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Are there waves in merger activity after all?

Gärtner, Dennis (contributor); Halbheer, Daniel (contributor) - 2004 - September 2004, revised February 2006

This paper investigates the merger wave hypothesis for the US and the UK employing a Markov regime switching model. Using quarterly data covering the last thirty years, for the US, we identify the beginning of a merger wave in the mid 1990s but not the much-discussed 1980s merger wave. We argue...

Persistent link: https://www.econbiz.de/10002521615

Foreign vs. domestic listing: an entrepreneurial decision

Ding, Yuan; Nowak, Eric; Zhang, Hua - Institut für Schweizerisches Bankwesen <Zürich> - 2007

In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firmslisted in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the...

Persistent link: https://www.econbiz.de/10005857778

What is different about government-controlled acquirers in cross-border acquisitions?

Karolyi, G. Andrew; Liao, Rose C. - 2010

We examine the motives for and consequences of 5,317 failed and completed cross-border acquisitions constituting $619 billion of total activity that were led by government-controlled acquirers over the period from 1990 to 2008. We benchmark this activity at the aggregate country level and also...

Persistent link: https://www.econbiz.de/10008702754

European takeover law : the case for a neutral approach

Enriques, Luca - 2010

This paper argues that in revising the Takeover Bid Directive, EU policymakers should adopt a neutral approach toward … kind. Unfortunately, takeover rules cannot be crafted so as to hinder all the bad takeovers while at the same time … promoting the good ones. Further, contestability of control is not cost-free, because it has a negative impact on managers’ and …

Persistent link: https://www.econbiz.de/10008728815

Monitoring managers : does it matter?

Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - 2010

We test under what circumstances boards discipline managers and whether such interventions improve performance. We …

Persistent link: https://www.econbiz.de/10008702077

Executive compensation : facts

Clementi, Gian Luca; Cooley, Thomas F. - 2010 - This version: October 6, 2009

In this paper we describe the important features of executive compensation in the US from 1993 to 2006. Some confirm what has been found for earlier periods and some are novel. Notable facts are that: the compensation distribution is highly skewed; each year, a sizeable fraction of chief...

Persistent link: https://www.econbiz.de/10008732068

Between Scylla and Charybdis : CEO political ideology, dividends and downsizing during the pandemic

Bayat, Ali; Goergen, Marc; Koutroumpis, Panagiotis; … - 2022

We study whether CEO political ideology affected how S&P 500 firms reacted to the Covid-19 pandemic, an exogenous shock to demand and supply. We hypothesize that conservative CEOs are more likely to adopt shareholder-friendly than employee-friendly reactions to the pandemic. Hence, they should...

Persistent link: https://www.econbiz.de/10012815080

Business groups as hierarchies of firms : determinants of vertical integration and performance

Altomonte, Carlo; Rungi, Armando - 2013

We explore the nature of Business Groups, that is network-like forms of hierarchical organization between legally autonomous firms spanning both within and across national borders. Exploiting a unique dataset of 270,474 headquarters controlling more than 1,500,000 (domestic and foreign)...

Persistent link: https://www.econbiz.de/10009737190

Merge or fail? : The determinants of mergers and bankruptcies in Switzerland, 1995 - 2000

Bühler, Stefan (contributor); Kaiser, Christian (contributor) - 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/10002746135

The effects of startup acquisitions on innovation and economic growth

Fons-Rosen, Christian; Roldan-Blanco, Pau; Schmitz, Tom - 2022 - This version: December 9, 2022

Innovative startups are frequently acquired by large incumbent firms. On the one hand, these acquisitions provide an incentive for startup creation and may transfer ideas to more efficient users. On the other hand, incumbents might acquire startups just to "kill" their ideas, and acquisitions...

Persistent link: https://www.econbiz.de/10013465631