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A Reference Point Theory of Mergers and Acquisitions
Baker, Malcolm - 2009
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/10012463098
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Heterogeneous Frictional Costs Across Industries in Cross-border Mergers and Acquisitions
Blonigen, Bruce A. - 2016
While there has been significant research to explore the determinants (and frictions) of foreign direct investment (FDI), past literature primarily focuses on country-wide FDI patterns with little examination of sectoral heterogeneity in FDI. Anecdotally, there is substantial sectoral...
Persistent link: https://www.econbiz.de/10012456133
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Catching-Up to Foreign Technology? Evidence on the "Veblen-Gerschenkron" Effect of Foreign Investments
Peri, Giovanni - 2004
The presence of foreign multinational enterprises may benefit local economies. In particular, highly productive foreign-owned firms may promote technological catch-up of local firms. Such channel of spillovers is defined as "Veblen-Geschenkron" effect of Foreign Direct Investments and is...
Persistent link: https://www.econbiz.de/10012467794
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Cash-out or flame-out! Opportunity cost and entrepreneurial strategy : Theory, and evidence from the information security industry
Arora, Ashish - 2009
We analyze how entrepreneurial opportunity cost conditions performance. We depart from the literature on entrepreneurship which identifies survival with performance. Instead, many entrepreneurs aim for a cash-out (IPO or acquisition), especially in innovation based industries. Striving for a...
Persistent link: https://www.econbiz.de/10012463117
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Is There Information in Corporate Acquisition Plans?
Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024
. Communication of acquisition plans does not increase takeover premiums but is less common in more competitive industries …
Persistent link: https://www.econbiz.de/10014512055
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M&A and Technological Expansion
Jin, Ginger Zhe; Leccese, Mario; Wagman, Liad - National Bureau of Economic Research - 2023
We examine how public firms listed in North American stock exchanges acquire technology companies during 2010-2020. Combining data from S&P, Refinitiv, Compustat, and CRSP, and utilizing a unique S&P taxonomy that classifies tech M&As by tech categories and business verticals, we show that 13.1%...
Persistent link: https://www.econbiz.de/10014250144
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Foreign ownership and employment growth in Indonesian manufacturing
Lipsey, Robert E.; Sjöholm, Fredrik; Sun, Jing - 2010
. Foreign takeover of a domestically-owned plant, on average, brings a large immediate expansion of employment. …
Persistent link: https://www.econbiz.de/10003954453
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Swedish Firms Acquired by Foreigners : A Comparison of Before and After Takeover
Lipsey, Robert E. - 1982
relatively low in value added per employee at the time of takeover and before, a characteristic we take to indicate relatively …-term recoveries after takeover from the misfortunes of the takeover year and a return to higher growth rates of employment and output … year or two after takeover but seem to have increased their profitability or efficiency relative to their industries. The …
Persistent link: https://www.econbiz.de/10012478083
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Foreign Takeovers of Swedish Firms
Lipsey, Robert E. - 1981
ion of firms for takeover is based on f inn characteristics, not industry characteristics. After takeover by foreigners …, by the crude measurements we have been able to apply so far, do not seem to be affected in any consistent way by takeover …
Persistent link: https://www.econbiz.de/10012478480
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Globalization, Governance, and the Returns to Cross-Border Acquisitions
Ellis, Jesse - 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/10012461981