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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
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Benefits of Control, Capital Structure and Company Growth
Mueller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005
This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...
Persistent link: https://www.econbiz.de/10005097834
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Control transfers in corporate Germany: their frequency, causes and consequences
Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2000
This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...
Persistent link: https://www.econbiz.de/10005098061
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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10005098062
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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
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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
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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
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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
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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
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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 …
Persistent link: https://www.econbiz.de/10008518270