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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

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 impact of Taxation on Bank Leverage and Asset Risk

Horvath, B.L. - Tilburg University, Center for Economic Research - 2013

create dependency between bank leverage and risk. Using a large international sample of banks this paper estimates the short …

Persistent link: https://www.econbiz.de/10011092307

Thin Capitalization Rules and Multinational Firm Capital Structure

Huizinga, Harry P.; Blouin, J.; Laeven, L.; Nicodeme, G. - Tilburg University, Center for Economic Research - 2014

Abstract: This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using...

Persistent link: https://www.econbiz.de/10011092339

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

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