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Foreign acquisition and credit risk : evidence from the U.S. CDS market
Yilmaz, Umit - 2016 - This draft: May 31, 2016
This paper empirically analyses the effect of foreign block acquisitions on the U.S. target firms' credit risk as captured by their CDS. The involvement of foreign investors leads to a significant increase in the target firms' CDS spreads. This effect is stronger when foreign owners are...
Persistent link: https://www.econbiz.de/10011519062
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Sticking around too long? : dynamics of the benefits of dual-class voting
Kim, Hyunseob; Michaely, Roni - 2019
Using a new dataset of corporate voting-rights from 1971 to 2015, we find that young dual-class firms trade at a premium and operate at least as efficiently as young single-class firms. As dual-class firms mature, their valuation declines, and they become less efficient in their margins,...
Persistent link: https://www.econbiz.de/10012003045
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The intangibles song in takeover announcements : good tempo, hollow tune
Filipovic, Zoran M.; Wagner, Alexander F. - 2019
novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete … overoptimism. Overall, takeover announcements can provide important information regarding the quality of deals …
Persistent link: https://www.econbiz.de/10011976989
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Takeover protections and stock returns
Eisdorfer, Assaf; Morellec, Erwan; Zhdanov, Alexei - 2020
We argue that takeover protections decrease equity value and increase equity risk and stock returns by removing a … anti-takeover laws, both domestically and internationally. In line with our predictions, we find that distressed firms … experience a significant decrease in value and increase in returns and market betas after the passage of anti-takeover laws. Pro-takeover …
Persistent link: https://www.econbiz.de/10012419693
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Short selling and the subsequent performance of initial public offerings
Seistrajkova, Biljana - 2017
This paper examines short sales transaction volumes on the first trading day of 610 initial public offerings (IPOs) from 2011 to 2015. The tests provide evidence of informed trading immediately at the IPO. Results reveal that short selling volume on the first trading day of the IPO is...
Persistent link: https://www.econbiz.de/10011874714
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Does corporate governance matter? : evidence from the AGR governance rating
Plazzi, Alberto; Torous, Walter N. - 2016 - This Version: September 20, 2016
Poor corporate governance permits unreliable financial reporting by a firm's management. The AGR governance rating is based on the premise that a more accurate assessment of the effects of corporate governance can be formulated by taking this output of corporate governance into account in...
Persistent link: https://www.econbiz.de/10011619089
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When and how is voluntary disclosure quality reflected in equity prices?
Eugster, Florian; Wagner, Alexander F. - 2011
This paper investigates the extent to which voluntary disclosure quality (VDQ) of firms is reflected in equity prices. As a novel contribution, we explore the idea that the speed with which equity prices reflect any benefits or costs of VDQ varies across firms. We find that in environments where...
Persistent link: https://www.econbiz.de/10009295768
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The executive turnover risk premium
Peters, Florian; Wagner, Alexander F. - 2009
We establish that CEOs of companies experiencing volatile industry conditions are more likely to be dismissed. At the same time, industry risk is, accounting for various other factors, unlikely to be associated with CEO compensation other than through dismissal risk. Using this identification...
Persistent link: https://www.econbiz.de/10003961496
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Passive shareholders as a takeover defense
Bodnaruk, Andrij; Gao, Pengjie; Östberg, Per; Yun, Hayong - 2011
more passive shareholders (lower ownership per non-institutional shareholder) are less likely to be takeover targets, less … likely to be acquired and command higher premiums. Using the adoption of anti-takeover law in Delaware as an exogenous shock … to anti-takeover protection, we show that the passiveness of shareholder base decreases as the takeover threat subsides …
Persistent link: https://www.econbiz.de/10009009605
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Does protectionist anti-takeover legislation lead to managerial entrenchment?
Frattaroli, Marc - 2018
I study a protectionist anti-takeover law introduced in 2014 that covers a subset of all firms in the economy. The law … takeover market by increasing the pay-for-performance sensitivity …
Persistent link: https://www.econbiz.de/10011875653