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Banker Fees and Acquisition Premia for Targets in Cash Tender Offers : Challenges to the Popular Wisdom on Banker Conflicts
Calomiris, Charles W. - 2009
We analyze data on fees paid to investment bankers and acquisition premia paid for targets in cash tender offers. Our results are broadly consistent with the predictions of a benign view of the role of investment banks in advising acquisition targets. Fees to investment banks are correlated with...
Persistent link: https://www.econbiz.de/10012767558
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Acquiring Banking Networks
Levine, Ross - 2017
merge and post-merger value creation and synergies? We compile comprehensive information on U.S. bank acquisitions from 1986 …
Persistent link: https://www.econbiz.de/10012954925
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Is There a Diversification Discount in Financial Conglomerates?
Laeven, Luc - 2005
This paper investigates whether the diversity of activities conducted by financial institutionsinfluences their market valuations. We find that there is a diversification discount: The marketvalues financial conglomerates that engage in multiple activities, e.g., lending and non-lendingfinancial...
Persistent link: https://www.econbiz.de/10012784437
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Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU
Carbo-Valverde, Santiago - 2010
banks in individual EU countries help to explain the nature of cross-border merger activity. If they wish to protect …
Persistent link: https://www.econbiz.de/10013150440
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A New Era of Midnight Mergers : Antitrust Risk and Investor Disclosures
Barrios, John Manuel; Wollmann, Thomas - 2023
, we present a method for measuring undisclosed merger activity that relies on financial accounting reporting requirements …
Persistent link: https://www.econbiz.de/10014353404
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Horizonal Merger Analysis
Kaplow, Louis - 2023
guidelines reflect a substantial consensus on the appropriate template for merger assessment. Nevertheless, official protocols …
Persistent link: https://www.econbiz.de/10014353497
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Alternative Mechanisms for Corporate Control
Morck, Randall - 2013
We examine performance and management characteristics of Fortune 500 firms experiencing one of three types of control change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing internally precipitated management turnover perform...
Persistent link: https://www.econbiz.de/10012754746
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Mergers as Reallocation
Jovanovic, Boyan - 2012
We argue that takeovers have played a major role in speeding up the diffusion of new technology. The role that they play is similar to that of entry and exit of firms. We focus on and compare two periods: 1890-1930 during which electricity and the internal combustion engine spread through the...
Persistent link: https://www.econbiz.de/10012755892
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Did Mergers Help Japanese Mega-Banks Avoid Failure? Analysis of the Distance to Default of Banks
Harada, Kimie - 2010
institution; and (2) In some cases, a merged bank experienced a negative DD right after the merger. The findings are consistent … method of analyzing the DD for banks that experience a merger, and to apply the method to the Japanese banking data. Our … findings include: (1) A merged bank fundamentally inherits financial soundness of pre-merged banks, without adding special …
Persistent link: https://www.econbiz.de/10012758112
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The Industry Life Cycle and Acquisitions and Investment : Does Firm Organization Matter?
Maksimovic, Vojislav - 2010
We examine the effect of financial dependence on acquisition and investment within existing industries by single-segment and conglomerate firms for industries undergoing different long run changes in industry conditions. Conglomerates and single-segment firms differ more in rates of...
Persistent link: https://www.econbiz.de/10012761342