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Jenter, Dirk - 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/10013117262

A Simple Model of Mergers and Innovation

Federico, Giulio - 2017

We analyze the impact of a merger on firms' incentives to innovate. We show that the merging parties always decrease their innovation efforts post-merger while the outsiders to the merger respond by increasing their effort. A merger tends to reduce overall innovation. Consumers are always worse...

Persistent link: https://www.econbiz.de/10012951696

The Role of Toeholds and Capital Gains Taxes for Corporate Acquisition Strategies

Liberini, Federica - 2016

cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …

Persistent link: https://www.econbiz.de/10012978390

Buying to Sell : Private Equity Buyouts and Industrial Restructuring

Norback, Pehr-Johan - 2013

We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...

Persistent link: https://www.econbiz.de/10013078529

Taxing Away M&A : The Effect of Corporate Capital Gains Taxes on Acquisition Activity

Feld, Lars P. - 2016

Taxing capital gains is an important obstacle to the efficient allocation of resources because it imposes a transaction cost on the vendor which locks in appreciated assets by raising the vendor's reservation price in prospective transactions. For M&As, this effect has been intensively studied...

Persistent link: https://www.econbiz.de/10012997244

Driven by the Discount Factor : Impact of Mergers on Market Performance in the Semiconductor Industry

Harris, Jeremiah - 2015

This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model...

Persistent link: https://www.econbiz.de/10013028530

Happiness and Financial Satisfaction in Israel : Effects of Religiosity, Ethnicity, and War

van Praag, B.M.S. - 2010

We analyze individual satisfaction with life as a whole and satisfaction with the personal financial situation for Israeli citizens of Jewish and Arab descent. Our data set is the Israeli Social Survey (2006). We are especially interested in the impact of the religions Judaism, Islam and...

Persistent link: https://www.econbiz.de/10013137879

Surfing Alone? The Internet and Social Capital - Evidence from an Unforeseeable Technological Mistake

Bauernschuster, Stefan - 2014

Does the Internet undermine social capital or facilitate inter-personal and civic engagement in the real world? Merging unique telecommunication data with geo-coded German individual-level data, we investigate how broadband Internet affects several dimensions of social capital. One...

Persistent link: https://www.econbiz.de/10013067943

Diversity, Social Goods Provision, and Performance in the Firm

Ellison, Sara Fisher - 2014

The last decade has seen a growing interest among economists on the effect of diversity on the provision of social goods and the stock of social capital. Indeed, in the workplace, cooperation, trust, and other social goods may be important elements of the smooth functioning of an office, but...

Persistent link: https://www.econbiz.de/10013069250

Social Capital and the Status Externality

Itaya, Jun-ichi - 2018

This paper investigates how the presence of social capital affects the externality arising from status-seeking preference as a parable for inefficient antagonistic behavior. It is assumed that the stock of social capital is accumulating through joint social interaction between rational...

Persistent link: https://www.econbiz.de/10012927000

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