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Countries of a Feather Flock Together - Mergers and Acquisitions in the Global Economy
Garita, Gus; van Marrewijk, Charles - 2008
We analyze the economic forces underlying cross-border Mergers and Acquisitions (M&As) using a large bilateral panel data set. The frequent occurrence of zero observations provides essential information on the structure of M&A flows, which we model empirically using a two-stage procedure. At the...
Persistent link: https://www.econbiz.de/10014216583
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The Executive Turnover Risk Premium
Peters, Florian S.; Wagner, Alexander F. - 2012
We establish that CEOs of companies experiencing volatile industry conditions are more likely tobe dismissed. At the same time, industry risk is, controlling for various other factors, unlikelyto be directly associated with CEO compensation other than through dismissal risk. Using...
Persistent link: https://www.econbiz.de/10010326426
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On the Strategic Use of Focal Points in Bargaining Situations
Janssen, Maarten - 2006
This paper argues that the notion of focal points is important in understanding bargaining processes. Recent literature confines a discussion of the usefulness of the notion to coordination problems and when bargaining experiments result in outcomes that are inconsistent with a straightforward...
Persistent link: https://www.econbiz.de/10014027110
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Cross-Border Mergers and Acquisitions
Brakman, Steven; Garretsen, Harry; van Marrewijk, Charles - 2008
interaction between firms in a general equilibrium setting). In terms of economic importance, the dominant merger wave variable is … a positive global-all effect, indicating that M&A waves are an economy-wide, global phenomenon. Country-specific merger …
Persistent link: https://www.econbiz.de/10014047869
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Cross-Border Mergers & Acquisitions : A Piece of the Natural Resource Curse Puzzle
Swart, Julia; van Marrewijk, Charles - 2009
We combine the resource curse literature with the literature on cross-border mergers and acquisitions (M&As) to investigate two hypotheses, namely (i) natural resource wealth: countries with a comparative advantage in natural resources attract more M&As in natural resource intensive sectors and...
Persistent link: https://www.econbiz.de/10014207189
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White Knights and the Corporate Governance of Hostile Takeovers
Calcagno, Riccardo; Falconieri, Sonia - 2008
We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …
Persistent link: https://www.econbiz.de/10010325684
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On Harsanyi Payoff Vectors and the Weber Set
Derks, Jean; van der Laan, Gerard; Vasil'ev, Valeri - 2002
The paper discusses the set of Harsanyi payoff vectors,also known as the Selectope. First, we reconsider some results on Harsanyi payoff vectors, published by Vasil'ev in the late 1970's, within a more general framework. In particular, these results state already that the set of Harsanyi payoff...
Persistent link: https://www.econbiz.de/10010324857
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Harsanyi Power Solutions for Graph-restricted Games
van den Brink, René; van der Laan, Gerard; Pruzhansky, … - 2004
A situation in which a finite set of players can obtain certain payoffs by cooperation can be described by a cooperative game with transferable utility, or simply a TU-game. A solution for TU-games assigns a set of payoff distributions (possibly empty or consisting of a unique element) to every...
Persistent link: https://www.econbiz.de/10010325275
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The Restricted Core for Totally Positive Games with Ordered Players
van den Brink, René; van der Laan, Gerard; Vasil'ev, Valeri - 2009
Recently, applications of cooperative game theory to economic allocation problems have gained popularity. In many such allocation problems, such as river games, queueing games and auction games, the game is totally positive (i.e., all dividends are nonnegative), and there is some hierarchical...
Persistent link: https://www.econbiz.de/10010325794
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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 likely to play in the consolidation game. We propose that whether a firm assumes the role of rival consolidator, target, or passive observer depends on the position of the firm...
Persistent link: https://www.econbiz.de/10010325365