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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

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. Event studies have been used as one method to acquire empirical insights into the competitive effects of mergers. However, existing work suffers from strong identifying...

Persistent link: https://www.econbiz.de/10012161053

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

Mean and bold?

De Witte, Kristof; Dijkgraaf, Elbert - 2007

The Dutch drinking water sector experienced two drastic changes over the last 10 years. Firstly, in 1997, the sector association started with a voluntary benchmarking aimed to increase the efficiency and effectiveness of the sector. Secondly, merger activity arose. This paper develops a tailored...

Persistent link: https://www.econbiz.de/10011373828

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

White knights and the corporate governance of hostile takeovers

Calcagno, Riccardo; Falconieri, Sonia - 2008

We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …

Persistent link: https://www.econbiz.de/10011377390

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

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

Do firms or workers drive the foreign acquisition wage premium?

Rösch, Marcus; Gerritse, Michiel; Karreman, Bas; Oort, … - 2022

We decompose the wage premium after foreign acquisitions of Dutch domestic firms into the constituent firm- and worker-level premia. Firm-level premia grow up to 3.5%, accounting for the majority of the acquisition premium. Worker-level premia by contrast, grow up to 1% and only materialize with...

Persistent link: https://www.econbiz.de/10012816934

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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