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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

governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment …

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

The Managerial Labor Market and the Governance Role of Shareholder Control Structures in the UK

Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2002

mitigating agency problems between managers and shareholders.We find that both the CEO's industry-adjusted monetary compensation …

Persistent link: https://www.econbiz.de/10011092291

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

Contractual Corporate Governance

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

Companies have the choice to deviate from their national corporate governance standards by opting into another system. They can do so via contractual devices – such as cross-border mergers and acquisitions, (re)incorporations, and cross-listings – which enable firms to choose their preferred...

Persistent link: https://www.econbiz.de/10011090647

Recent Developments in German Corporate Governance

Renneboog, Luc; Goergen, M.; Manjon, M.C. - Tilburg University, Center for Economic Research - 2004

been revised to prevent minority shareholders from stalling corporate restructuring via legal actions.The Takeover Act now … prescribes a tender offer as soon as an investor acquires at least 30% of a firm's equity.However, the Act also allows anti-takeover …

Persistent link: https://www.econbiz.de/10011090720

The Impact of Ownership Structure on Firm Performance : Evidence From a Large Emerging Market

Douma, S.W.; George, R.; Kabir, M.R. - Tilburg University, Center for Economic Research - 2002

We examine how ownership structure affects the performance of firms using firm level data from a large emerging market, India.We specifically focus on a previously unexplored phenomenon, namely the differential role played by foreign institutional and foreign corporate shareholders.An...

Persistent link: https://www.econbiz.de/10011090733

Public-to-Private Transactions : LBOs, MBOs, MBIs and IBOs

Renneboog, Luc; Simons, T. - Tilburg University, Center for Economic Research - 2005

expropriation, takeover defenses and corporate undervaluation.The paper also attempts to relate these value drivers to the post …

Persistent link: https://www.econbiz.de/10011091531

Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2002

In this paper, we analyse the short-term wealth effects of large (intra)European takeover bids.We find large … statistically significant announcement effect of only 0.7%.We also show that the status of a takeover bid has a large impact on the …, such as different corporate governance regimes (ownership concentration, takeover regulation, protection of shareholder …

Persistent link: https://www.econbiz.de/10011091588

Reorganization Law and Dilution Threats in Different Financial Systems

Hege, U.; Mella-Barral, P. - Tilburg University, Center for Economic Research - 2000

In a market-based financial system, credit is held by dispersed creditors, and out-of-court renegotiation of debt is more likely to fail because of hold-out problems; in a bank-based system, out-of-court renegotiation stands good chances to succeed. Since out-of-court renegotiation is a...

Persistent link: https://www.econbiz.de/10011091952