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Analysts' forecast revisions and informativeness of the acquirer's stock after M&A transactions
de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2015
Are mergers and acquisitions significant events that develop informativeness? Is the informativeness process the same in different countries? Looking only at cumulative abnormal returns (CARs) is insufficient and the results are sometimes contradictory. To answer to these questions we use the...
Persistent link: https://www.econbiz.de/10011269167
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Ownership, control and market liquidity
Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine (Paris IX)
We examine how ownership concentration and the separation of ownership and control affect market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. Different methods of concentrating control affect liquidity in different ways. Pyramid...
Persistent link: https://www.econbiz.de/10010706821
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Ownership, control and market liquidity
Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine (Paris IX) - 2012
We examine how ownership concentration and the separation of ownership and control affect secondary-market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. However, different methods of enhancing control affect liquidity in different...
Persistent link: https://www.econbiz.de/10010708299
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Takeovers and the dynamics of information flows
Chemla, Gilles - Université Paris-Dauphine (Paris IX) - 2004
This Paper analyses the effect of a possible takeover on information flows and on the terms of trade in business … model, takeovers both increase the surplus from trade and enable the firm to extract a potentially higher share of the … surplus from the buyer. The possibility of a takeover that leaves the buyer with a higher (lower) rent than the incumbent …
Persistent link: https://www.econbiz.de/10010709026
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Takeover contests, toeholds and deterrence
Ettinger, David - Université Paris-Dauphine (Paris IX) - 2009
We consider a setting in which two potential buyers, one with a prior toehold and one without, compete in a takeover … modeled as an ascending auction with participating costs. The toeholder is more aggressive during the takeover process because …
Persistent link: https://www.econbiz.de/10011166392
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The good and the bad: The impact of cultural diversity on cooperative relationships
Dameron, Stéphanie - Université Paris-Dauphine (Paris IX) - 2006
This paper aims at understanding what the consequences are of cultural diversity on co-operative relationships. Co-operation is considered through two different modes: the first one, called community based co-operation, is based on the need for belonging and the second mode, called complementary...
Persistent link: https://www.econbiz.de/10010861588
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Equal opportunity rule vs. market rule in transfer of control: How can private benefits help to provide an answer?
de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2013
Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...
Persistent link: https://www.econbiz.de/10010735780
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The equal opportunity rule in transfer of control : a signaling model
de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2009
The equal opportunity rule is seen as protecting investors in the event of a transfer of control. In order to better analyze the consequence of such a rule, we need to account for the information asymmetry that exists between new controlling shareholders and outside investors with private...
Persistent link: https://www.econbiz.de/10010706677
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Corporate acquisition process: Is there an optimal cash-equity payment mix?
de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2012
the setting of conditions of payment is an endogenous part of a takeover agreement between the acquirer and the target …
Persistent link: https://www.econbiz.de/10010747575
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Enjeux éthiques des formules d'actionnariat des dirigeants
Desbrieres, Philippe; Mercier, Samuel - Université Paris-Dauphine (Paris IX) - 2001
Persistent link: https://www.econbiz.de/10010861359