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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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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
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The impact of the Sarbanes-Oxley act on the cost of going public
Kaserer, Christoph; Mettler, Alfred; Obernberger, Stefan - 2008
This paper examines the impact of SOX on the total cost and the component cost of going public. First, we document a statistically significant increase in non-underwriting expenses of 0.8 percentage points after the introduction of SOX, which is mostly due to an increase in accounting and legal...
Persistent link: https://www.econbiz.de/10010305702
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Determinants of director compensation in two-tier systems: evidence from German panel data
Andreas, Jörn Michael; Rapp, Marc Steffen; Wolff, Michael - 2010
Building on a unique panel data set of German Prime Standard companies for the period 2005-2008, this paper investigates the influencing factors of both director compensation levels and structure, i.e. the probability of performance-based compensation. Drawing on agency theory arguments and...
Persistent link: https://www.econbiz.de/10010305725
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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
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“Ownership Concentration, ‘Private Benefits of Control’and Debt Financing
Filatotchev, Igor; Mickiewicz, Tomasz - Centre for the Study of Economic and Social Change in … - 2001
Building on the ‘law and economics’ literature, this paper analyses corporategovernance implications of debt financing in an environment where a dominant owner isable to extract ex ante ‘private benefits of control’. Ownership concentration may result inlower efficiency, measured as a...
Persistent link: https://www.econbiz.de/10005868255
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The Effect of Mergers and Acquisitions on Bank Performance in Egypt
Badreldin, Ahmed Mohamed; Kalhöfer, Christian - 2021
Recent economic reforms in Egypt have significantly improved its macroeconomic indicators and financial sector. Banks have witnessed significant merger and acquisition activity as a result of these reforms in attempts to privatize and strengthen the banking sector. This study measures the...
Persistent link: https://www.econbiz.de/10013245488
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Capital structure and financial flexibility: Expectations of future shocks
Lambrinoudakis, Costas; Neumann, Michael; Skiadopoulos, … - 2014
We test one of the main predictions of the financial flexibility paradigm that expectations about future firm-specific shocks affect the firm's leverage. We extract the expectations of small and large future shocks from the market prices of equity options. We find that expectations for future...
Persistent link: https://www.econbiz.de/10011380992
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Optionstheoretische Überlegungen zur Kapitalstrukturgestaltung und zur Kreditfinanzierung
Volkart, Rudolf - Institut für Schweizerisches Bankwesen <Zürich> - 1998
Die Kapitalstruktur, insbesondere das Finanzierungsverhältnis Fremdkapital/Eigenkapital (Financial Leverage), hat einen … entscheidenden Einfluss auf die Fremdkapital- und Eigenkapitalkosten... …
Persistent link: https://www.econbiz.de/10005857037
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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