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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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Firm size and monetary policy transmission: evidence from German business survey data
Ehrmann, Michael - 2004
Using business survey data on German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission of monetary policy. The business conditions of small firms are found to be somewhat more...
Persistent link: https://www.econbiz.de/10010261201
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Heavyweights - the impact of large businesses on productivity growth
Falck, Oliver - 2007
The idea of an industrial policy that promotes large businesses - heavyweights - as the best way to compete in a globalized world has become, again, en vogue among European politicians. The only apparent controversy about the idea revolves around whether it is better to promote national...
Persistent link: https://www.econbiz.de/10010264240
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Trade Costs in Services : Firm Survival, Firm Growth and Implied Changes in Employment
Christen, Elisabeth M. - 2020
This paper provides new insight into the firm-level employment impacts of trade cost changes at the industry level in the Austrian services sector. We apply a two-part model of firm survival (exit) and firm growth. Separate regressions for firm entry rates at the industry-region level complete...
Persistent link: https://www.econbiz.de/10012844212
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On the Profitability of Cross-Ownership in Cournot Oligopolies : Stock Sizes Matter
Benchekroun, Hassan - 2020
We examine the profitability of cross-ownership in an oligopolistic industry where firms compete as Cournot rivals. We consider a symmetric cross-ownership structure in which a subset of k firms engage in cross-shareholding and each firm has an equal silent financial interest in the other firms,...
Persistent link: https://www.econbiz.de/10012824811