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The Effects of Taxation on the Merger Decision

Auerbach, Alan J. - 1987

that the tax losses and credits of acquired firms likewise exerted no impact on merger activity. Though the use of such …

Persistent link: https://www.econbiz.de/10012476878

How to Get Away with Merger : Stealth Consolidation and Its Real Effects on US Healthcare

Wollmann, Thomas G. - 2020

Most US mergers are not reported to the government on the basis of their size, which can effectively exempt them from antitrust scrutiny, thereby leading to anticompetitive behavior. This paper studies premerger notification exemptions in the US dialysis industry. Over two decades, dialysis...

Persistent link: https://www.econbiz.de/10012481856

A Clinical Exploration of Value Creation and Destruction in Acquisitions : Organizational Design, Incentives, and Internal Capital Markets

Kaplan, Steven N. - 1997

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/10012472819

Does Diversification Destroy Value? Evidence From Industry Shocks

Lamont, Owen - 2000

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/10012470947

Do Acquirer Announcement Returns Reflect Value Creation?

Ben-David, Itzhak - 2020

Stock returns around acquisition announcements are widely viewed as being reflective of the net present value created by these transactions. As such, announcement returns should correlate with acquisition outcomes. Using a new measure of realized transaction-level acquisition failure, as well as...

Persistent link: https://www.econbiz.de/10012482196

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 …, bidder shareholders react increasingly negatively as the offer price is pulled upward toward that price. Merger waves occur …

Persistent link: https://www.econbiz.de/10012463098

Do Target CEOs Sell Out Their Shareholders to Keep Their Job in a Merger?

Bargeron, Leonce L. - 2009

CEOs have a potential conflict of interest when their company is acquired: they can bargain to be retained by the acquirer and for private benefits rather than for a higher premium to be paid to the shareholders. We investigate the determinants of target CEO retention by the acquirer and whether...

Persistent link: https://www.econbiz.de/10012463923

Cross-Border Acquisitions and Target Firms' Performance : Evidence From Japanese Firm-Level Data

Fukao, Kyoji - 2006

Moreover, we find that there is no positive impact on target firms' profitability in the case of both within-group in-in acquisitions and in-in acquisitions by domestic outsiders. In fact, in the manufacturing sector, the return on assets even deteriorated one year and two years after...

Persistent link: https://www.econbiz.de/10012466243

Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction

Malmendier, Ulrike - 2004

market reacts significantly more negatively to takeover bids by overconfident managers …

Persistent link: https://www.econbiz.de/10012467876

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/10012468494

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