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Winning by Losing: Evidence on Overbidding in Mergers
Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - Tinbergen Institute - 2011
Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbid and destroy shareholder …
Persistent link: https://www.econbiz.de/10009209848
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Winning by Losing: Evidence on Overbidding in Mergers
Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - Tinbergen Instituut - 2011
Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder …
Persistent link: https://www.econbiz.de/10011257222
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The Political Economy of Dominant Investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Instituut - 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/10011255534
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Acquisitions as a Real Options Bidding Game
Smit, Han T.J.; Berg, Ward A. van den; Maeseneire, Wouter De - Tinbergen Institute - 2004
expected target value, and uncertainty, determine value appropriation in acquisitions. …
Persistent link: https://www.econbiz.de/10005144572
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Consolidation Waves
Berg, Ward A. van den; Smit, Han T.J. - Tinbergen Institute - 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/10005137156
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The Political Economy of Dominant Investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2004
We allow the preference of a political majority to determine both the corporate governance structure and the division of profits between human and financial capital. In a democratic society where financial wealth is concentrated, a political majority may prefer to restrain governance by...
Persistent link: https://www.econbiz.de/10005137317
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Acquisitions as a Real Options Bidding Game
Smit, Han T.J.; Berg, Ward A. van den; Maeseneire, Wouter De - Tinbergen Instituut - 2004
expected target value, and uncertainty, determine value appropriation in acquisitions. …
Persistent link: https://www.econbiz.de/10011256936
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Consolidation Waves
Berg, Ward A. van den; Smit, Han T.J. - Tinbergen Instituut - 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/10011257223
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Short-Selling Bans around the World: Evidence from the 2007-09 Crisis
Beber, Alessandro; Pagano, Marco - Tinbergen Instituut - 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/10011255488
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Why is Price Discovery in Credit Default Swap Markets News-Specific?
Marsh, Ian W.; Wagner, Wolf - Tinbergen Instituut - 2012
We analyse daily lead-lag patterns in US equity and credit default swap (CDS) returns. We first document that equity returns robustly lead CDS returns. However, we find that the CDS-lag is due to <I>common</I> (and not firm-specific) news and arises predominantly in response to <I>positive</I> (instead of...</i></i>
Persistent link: https://www.econbiz.de/10011255704