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The Effect of Mergers and Acquisitions on Bank Performance in Egypt
Badreldin, Ahmed Mohamed; Kalhöfer, Christian - 2021
have witnessed significant merger and acquisition activity as a result of these reforms in attempts to privatize and …
Persistent link: https://www.econbiz.de/10013245488
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Do bankers sacrifice value to build empires? Managerial incentives, industry consolidation, and financial performance
Hughes, Joseph P.; Lang, William W.; Mester, Loretta J.; … - 2001
Bank consolidation is a global phenomenon. It may enhance the value of firms in the industry if, for example, it is driven by scale and scope economies, but skeptics often accuse bankers of sacrificing value to build empires. Using data on bank holding companies in the U.S., we find strong...
Persistent link: https://www.econbiz.de/10010318372
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Merge or fail? The determinants of mergers and bankruptcies in Switzerland, 1995-2000
Buehler, Stefan; Kaiser, Christian; Jaeger, Franz - 2005
This paper examines the determinants of mergers and bankruptcies, using firm level data from the Swiss Business Census and the Dun & Bradstreet exit database for Switzerland (1995-2000). Employing duration analysis, we find considerable differences in the determinants of mergers and...
Persistent link: https://www.econbiz.de/10010315602
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Influence of internal factors on the use of equity- and mezzanine-based financing in family firms
Achleitner, Ann-Kristin; Lutz, Eva; Schraml, Stephanie - 2009
The paper analyzes internal factors which influence the use of equity - and mezzanine-based financing instruments in German privately held family firms. Based on a sample of 195 surveys of family firms, we investigate the impact of family specific goals and corporate governance structures on the...
Persistent link: https://www.econbiz.de/10010305699
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Business Angels and Firm Performance: First Evidence from Population Data
Andersson, Fredrik W.; Lodefalk, Magnus - 2020
Business angels dominate early-stage investment in firms, but research on their investment effects is scarce and is limited by sample selection. Therefore, we propose an algorithm for identifying business angel investments from total population data. We apply the algorithm to study business...
Persistent link: https://www.econbiz.de/10012654469
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Private equity minority investments in large family firms: what influences the attitude of family firm owners?
Achleitner, Ann-Kristin; Schraml, Stephanie; Tappeiner, … - 2008
This paper extends research in the field of private equity investments in family firms. It contributes to the literature by fundamentally analyzing the decision criteria of family firm owners for using minority investments of private equity investors. This type of financing might be of great...
Persistent link: https://www.econbiz.de/10010305713
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Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights
Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009
We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...
Persistent link: https://www.econbiz.de/10010305733
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Ownership Structure and the Operating Performanceof Hungarian Firms
Campbell, Kevin - Centre for the Study of Economic and Social Change in … - 2002
This paper uses firm-level data on 162 large Hungarian enterprises to analyse the relationship betweenownership structure and corporate performance in 1998 and 1999. Cross-sectional regressions are runfor each of these years using the return on assets (ROA) as the measure of performance. Both...
Persistent link: https://www.econbiz.de/10005868253
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Financing and Takeovers
Morellec, Erwan; Zhdanov, Alexei - Institut für Schweizerisches Bankwesen <Zürich> - 2006
This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …
Persistent link: https://www.econbiz.de/10005858240
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Net asset value discounts in listed private equity funds
Lahr, Henry; Kaserer, Christoph - 2009
This paper investigates determinants and consequences of net asset value discounts in listed private equity funds. Listed private equity funds share characteristics of closed-end mutual funds and traditional unlisted private equity funds and can therefore offer insights into both. Our results...
Persistent link: https://www.econbiz.de/10010305728