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U.S. Defense Contracts During the Tax Expenditure Battles of the 1980s

Guthrie, Susan - 2010

This paper considers the impact of the tax treatment of U.S. military contractors. Prior to the early 1980s, taxpayers were permitted to use the completed contract method of accounting to defer taxation of profits earned on long term contracts. Legislation passed in 1982, 1986 and 1987 required...

Persistent link: https://www.econbiz.de/10012759115

Foreign Entry into U.S. Manufacturing by Takeovers and the Creation of New Firms

Lipsey, Robert E.; Feliciano, Zadia - 2021

Using U.S. Bureau of Economic Analysis data for individual foreign acquisitions and new establishments in the U.S from 1988 to 1998, and aggregate data for 1980 to 1998, we find that acquisitions and establishments of new firms tend to occur in periods of high U.S. growth and take place mainly...

Persistent link: https://www.econbiz.de/10013224850

Foreign Ownership and Firm Performance : Emerging-Market Acquisitions in the United States

Chari, Anusha; Chen, Wenjie; Dominguez, Kathryn M.E - 2021

This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are...

Persistent link: https://www.econbiz.de/10013226196

Liquidity Mergers

Almeida, Heitor - 2011

We study the interplay between corporate liquidity and asset reallocation opportunities. Our model shows that financially distressed firms are acquired by liquid firms in their industries even when there are no operational synergies associated with the merger. We call these transactions...

Persistent link: https://www.econbiz.de/10013130982

Globalization, Governance, and the Returns to Cross-Border Acquisitions

Ellis, Jesse A. - 2011

Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...

Persistent link: https://www.econbiz.de/10013131665

Shareholder Democracy in Canada

Morck, Randall - 2010

-style takeover defences, such as poison pills and staggered boards, but allows voting caps and pyramiding in their stead. Various … investors and mandatory takeover bids …

Persistent link: https://www.econbiz.de/10013135809

Is There Discretion in Wage Setting? a Test Using Takeover Legislation

Bertrand, Marianne - 2010

paper, we use states' passage of anti-takeover legislation as a source of such independent variation. Passed in the 1980's …

Persistent link: https://www.econbiz.de/10013137228

CEO Preferences and Acquisitions

Jenter, Dirk - 2011

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

Persistent link: https://www.econbiz.de/10013117399

The Effect of Liquidity on Governance

Edmans, Alex - 2011

This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge funds as they are unconstrained by legal restrictions and business ties, and thus have all governance channels at their disposal. Since the threat of governance, not just actual...

Persistent link: https://www.econbiz.de/10013118841

The Price Effects of a Large Merger of Manufacturers : A Case Study of Maytag-Whirlpool

Ashenfelter, Orley - 2011

Many experts speculate that U.S. antitrust policy towards horizontal mergers has been too lenient. We estimate the price effects of Whirlpool's acquisition of Maytag to provide new evidence on this debate. We compare price changes in appliance markets most affected by the merger to markets where...

Persistent link: https://www.econbiz.de/10013119784

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