversification of Banks and the Value of their Cross-Border M&A Advice

de Jong, A.; Ongena, S.; van der Poel, M. - Tilburg University, Center for Economic Research - 2010

This paper investigates the effects of international diversification of banks on the value of their M&A advice. We study bidder returns to 1,253 cross-border M&A announcements. We find that acquirers engaging a more internationally diversified financial advisor generate lower excess returns....

Persistent link: https://www.econbiz.de/10011092783

Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions

Renneboog, Luc; Martynova, M. - Tilburg University, Center for Economic Research - 2008

impact on the takeover returns. Our country-level corporate governance indices capture the changes in the quality of the … orientation (relative to the target), part of the total synergy value of the takeover may result from the improvement in the … hypothesis states that the anticipated takeover gains will be lower as the poorer corporate governance regime of the bidder will …

Persistent link: https://www.econbiz.de/10011092858

Do Spin-offs really Create Value? The European Case

Veld, C.H.; Merkoulova, Y.V. - Tilburg University, Center for Economic Research - 2001

We study wealth effects for a sample of 161 spin-offs from 15 different European countries that were announced between January 1987 and September 2000. The cumulative average abnormal return over the three-day event window is 2.35%. The mean abnormal return is 2.89% for companies that increase...

Persistent link: https://www.econbiz.de/10011090317

Prediction of Ownership and Control Concentration in German and UK Initial Public Offerings

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 1999

The paper investigates why the corporate landscapes of Germany and UK are so different in terms of control by analyzing ownership and control evolution in recent IPOs. We report the control evolution of a sample of size- and industry-matched German and UK companies six years subsequent to the...

Persistent link: https://www.econbiz.de/10011090340