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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

Network Embeddedness and the Exploration of Novel Technologies : Technological Distance, Betweenness Centrality and Density

Duysters, Geert; Nooteboom, B.; Gilsing, V.A.; … - Tilburg University, Center for Economic Research - 2006

In this paper we analyze the innovative performance of alliance networks as a function of the technological distance between partners, a firm's network position (centrality) and total network density.We study how these three elements of an alliance network, apart and in combination, affect the...

Persistent link: https://www.econbiz.de/10011090286

Service Value Chains and Effects of Scale

Nooteboom, B. - Tilburg University, Center for Economic Research - 2007

This paper generalizes Porter’s notion of the value chain for the analysis of service industries. The generalization entails that the flow and the physical transformation and assembly of goods that are characteristic of manufacturing are generalized into flows and transformation of data and...

Persistent link: https://www.econbiz.de/10011090762

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...

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

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