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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
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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
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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
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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
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CEO Preferences and Acquisitions
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
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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
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Overvalued : Swedish Monetary Policy in the 1930s
Rathke, Alexander - 2013
This paper reconsiders the role of monetary policy in Sweden's strong recovery from the Great Depression. The Riksbank in the 1930s is sometimes seen as an example of a central bank that was relatively innovative in terms of the conduct of monetary policy. To consider this analytically, we...
Persistent link: https://www.econbiz.de/10013091832
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A Model of Heterogeneous Firm Matches in Cross-Border Mergers & Acquisitions
Brakman, Steven - 2018
In contrast to empirical evidence, recent theories of cross-border mergers and acquisitions (M&As) assume perfect knowledge transfers – from high to low productivity firms – between acquirer and target. Using the Melitz (2003) model of heterogeneous firms, we develop a matching model of...
Persistent link: https://www.econbiz.de/10012914676
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Heterogeneous Merger Impacts on Competitive Outcomes
Siebert, Ralph - 2017
Mergers realize heterogeneous competitive effects on profits, production, and prices. To date, it is unclear whether differential merger outcomes are caused mostly by firms' technology or product market attributes. Furthermore, empirical merger studies conventionally assume that, conditional on...
Persistent link: https://www.econbiz.de/10012948252
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The Location of Cross-Border Mergers & Acquisitions in the USA
Brakman, Steven - 2015
The research on the location choice for Foreign Direct Investment (FDI) is traditionally restricted to a choice between countries. The within-country location choice is less prominent in the literature. If within-country location decisions are considered it is mostly limited to Greenfield...
Persistent link: https://www.econbiz.de/10013023112