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Event studies in merger analysis : review and an application using U.S. TNIC data
Klein, Timo - 2020 - Revision: March 2020
There is a growing concern that U.S. merger control may have been too lenient, but empirical evidence remains limited … reviewing the use and challenges of event studies in merger analysis, I use a novel application of Hoberg-Phillips (2010, 2016 ….S. mergers between 1997 and 2017. I document that following a merger announcement, the most likely competitors experience on …
Persistent link: https://www.econbiz.de/10012161053
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Winning by losing : evidence on overbidding in mergers
Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - 2011
Persistent link: https://www.econbiz.de/10010191090
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Consolidation waves
Berg, Ward A. van den; Smit, Han T. J. - 2007
This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is likely to play in the consolidation game. We propose that whether a firm assumes the role of rival consolidator, target, or passive observer depends on the position of the firm...
Persistent link: https://www.econbiz.de/10011372521
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Countries of a feather flock together
Marrewijk, Charles van; Garita, Gus - 2008 - This version: September 2008
We analyze the economic forces underlying cross-border Mergers and Acquistions (M&As) using a large bilateral panel data set. The frequent occurrence of zero observations provides essential information on the structure of M&A flows, which we model empirically using a two-stage procedure. At the...
Persistent link: https://www.econbiz.de/10011376623
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Corporate acquisitions and bank relationships
Volosovych, Vadym; Poelhekke, Steven; Vlahu, Razvan - 2021
Using a large dataset of firm-bank and ownership information for 23 European countries over 2008-2015, we study the dynamics of bank relationships after corporate acquisitions and the effects of changing banks on firm performance. Foreign acquirers do not rely on internal capital markets but...
Persistent link: https://www.econbiz.de/10012621574
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Private equity waves
Smit, Han T. J.; Berg, Ward A. van den - 2006
This study presents a dynamic model for the private equity market in which information revelation and uncertainty rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public equity is i) uncertain and ii) agents have private...
Persistent link: https://www.econbiz.de/10011349200
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Can private equity funds act as strategic buyers? : evidence from buy-and-build strategies
Bansraj, Dyaran S.; Smit, Han T. J.; Volosovych, Vadym - 2020
By holding assets longer and increasingly focusing on growth strategies private equity firms enter the territory of strategic buyers. In one such strategy, a private equity firm buys a company and then builds on that "platform" through add-on acquisitions. We ask whether such serial...
Persistent link: https://www.econbiz.de/10012241756
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The political economy of dominant investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - 2005
We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...
Persistent link: https://www.econbiz.de/10011337975
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Cross-boarder mergers and acquisitions : on revealed comparative advantage and merger waves
Brakman, Steven; Garretsen, Harry; Marrewijk, Charles van - 2008
Persistent link: https://www.econbiz.de/10003645088
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Cross-border mergers and acquisitions : on revealed comparative advantage and merger waves
Brakman, Steven; Garretsen, Harry; Marrewijk, Charles van - 2008 - This version: January 2008
interaction between firms in a general equilibrium setting). In terms of economic importance, the dominant merger wave variable is … a positive global-all effect, indicating that M&A waves are an economy-wide, global phenomenon. Country-specific merger …
Persistent link: https://www.econbiz.de/10011374427