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How Does Unemployment Insurance Affect Takeover Market Efficiency?
Guo, Lixiong - 2020
Unemployment insurance (UI) provides a crucial social safety net to workers as seen during the Covid-19 pandemic. This paper examines UI effects on takeover markets. We find that higher target state UI benefits raise acquisition likelihoods, deal synergies, and gains to acquirer and target...
Persistent link: https://www.econbiz.de/10012854117
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Acquisition Experience and Director Remuneration
Birhanu, Addis - 2020
We investigate whether acquisition experience of executive and non-executive directors is priced in their remuneration. We find that acquisition experience generates a contractual premium, and the relative size of this premium is higher for non-executive directors than for executives. Only a...
Persistent link: https://www.econbiz.de/10012827418
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Private Equity Buyouts and Employee Health
Garcia-Gomez, Pilar - 2020
We examine the role of employee health in Private Equity buyouts using employee-level data on employment, wages, medical prescriptions, and health expenditures of more than 55,000 buyout employees. Employees with a lower health status before the buyout face the most substantial losses of income...
Persistent link: https://www.econbiz.de/10012833962
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Which Antitakeover Provisions Matter?
Karpoff, Jonathan M. - 2020
Antitakeover provisions play a central role in corporate governance research. But there is little agreement over which, if any, provisions affect takeover likelihoods. As a result, researchers variously use the G-index, E-index, ad hoc indices, or selected individual provisions such as...
Persistent link: https://www.econbiz.de/10012852667
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Post-Merger Restructuring of the Labor Force
Gehrke, Britta; Maug, Ernst G.; Obernberger, Stefan; … - 2021
We study the restructuring of the labor force after mergers and acquisitions. Overall restructuring is large. Net employment of targets declines by more than half within two years after acquisitions relative to a matched sample, and is concentrated in targets that close all establishments. There...
Persistent link: https://www.econbiz.de/10013227936
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Should Shareholders Have a Say on Acquisitions?
Becht, Marco; Polo, Andrea; Rossi, Stefano - 2021
difference in the difference in performance between deals subject to a vote in the United Kingdom but not in the United States …
Persistent link: https://www.econbiz.de/10013243113
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Do firms with specialized M&A staff make better acquisitions?
Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2021
&A staff. We investigate whether specialized M&A staff improves acquisition performance or facilitates managerial empire … building instead. We find that firms with specialized M&A staff make better acquisitions when acquisition performance is … measured by stock price reactions to announcements, long-run stock returns, operating performance, divestitures, and analyst …
Persistent link: https://www.econbiz.de/10013216373