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An empirical analysis of legal insider trading in the Netherlands
Degryse, Hans; de Jong, Frank; Lefebvre, Jérémie - 2009
In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by...
Persistent link: https://www.econbiz.de/10010274331
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Aggregate Insider Trading and Stock Market Volatility in the UK
Caporale, Guglielmo Maria; Kyriacou, Kyriacos; … - 2023
This paper examines the relationship between aggregate insider trading (AIT) and stock market volatility using monthly data on insider transactions by UK executives in public limited companies for the period January 2002 - December 2020. More specifically, a Vector Autoregression (VAR) model is...
Persistent link: https://www.econbiz.de/10014347820
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Corporate Acquisitions and Firm-Level Uncertainty : Domestic versus Cross-Border Deals
Bai, Ye - 2020
-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …
Persistent link: https://www.econbiz.de/10012841927
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Distressed Acquisitions : Evidence from European Emerging Markets
Iwasaki, Ichiro; Kočenda, Evžen; Shida, Yoshisada - 2021
We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007–2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality...
Persistent link: https://www.econbiz.de/10013231968
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Multiproduct Mergers and the Product Mix in Domestic and Foreign Markets
Chan, Jackie M.L; Irlacher, Michael; Koch, Michael - 2022
This paper investigates the effects of mergers on the product mix of multiproduct firms. Thus, we open the black box of post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal mergers in a theoretical model where oligopolistic...
Persistent link: https://www.econbiz.de/10013290783
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Determinants of cross-border bank acquisitions in transition economies: a latent class analysis
Poghosyan, Tigran; de Haan, Jakob - 2008
We analyze the microeconomic determinants of cross-border bank acquisitions in 16 transition economies over the period 1996-2006. By using a latent class discrete choice model we explicitly incorporate the macroeconomic and institutional heterogeneity of the transition economies into our...
Persistent link: https://www.econbiz.de/10010274044
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Unlocking the value of cross-border mergers and acquisitions
Brakman, Steven; Garita, Gus; Garretsen, Harry; van … - 2008
Most FDI takes place between the developed countries, which suggests that the market-seeking motive is important for understanding FDI. However, given the stylized fact that trade barriers (e.g. transportation costs and financial barriers) have declined over the past 20 years, models that aim to...
Persistent link: https://www.econbiz.de/10010275800
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CEO preferences and acquisitions
Jenter, Dirk; Lewellen, Katharina - 2011
of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …
Persistent link: https://www.econbiz.de/10010280635
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Long-lasting bank relationships and growth of firms
Gambini, Alessandro; Zazzaro, Alberto - 2010
A puzzling but consistent result in the empirical literature on banking is that firms with close bank ties do not grow faster than bank-independent firms. In this paper, we reconsider the link between relationship lending and firms' growth, distinguishing firms by size and 'health'. The idea is...
Persistent link: https://www.econbiz.de/10010270520
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Corporate governance reforms, interlocking directorship networks and company value in Italy (1998-2007)
Drago, Carlo; Millo, Francesco; Ricciuti, Roberto; … - 2011
In this paper we contribute to the literature on the structure of interlocking directorship networks and to the literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance variables related to the board size and interlocking...
Persistent link: https://www.econbiz.de/10010274726