Showing 1 - 10 of 16
While it is well established that diversifying acquisitions by large, cash-rich firms destroy shareholder wealth, we document positive abnormal returns to such acquisitions in the tobacco industry. We show that these abnormal returns are associated with proxies for lower expected expropriation...
Persistent link: https://www.econbiz.de/10005376565
Persistent link: https://www.econbiz.de/10005362652
Persistent link: https://www.econbiz.de/10005362719
Persistent link: https://www.econbiz.de/10005362783
Persistent link: https://www.econbiz.de/10005362852
Persistent link: https://www.econbiz.de/10005362902
Persistent link: https://www.econbiz.de/10005376571
Persistent link: https://www.econbiz.de/10005210535
We survey 1,050 Chief Financial Officers (CFOs) in the U.S., Europe, and Asia to directly assess whether their firms are credit constrained during the global financial crisis of 2008. We study whether corporate spending plans differ conditional on this survey-based measure of financial...
Persistent link: https://www.econbiz.de/10008488760
We use industry valuation differentials across European countries to study the impact of membership in the European Union as well as the Eurozone on both economic and financial integration. In integrated markets, discount rates and expected growth opportunities should be similar within one...
Persistent link: https://www.econbiz.de/10010681720