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Mergers & acquisitions (M&A) are most popular external growth strategies. While the number of M&A has been increasing during the past decades, on average, only the shareholders of target firms gain value during the acquisitions process, while acquirers do not receive abnormal positive returns....
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emphasis on technology which can be found in the recent literature, our estimation results indicate that numerical superiority …
Persistent link: https://www.econbiz.de/10013320536
What is the optimal form of firm organization during "bad times"? Using two large micro datasets on firm decentralization from US administrative data and 10 OECD countries, we find that firms that delegated more power from the Central Headquarters to local plant managers prior to the Great...
Persistent link: https://www.econbiz.de/10012957505
Recent innovation literature has documented the benefits of cross-pollination of ideas across a wide set of industries …
Persistent link: https://www.econbiz.de/10012150167
Extant literature consistently documents that investors tilt their domestic equity portfolios towards regionally close stocks (local bias). We hypothesize that individual investors’ local bias is not limited to the domestic sphere but instead also determines their international investment...
Persistent link: https://www.econbiz.de/10009740268
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German banks, this paper explores how regionally less diversified banks in Germany adjusted their loan loss provisioning … following the severe summer flood of 2013, which affected widespread regions mostly in Eastern Germany. The analysis uses a … difference-in-differences estimation with banks being allocated to the treatment and control group based on the region of their …
Persistent link: https://www.econbiz.de/10013370513
We study the implications of services trade for firm innovation. Using a quasi-experimental shift-share design, we find …’ innovation efficiency by mitigating decreasing economies of scale in in-house innovation efforts. As a result, firms become more … likely to outsource innovation efforts as they become more innovative, whereas the prevalence of offshoring depends on its …
Persistent link: https://www.econbiz.de/10015048739