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Multiproduct mergers and the product mix in domestic and foreign markets

Chan, Jackie M. L.; Irlacher, Michael; Koch, Michael - 2022

This paper investigates the effects of mergers on the product mix of multiproduct firms. Thus, we open the black box of … mergers in a theoretical model where oligopolistic firms employ a flexible manufacturing technology and allocate assets … greater activity in foreign markets. Using detailed Danish register data, we document novel facts regarding mergers and …

Persistent link: https://www.econbiz.de/10014278534

What do premiums paid for bank M&As reflect? The case of the European Union

Hagendorff, Jens; Hernando, Ignacio; Nieto, Maria J.; … - 2010

We analyze the takeover premiums paid for a sample of European bank mergers between 1997 and 2007. We find that …

Persistent link: https://www.econbiz.de/10010292291

The safety and soundness effects of bank M&A in the EU

Hagendorff, Jens; Nieto, Maria J.; Wall, Larry D. - 2012

This paper studies the impact of European bank mergers and acquisitions on changes in key safety and soundness measures …

Persistent link: https://www.econbiz.de/10010292358

Merger negotiations and ex-post regret

Gärtner, Dennis; Schmutzler, Armin - 2007

We consider a setting in which two potential merger partners each possess private information pertaining both to the profitability of the merged entity and to stand-alone profits, and we investigate the extent to which this private information makes ex-post regret an unavoidable phenomenon in...

Persistent link: https://www.econbiz.de/10010315578

Capital structure decisions in family firms: empirical evidence from a bank-based economy

Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - 2009

This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...

Persistent link: https://www.econbiz.de/10010305690

Considering the shareholder perspective: value-based management systems and stock market performance

Rapp, Marc Steffen; Schellong, Daniel A.; Schmidt, … - 2010

We empirically study the use of value-based management systems in listed German firms and examine implications for firms' stock market performance. Using a novel, hand-collected data set covering 1,083 firm years from 2002 to 2008, we find that value-based management systems become increasingly...

Persistent link: https://www.econbiz.de/10010305697

Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung: Evidenz auf Basis Deutscher Prime Standard Unternehmen

Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - 2009

While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were invented only some ten years ago. Even in 1996 firms faced considerable regulatory difficulties when willing to grant such incentives. In the meantime the legal environment has...

Persistent link: https://www.econbiz.de/10010305700

Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?

Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - 2010

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in particular founding families, affect payout policy decisions....

Persistent link: https://www.econbiz.de/10010305703

Do corporate governance motives drive hedge funds and private equity activities?

Achleitner, Ann-Kristin; Betzer, André; Gider, Jasmin - 2008

We address the question of whether hedge fund and private equity investments in public firms are motivated by corporate governance improvements. As opposed to traditional financial investors both HF and PE are likely to have the incentives to alleviate agency conflicts. However, against the...

Persistent link: https://www.econbiz.de/10010305724

The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany

Achleitner, Ann-Kristin; Kaserer, Christoph; … - 2009

Recent research indicates that the majority of listed firms in Germany (and also in many other countries around the world) have a dominant owner rather than being widely-held. Hence, owner-dominated firms comprise an important subset of listed companies. This article introduces the concept of an...

Persistent link: https://www.econbiz.de/10010305735

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