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The Role of the Media in Corporate Governance : Do the Media Influence Managers’ Decisions to Abandon Acquisition Attempts?

Liu, Baixiao - 2012

Using 636 large acquisition attempts that are accompanied by a negative stock price reaction at their announcement (“value-reducing acquisition attempts”) from 1990-2010, we find that, in deciding whether to abandon a value-reducing acquisition attempt, managers' sensitivity to the firm's...

Persistent link: https://www.econbiz.de/10013109022

Does the Director Labor Market Offer Ex Post Settling-Up for CEOs? The Case of Acquisitions

Harford, Jarrad - 2012

. Prior studies have found that the director labor market values CEO ability as reflected in overall firm performance …

Persistent link: https://www.econbiz.de/10013109149

Director Networks and Takeovers

Renneboog, Luc - 2013

We study the impact of corporate networks on the takeover process. We find that better connected companies are more active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover transaction will be successfully completed augments, and the...

Persistent link: https://www.econbiz.de/10013074605

The International Diversification of Banks and the Value of their Cross-Border M&A Advice

de Jong, Abe - 2015

We examine the impact of the international diversification by banks on the value of their advice in 1,705 cross-border merger and acquisition transactions. We find that bidders engaging internationally diversified advisors face lower announcement returns. A one standard deviation increase in...

Persistent link: https://www.econbiz.de/10013039052

Corporate Employee-Engagement and Merger Outcomes

Liang, Hao - 2017

Extending the theories of employee incentives and inalienability of human capital, we investigate the link between a firm's engagement in employee issues and the returns to shareholders around mergers and acquisitions (M&As) and analyze an international sample of 4,565 M&A deals from 48...

Persistent link: https://www.econbiz.de/10012961182

Reputational Concerns in the Market for Corporate Control

Boone, Audra L. - 2018

This paper explores whether corporate acquirers consider environmental reputations whenplanning and structuring takeovers. We find that firms with an environmentally toxic reputation,which have the greatest potential for negative spillovers to their merger partners, have a lowerassociated...

Persistent link: https://www.econbiz.de/10012940277

Failure and Success in Mergers and Acquisitions

Renneboog, Luc - 2019

specifically on firms' performance around and after a takeover. Despite the aggregate M&A market amounting to several trillions USD … returns, short-run returns are often not sustained in the long run. Moreover, the wide variety of performance measures and …) long-run performance. We find that post-takeover deal performance is affected by key determinants including serial …

Persistent link: https://www.econbiz.de/10012864985

Unrelated Acquisitions

Aggarwal, Rajesh K. - 2017

announcement returns and outperform related acquisitions. Post-merger operating performance is also quite positive, suggesting that …

Persistent link: https://www.econbiz.de/10012975369

Large Wealth Creation in Mergers and Acquisitions

Fich, Eliezer M. - 2017

We examine completed M&A deals with large acquirer shareholder dollar wealth gains at announcement. We find that large-gain acquisitions are (i) typically “bolt-on” deals that are small relative to the acquirer's size; (ii) transaction-specific events (not firm- nor CEO-specific events);...

Persistent link: https://www.econbiz.de/10012975400

Done Deal! Advisor impact on Pricing, Premia, Returns, and Deal Completion in M&A

Ecer, C. Fuat. J.; Trautmann, Stefan T. - 2021

We study the role of financial advisors in M&A for different advisor engagement constellations. We observe positive effects of both target and acquirer advisors on deal completion and prices. The unexpected positive price effect of acquirer advisors is further supported by evidence for higher...

Persistent link: https://www.econbiz.de/10013242424