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Corporate acquisitions and firm-level uncertainty : domestic versus cross-border deals
Bai, Ye; Girma, Sourafel; Riaño, Alejandro - 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/10012158166
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Buying to sell : private equity buyouts and industrial restructuring
Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 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/10009772935
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Driven by the discount factor : impact of mergers on market performance in the semiconductor industry
Harris, Jeremiah; Siebert, Ralph - 2015
This study investigates the impact of firm-specific discount factors on merger formation and market performance. We … explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms …
Persistent link: https://www.econbiz.de/10010479370
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Foreign ownership and skillbiased technological change
Koch, Michael; Smolka, Marcel - 2018
We conduct an empirical investigation into the effects of foreign ownership on worker skills using firm-level data from Spain. To control for endogeneity bias due to selection into foreign ownership, we combine a difference-in-differences approach with a propensity score weighting estimator. Our...
Persistent link: https://www.econbiz.de/10011929606
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Effects of territorial and worldwide corporation tax systems on outbound M&As
Feld, Lars P.; Ruf, Martin; Scheuering, Uwe; Schreiber, … - 2013
Repatriation taxes reduce the competitiveness of multinational firms from tax credit countries when bidding for targets in low tax countries. This comparative disadvantage with respect to bidders from exemption countries violates ownership neutrality, which results in production inefficiencies...
Persistent link: https://www.econbiz.de/10010199701
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The role of toeholds and capital gains taxes for corporate acquisition strategies
Liberini, Federica; Russo, Antonio; Stimmelmayr, Michael - 2016
Ownership takeovers often follow complex strategies where the control of the target firm is acquired through a sequence … 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/10011554398
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A simple model of mergers and innovation
Federico, Giulio; Langus, Gregor; Valletti, Tommaso M. - 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 off after a merger. Our model calls into question the applicability of …
Persistent link: https://www.econbiz.de/10011669398
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Mergers in the digital economy
Gautier, Axel; Lamesch, Joe - 2020
Over the period 2015-2017, the five giant technologically leading firms, Google, Amazon, Facebook, Amazon and Microsoft (GAFAM) acquired 175 companies, from small start-ups to billion dollar deals. By investigating this intense M&A, this paper ambitions a better understanding of the Big Five's...
Persistent link: https://www.econbiz.de/10012154717
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Distressed acquisitions : evidence from European emerging markets
Iwasaki, Ichirō; 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/10012508593
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Big tech acquisitions and innovation : an empirical assessment
Barsy, Laureen de; Gautier, Axel - 2024
In the past 20 years, large digital platforms have made many acquisitions, mainly young and innovative startups. Few of them have been reviewed by competition authorities and little is known on their evolution after acquisition. This paper intends to fill in this gap by looking at the...
Persistent link: https://www.econbiz.de/10014505345