Narrow search
Showing 1 - 10 of 1,538
Cover Image
A Clinical Exploration of Value Creation and Destruction in Acquisitions : Organizational Design, Incentives, and Internal Capital Markets
Kaplan, Steven N.; Mitchell, Mark L.; Wruck, Karen H. - 2021
This paper presents clinically-based studies of two acquisitions that received very different stock market reactions at announcement one positive and one negative. Despite the differing market reactions, we find that ultimately neither acquisition created value overall. In exploring the reasons...
Persistent link: https://www.econbiz.de/10013226921
Cover Image
Does Diversification Destroy Value? Evidence from Industry Shocks
Lamont, Owen A. - 2011
Does corporate diversification reduce shareholder value? Since firms endogenously choose to diversify, exogenous variation in diversification is necessary in order to draw inferences about the causal effect. We examine changes in the within-firm dispersion of industry investment, or diversity.'...
Persistent link: https://www.econbiz.de/10013125911
Cover Image
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
Cover Image
Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave
Moeller, Sara B. - 2004
Acquiring-firm shareholders lost 12 cents at the announcement of acquisitions for every dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7 billion in all of the 1980s, or 1.6 cents per dollar spent. Though the announcement losses to...
Persistent link: https://www.econbiz.de/10012785969
Cover Image
Cross-Border Acquisitions and Target Firms' Performance : Evidence from Japanese Firm-Level Data
Fukao, Kyoji - 2010
Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves...
Persistent link: https://www.econbiz.de/10012760742
Cover Image
A Reference Point Theory of Mergers and Acquisitions
Baker, Malcolm P. - 2010
The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and … acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the …, bidder shareholders react increasingly negatively as the offer price is pulled upward toward that price. Merger waves occur …
Persistent link: https://www.econbiz.de/10013149991
Cover Image
The Price Effects of a Large Merger of Manufacturers : A Case Study of Maytag-Whirlpool
Ashenfelter, Orley - 2011
appliance markets most affected by the merger to markets where concentration changed much less or not at all. We estimate price …
Persistent link: https://www.econbiz.de/10013119784
Cover Image
R&D and the Incentives from Merger and Acquisition Activity
Phillips, Gordon M. - 2014
industry merger and acquisition activity. All of these effects are stronger for smaller firms than for larger firms …
Persistent link: https://www.econbiz.de/10013065561
Cover Image
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
Cover Image
World Markets for Mergers and Acquisitions
Erel, Isil - 2009
Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on public firms, usually from the United States. Yet,...
Persistent link: https://www.econbiz.de/10013158052