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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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Revealing downturns
Schmalz, Martin C.; Zhuk, Sergey - 2018
When Bayesian risk-averse investors are uncertain about their assets' cash flows' exposure to systematic risk, stock prices react more to news in downturns than in upturns, implying higher volatility in downturns and negatively skewed returns. The reason is that, in good times, less desirable...
Persistent link: https://www.econbiz.de/10011794118
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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
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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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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
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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
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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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
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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...
Persistent link: https://www.econbiz.de/10011669398
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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