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The location of cross-border mergers & acquisitions in the USA
Brakman, Steven; Garretsen, Harry; Marrewijk, Charles van - 2015 - First version: October 2014, this version: April 2015
neglected. In this paper we analyze the within country location-target selection of M&As in the USA. Extending Guadalupe (2012 … the USA for the period 1985-2012, we compare location choices of cross-border M&As to that of national M&As. We find that … across the USA than national M&As, and that for both forms of M&As location specific market access in the USA as well as …
Persistent link: https://www.econbiz.de/10010515424
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Mergers and partial ownership
Foros, Oystein; Kind, Hans Jarle; Shaffer, Greg Eric - 2010
In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find that partial ownership arrangements can be more profitable for the acquiring and acquired firm because they can result in a greater dampening of competition. We also derive...
Persistent link: https://www.econbiz.de/10003925257
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Chinese acquisitions abroad : are they different?
Fuest, Clemens; Hugger, Felix; Sultan, Samina; Xing, Jing - 2019
In recent years Chinese acquisitions abroad have increased significantly. This paper uses a large dataset on cross-border M&A deals to investigate whether Chinese foreign acquisitions differ from acquisitions coming from other countries. We find that Chinese acquirers buy targets with lower...
Persistent link: https://www.econbiz.de/10011992349
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What is the relation (if any) between a firm's corporate governance arrangements and its financial performance?
Wessels, Roberto E.; Wansbeek, Tom - 2014
This paper presents estimates from a latent variables model of the relation between corporate governance and financial performance. We use data on large US corporations to estimate the correlation, conditional on the firms' investment opportunity set, between governance and performance. We find...
Persistent link: https://www.econbiz.de/10010235838
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Stock market returns, corporate governance and capital market equilibrium
Parigi, Bruno; Pelizzon, Loriana; Thadden, Ernst-Ludwig von - 2013
This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms’ stock...
Persistent link: https://www.econbiz.de/10010212666
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Executive compensation : a survey of theory and evidence
Edmans, Alex; Gabaix, Xavier; Jenter, Dirk - 2017
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...
Persistent link: https://www.econbiz.de/10011700396
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Learning from the past : trends in executive compensation over the twentieth century
Frydman, Carola (contributor) - 2008
In recent years, a large academic debate has tried to explain the rapid rise in CEO pay experienced over the past three decades. In this article, I review the main proposed theories, which span views of compensation as the result of a competitive labor market for executives to theories based on...
Persistent link: https://www.econbiz.de/10003790763
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Rhineland exit?
Bovenberg, Ary Lans (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003630541
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Mavericks, universal, and common owners : the largest shareholders of U.S. public firms
Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin C. - 2022
We construct a novel data set to show that, between 2003-2020, up to one-fifth of America's largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of "universal" and...
Persistent link: https://www.econbiz.de/10013365123
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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/10009412377