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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 value? Answering this question is difficult since the hypotheticalcounterfactual is hard to determine. We exploit merger contests to address the identificationissue. In those...

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

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

On the Practice of Bayesian Inference in Basic Economic Time Series Models using Gibbs Sampling

de Pooter, Michiel D.; Segers, René; van Dijk, Herman K. - 2006

Several lessons learned from a Bayesian analysis of basic economic time series models by means of the Gibbs sampling algorithm are presented. Models include the Cochrane-Orcutt model for serial correlation, the Koyck distributed lag model, the Unit Root model, the Instrumental Variables model...

Persistent link: https://www.econbiz.de/10010325199

Instrumental Variables, Errors in Variables, and Simultaneous Equations Models: Applicability and Limitations of Direct Monte Carlo

Zellner, Arnold; Ando, Tomohiro; Basturk, Nalan; … - 2011

A Direct Monte Carlo (DMC) approach is introduced for posterior simulation in theInstrumental Variables (IV) model with one possibly endogenous regressor, multipleinstruments and Gaussian errors under a flat prior. This DMC method can also beapplied in an IV model (with one or multiple...

Persistent link: https://www.econbiz.de/10010326547

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

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

Mean and Bold?

Witte, Kristof De; Dijkgraaf, Elbert - 2007

The Dutch drinking water sector experienced two drastic changes over the last 10 years. Firstly, in 1997, the sector association started with a voluntary benchmarking aimed to increase the efficiency and effectiveness of the sector. Secondly, merger activity arose. This paper develops a tailored...

Persistent link: https://www.econbiz.de/10010325538

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

Corporate Governance and Leverage: Evidence from a Natural Experiment

Arping, Stefan; Sautner, Zacharias - 2010

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...

Persistent link: https://www.econbiz.de/10010325946

Countries of a Feather flock together

van Marrewijk, Charles; Garita, Gus - 2008

We analyze the economic forces underlying cross-border Mergers and Acquistions (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/10010325980

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