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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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Internal versus External Growth in Industries with Scale Economies : A Computational Model of Optimal Merger Policy
Mermelstein, Ben - 2014
We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement …
Persistent link: https://www.econbiz.de/10012458613
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Cross-Border Mergers and Acquisitions
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - National Bureau of Economic Research - 2022
total number and 37% of the total volume of M&As around the world since the early 1990s. We survey the literature on cross …
Persistent link: https://www.econbiz.de/10013435159
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Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU
Carbo-Valverde, Santiago - 2009
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/10012463202
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Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston
Calomiris, Charles W. - 2005
The merger of Fleet and BankBoston in September 1999 resulted in a regional New England lending market in which only … one large, universal bank remained. We explore the extent to which that merger resulted in monopoly rents for the combined … merger, Fleet and BankBoston charged unusually low loan interest rates, reflecting their ability to realize economies of …
Persistent link: https://www.econbiz.de/10012467332
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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/10012463518
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Project Development with Delegated Bargaining : The Role of Elevated Hurdle Rates
Barry, John W.; Carlin, Bruce Ian; Crane, Alan D.; … - National Bureau of Economic Research - 2024
During project development, costs are endogenously determined through delegated bargaining with counterparties. In surveys, nearly 80% of CFOs report using an elevated hurdle rate, the implications of which we explore in a delegated bargaining model. We show that elevated hurdle rates can convey...
Persistent link: https://www.econbiz.de/10014512137
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A Shared Interest : Do Bonds Strengthen Equity Monitoring?
Gormley, Todd A.; Jha, Manish - National Bureau of Economic Research - 2024
Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company's bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers...
Persistent link: https://www.econbiz.de/10014544807
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Modeling Managers As EPS Maximizers
Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023
, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS …
Persistent link: https://www.econbiz.de/10014250143
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The Politicization of Social Responsibility
Gormley, Todd A.; Jha, Manish; Wang, Meng - National Bureau of Economic Research - 2024
Institutional investors are less likely to support shareholder proposals involving environmental and social issues for firms headquartered in Republican-led states. The lower support concentrates in recent years, when politicians became more vocal about firms' social responsibility activities,...
Persistent link: https://www.econbiz.de/10015056196