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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

Big Data in Finance and the Growth of Large Firms

Begenau, Juliane - 2018

One of the most important trends in modern macroeconomics is the shift from small firms to large firms. At the same time, financial markets have been transformed by advances in information technology. We explore the hypothesis that the use of big data in financial markets has lowered the cost of...

Persistent link: https://www.econbiz.de/10012920369

Corporate Liquidity, Acquisitions, and Macroeconomic Conditions

Erel, Isil - 2017

Firms hold liquid assets to enhance their ability to invest efficiently when external financing costs are high, especially during poor macroeconomic conditions. Using a sample of 47,378 acquisitions from 36 countries between 1997 and 2014, we study how the relation between firms' cash holdings...

Persistent link: https://www.econbiz.de/10012954455

The Opportunity Cost of Capital of Us Buyouts

Groh, Alexander Peter - 2010

This paper measures the risk-adjusted performance of US buyouts. It draws on a unique and proprietary set of data on 133 US buyouts between 1984 and 2004. For each of them we determine a public market equivalent that matches it with respect to its timing and its systematic risk. After a...

Persistent link: https://www.econbiz.de/10012759102

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

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

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

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 52-week high, a highly salient but largely...

Persistent link: https://www.econbiz.de/10013149991

Balance Sheets, Multinational Financial Policy, and the Cost of Capital at Home and Abroad

Altshuler, Rosanne - 2006

We use data from the balance sheets of controlled foreign corporations,(CFCs) to study the real and financial behavior of U.S. multinational corporations. Previous literature on repatriations has mostly been restricted to the choice between dividend distributions to the parent and further real...

Persistent link: https://www.econbiz.de/10012783975

Income Misattribution Under Formula Apportionment

Hines Jr., James R. - 2010

twice predicted income 11% of the time. As a result, the use of formulas rewards or punishes international mergers and …

Persistent link: https://www.econbiz.de/10013152089

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