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Creditor Rights, Claims Enforcement, and Bond Returns in Mergers and Acquisitions

Renneboog, Luc - 2016

By means of an international sample of cross-border mergers and acquisitions (M&As) involving firms with outstanding Eurobonds from the US, Europe, and other countries around the world, we show that bond performance around M&A announcements is sensitive to cross-country differences in creditor...

Persistent link: https://www.econbiz.de/10012996646

Price and Probability : Decomposing the Takeover Effects of Anti-Takeover Provisions

Cuñat, Vicente - 2016

This paper studies the effects of anti-takeover provisions on takeovers and identifies the channels through which they … the endogenous selection of targets – showing that voting to remove an anti-takeover provision increases the takeover …

Persistent link: https://www.econbiz.de/10013001714

Leveraged Buyouts : A Survey of the Literature

Renneboog, Luc - 2017

costs savings, takeover defense strategies, and corporate undervaluation. The paper then reviews and summarizes how these …

Persistent link: https://www.econbiz.de/10012965852

Takeovers and (Excess) CEO Compensation

Feito-Ruiz, Isabel - 2017

their own pay which could lead to excesses. We relate excess pay to how takeover decisions are received by the market, and … demonstrate that excess compensation negatively affects the acquirer's stock valuation at a takeover announcement. The market is …

Persistent link: https://www.econbiz.de/10012951091

Mergers and Acquisitions, Technological Change and Inequality

Ma, Wenting - 2019

We document firm-level changes following mergers and acquisitions (M&As) which mirror aggregate shifts in the US labor market observed in response to greater use of automation. Specifically, we show post M&A establishments become less routine task intensive, more high-skilled, and pay more...

Persistent link: https://www.econbiz.de/10012903247

Will I Get Paid? Employee Stock Options and Mergers and Acquisitions

Babenko, Ilona - 2019

We analyze how employee compensation contracts of target firms affect merger terms and outcomes. Using unique data from merger agreements, we document that in 80.0% of all M\&A deals at least some of the target's ESOs are canceled by the acquirer and not replaced by new equity-based grants....

Persistent link: https://www.econbiz.de/10012903504

Does Transparency Increase Takeover Vulnerability?

Gu, Lifeng - 2019

We study how transparency affects takeover probability and stock returns. If transparency helps acquiring firms to … determine target value or synergy, then it can increase takeover vulnerability. Estimated takeover probabilities produce results … consistent with this view and offer better fit over 25 years of takeover data. Notably, the relation between takeover likelihood …

Persistent link: https://www.econbiz.de/10012898743

Disentangling the Link between Stock and Accounting Performance in Acquisitions

Betzer, André - 2015

We study the accounting and stock performance of 4,547 US acquisitions during 1989 and 2008. We categorise acquisitions into four types based on the four possible combinations of positive or negative abnormal stock performance and abnormal accounting performance. First, we compare the bidder,...

Persistent link: https://www.econbiz.de/10013039332

The Effect of Institutional Investors' Voice on the Terms and Outcome of Freeze-out Tender Offers

Lauterbach, Beni - 2019

We study the impact of institutional investors' “voice” on 201 going private tender offers by controlling shareholders ("freeze-out" offers) in Israel. Israeli regulatory intervention in freeze-out tender offers is relatively mild, thus institutional investors' activism becomes crucial. We...

Persistent link: https://www.econbiz.de/10012898258

The Long-Term Consequences of Short-Term Incentives

Edmans, Alex - 2020

This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term concerns. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a merger...

Persistent link: https://www.econbiz.de/10012853747