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Dynamics in ownership and firm survival: evidence from corporate Germany

Heiss, Florian; Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001

This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...

Persistent link: https://www.econbiz.de/10005097846

Pre-empting Technology Competition Through Firm Acquisitions

Grimpe, Christoph; Hussinger, Katrin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007

This paper investigates the motive of pre-empting technology competition through mergers and acquisitions (M&A). Exploiting the patent application procedure at the European Patent Office we introduce a new measure for the possibility to create entry barriers in technology markets. Our results...

Persistent link: https://www.econbiz.de/10005098265

Return and Volatility Reactions to Monthly Announcements of Business Cycle Forecasts: An Event Study Based on High-Frequency Data

Steiner, Christian; Groß, Anne; Entorf, Horst - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and...

Persistent link: https://www.econbiz.de/10005097856

M&A and the tax benefits of debt-financing

Scheuering, Uwe - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

finance a takeover with debt. In this paper, I investigate the impact of profit taxation on the financing decision in …

Persistent link: https://www.econbiz.de/10010957629

Effects of territorial and worldwide corporation tax systems on outbound M&As

Feld, Lars P.; Ruf, Martin; Scheuering, Uwe; Schreiber, … - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

Repatriation taxes reduce the competitiveness of multinational firms from tax credit countries when bidding for targets in low tax countries. This comparative disadvantage with respect to bidders from exemption countries violates ownership neutrality, which results in production inefficiencies...

Persistent link: https://www.econbiz.de/10010957665

Sources of value creation through private equity-backed mergers and acquisitions: The case of buy-and-build strategies

Borell, Mariela; Heger, Diana - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

This article documents a new value creation function of private equity investors who carry out buy-and-build strategies. Buy-and-build strategies constitute an initial acquisition of a firm, serving as a 'platform', by a private equity investor and follow-on private equity-backed acquisitions...

Persistent link: https://www.econbiz.de/10010957702

Do private equity owners increase risk of financial distress and bankruptcy?

Tykvová, Tereza; Borell, Mariela - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

There is some controversy on the key sources of success in the private equity model and on how this business model affects the portfolio companies. We investigate financial distress risks of European companies around the buyout event in the period between 2000 and 2008. In addition, we analyze...

Persistent link: https://www.econbiz.de/10009646600

Absorptive capacity and post-acquisition inventor productivity

Hussinger, Katrin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010

Inventors often experience a low productivity after their company has been subject to a merger or acquisition (M … capacity for the post-merger patent productivity of the acquired inventors. Based on a sample of 544 inventors employed by … European acquisition targets in the period 2000-2001 it is shown that the post-merger productivity of acquired inventors is …

Persistent link: https://www.econbiz.de/10008694122

Bank owners or bank managers: who is keen on risk? Evidence from the financial crisis

Gropp, Reint; Köhler, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010

In this paper, we analyse whether bank owners or bank managers were the driving force behind the risks incurred in the wake of the financial crisis of 2007/2008. We show that owner controlled banks had higher profits in the years before the crisis, and incurred larger losses and were more likely...

Persistent link: https://www.econbiz.de/10008518270

Corporate governance and current regulation in the German banking sector: an overview and assessment

Köhler, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010

This paper gives an overview over corporate governance and banking regulation in Germany. Particular attention is put on legal and regulatory changes that were made in response to the financial market crisis. The paper shows that the changes mainly focus on the remuneration of managers and on...

Persistent link: https://www.econbiz.de/10008494187