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Persistent link: https://www.econbiz.de/10009767003
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
Persistent link: https://www.econbiz.de/10003645088
This paper studies the impact of cross-border Mergers and Acquisitions (M&As) on Carbon Dioxide emissions. Carbon Dioxide is the main anthropogenic greenhouse gas. A global problem that requires a multilateral solution. To take this into account we introduce an institutional variable, which...
Persistent link: https://www.econbiz.de/10011386451
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
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
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
banking.The dynamic merger analysis indicates that the cost efficiencyof merging banks is positively affected by the merger …
Persistent link: https://www.econbiz.de/10011317440
We combine the resource curse literature with the literature on cross-border mergers and acquisitions (M&As) to investigate two hypotheses, namely (i) natural resources wealth: countries with a comparative advantage in natural resources attract more M&As in natural resource intensive sectors and...
Persistent link: https://www.econbiz.de/10011378328
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