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Consistent valuation of project finance and LBO's using the flows-to-equity method

Cooper, Ian; Nyborg, Kjell G. - 2010

A common method of valuing the equity in highly leveraged transactions is the flows-to-equity method. When applying this method various formulas can be used to calculate the time-varying cost of equity. In this paper we show that some commonly used formulas are inconsistent with the assumptions...

Persistent link: https://www.econbiz.de/10008797682

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

The impact of merger legislation on bank mergers

Carletti, Elena; Ongena, Steven; Siedlarek, Jan-Peter; … - 2016

We find that stricter merger control legislation increases abnormal announcement returns of targets in bank mergers by … 7 percentage points. Analyzing potential explanations for this result, we document an increase in the pre-merger … other banks. Other merger properties, including the size and risk profile of targets, the geographic overlap of merging …

Persistent link: https://www.econbiz.de/10011518760

Quantification of the evolution of firm size distributions due to mergers and acquisitions

Lera, Sandro Claudio; Sornette, Didier - 2016

The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous studies have focused mainly on growth through investments in a company's own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size...

Persistent link: https://www.econbiz.de/10011518770

Structured finance, acquisitions and debt agency

Neukomm, Gabriel H. - 2011 - Current version March 2011

Modern corporations use complex debt instruments and pursue acquisitions. In order to analyze the properties of some of these contracts in the event of an acquisition, this paper considers a company that has an incumbent capital structure, comprising one of five practically important structured...

Persistent link: https://www.econbiz.de/10009554552

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

On the fast track: information acquisition costs and information production

Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni - 2020

Using the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition, we show that reductions in information-acquisition costs lead to (i) a significant increase in information production, evidenced by a higher frequency of analysts visiting portfolio firms,...

Persistent link: https://www.econbiz.de/10012271169

On the fast track: information acquisition costs and information production

Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni - 2020

Using the introduction of high-speed rail as exogenous shocks to costs of information acquisition, we show that reductions in information-acquisition costs lead to a significant increase in information production and improvement in output quality, evidenced by higher frequency of analysts...

Persistent link: https://www.econbiz.de/10012181499

Evidence of excess comovement in US mergers?

Östberg, Peter; Wenk, Christoph - 2012

This paper considers changes in market comovement of merging US firms. Comparing the expected to the actual post merger … comovement, we find that the post merger beta exhibits excess comovement with the acquiring firm. This suggests that the firm … the excess comovement is greater when the target is included in the S&P 500 as a result of the merger. …

Persistent link: https://www.econbiz.de/10009684281

Financing and takeovers

Morellec, Erwan (contributor); Zhdanov, Alexei (contributor) - 2006

This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …

Persistent link: https://www.econbiz.de/10003394282

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