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Do Acquirers with More Uncertain Growth Prospects Gain Less from Acquisitions?
Moeller, Sara B. - 2004
Behavioral finance models imply that an increase in shares outstanding leads to a lower stock price for firms with greater diversity in opinion among investors. Information asymmetry models imply that share issues by firms with greater information asymmetries are accompanied by larger share...
Persistent link: https://www.econbiz.de/10012785450
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When Investor Incentives and Consumer Interests Diverge : Private Equity in Higher Education
Eaton, Charlie - 2018
This paper studies how private equity buyouts create value in higher education, a sector with opaque product quality and intense government subsidy. With novel data on 88 private equity deals involving 994 schools, we show that buyouts lead to higher tuition and per-student debt. Exploiting loan...
Persistent link: https://www.econbiz.de/10012911710
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The Investment Behavior of Buyout Funds : Theory and Evidence
Ljungqvist, Alexander - 2014
This paper analyzes the determinants of buyout funds' investment decisions. In a model in which the supply of capital is quot;stickyquot; in the short run, we link the timing of funds' investment decisions, their risk-taking behavior, and the returns they subsequently earn on their buyouts to...
Persistent link: https://www.econbiz.de/10012751383
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Institutions, Restructuring, and Macroeconomic Performance
Caballero, Ricardo J.; Hammour, Mohamad L. - 2021
A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...
Persistent link: https://www.econbiz.de/10013248541
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Acquiring Control in Emerging Markets : Evidence from the Stock Market
Chari, Anusha; Ouimet, Paige; Tesar, Linda L. - 2021
When firms from developed markets acquire firms in emerging markets, market-capitalization-weighted monthly joint returns show a statistically significant increase of 1.8%. Panel data estimations suggest that the value gains from cross-border M&A transactions stem from the transfer of majority...
Persistent link: https://www.econbiz.de/10013212613
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Target Revaluation after Failed Takeover Attempts – Cash Versus Stock
Malmendier, Ulrike - 2012
Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on … unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by +15% after deal … longer horizons. We find no evidence that future takeover activities or operational changes explain these differences. While …
Persistent link: https://www.econbiz.de/10013104060
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Takeover Bids Below the Expected Value of Minority Shares
Bebchuk, Lucian A. - 2008
Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the …
Persistent link: https://www.econbiz.de/10012774564
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Poison or Placebo? Evidence on the Deterrent and Wealth Effects of Modern Antitakeover Measures
Comment, Robert - 2008
poison pills and control share statutes are reliably associated with higher takeover premiums for selling shareholders, both … unconditionally and conditional on a successful takeover, and we provide updated event-study evidence for the three-quarters of all …
Persistent link: https://www.econbiz.de/10012774568
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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 2008
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...
Persistent link: https://www.econbiz.de/10012774941
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Investor Sentiment and Corporate Finance : Micro and Macro
Lamont, Owen A. - 2006
We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...
Persistent link: https://www.econbiz.de/10012783338