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Winning by Losing: Evidence on Overbidding in Mergers

Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - 2011

Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder …

Persistent link: https://www.econbiz.de/10010326182

Acquisitions as a Real Options Bidding Game

Smit, Han T.J.; van den Berg, Ward A.; Maeseneire, Wouter De - 2004

expected target value, and uncertainty, determine value appropriation in acquisitions. …

Persistent link: https://www.econbiz.de/10010325204

The Political Economy of Dominant Investors

Perotti, Enrico C.; von Thadden, Ernst-Ludwig - 2004

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

Persistent link: https://www.econbiz.de/10010325240

Consolidation Waves

van den Berg, Ward A.; Smit, Han T.J. - 2007

This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … initial acquisition triggers a wave of follow-on acquisitions, where the process of asset accumulation by the consolidator is … accelerated since the value of follow-on acquisitions is enhanced by the more concentrated industry structure. An initial …

Persistent link: https://www.econbiz.de/10010325365

Corporate acquisitions and bank relationships

Volosovych, Vadym; Poelhekke, Steven; Vlahu, Razvan - 2021

dynamics of bank relationships after corporate acquisitions and the effects of changing banks on firm performance. Foreign …

Persistent link: https://www.econbiz.de/10012797240

Event Studies in Merger Analysis: Review and an Application Using U.S. TNIC Data

Klein, Timo - 2020

There is a growing concern that U.S. merger control may have been too lenient, but empirical evidence remains limited. After reviewing event studies as a method to acquire empirical insights into the competitive effects of mergers, I propose a novel application using Hoberg-Phillips TNIC data....

Persistent link: https://www.econbiz.de/10012233967

Daily Market News Sentiment and Stock Prices

Allen, David E.; McAleer, Michael; Singh, Abhay K. - 2015

In recent years there has been a tremendous growth in the influx of news related to traded assets in international financial markets. This financial news is now available via print media but also through real-time online sources such as internet news and social media sources. The increase in the...

Persistent link: https://www.econbiz.de/10011403551

Coordination of Expectations in Asset Pricing Experiments

Hommes, Cars; Sonnemans, Joep; Tuinstra, Jan; van de … - 2003

We investigate expectation formation in a controlled experimental en-vironment. Subjects are asked to predict the price in a standard asset pricingmodel. They do not have knowledge of the underlying market equilibrium equa-tions, but they know all past realized prices and their own predictions....

Persistent link: https://www.econbiz.de/10010324831

Splitting Orders in Fragmented Markets

Menkveld, Bert - 2001

A number of recent theoretical studies have explored trading in fragmented markets, e.g. Biais etal. (2000), a phenomenon increasingly witnessed in modern markets. The key assumptiongenerating the results is that there is at least one liquidity demander exploiting access to allmarkets by...

Persistent link: https://www.econbiz.de/10010324853

Short-Selling Bans around the World: Evidence from the 2007-09 Crisis

Beber, Alessandro; Pagano, Marco - 2010

Most stock exchange regulators around the world reacted to the 2007-2009 crisis byimposing bans or regulatory constraints on short-selling. Short-selling restrictions wereimposed and lifted at different dates in different countries, often applied to different sets ofstocks and featured different...

Persistent link: https://www.econbiz.de/10010325910

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