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Taxing away M&A : the effect of corporate capital gains taxes on acquisition activity

Feld, Lars P.; Ruf, Martin; Schreiber, Ulrich; … - 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/10011421573

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

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

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

The role of toeholds and capital gains taxes for corporate acquisition strategies

Liberini, Federica; Russo, Antonio; Stimmelmayr, Michael - 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/10011554398

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 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/10010479370

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...

Persistent link: https://www.econbiz.de/10011669398

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

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

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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