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Quantification of the evolution of firm size distributions due to mergers and acquisitions
Lera, Sandro Claudio; Sornette, Didier - 2016
The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous studies have focused mainly on growth through investments in a company's own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size...
Persistent link: https://www.econbiz.de/10011518770
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Impact of Company’s Size on Takeover Success
Filipović, Davor - 2015
main aim of this paper is to analyze the impact of company's size on takeover success. Successful takeover is defined as … takeover in which target company performs better in the period after the takeover than in the period before the takeover … successful is target company's performance after the takeover was tested and confirmed on the 43 companies that were acquired in …
Persistent link: https://www.econbiz.de/10013019636
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International Taxation and M&A Prices
von Hagen, Dominik - 2018
We show that corporate taxation systems regarding foreign dividends and capital gains across 49 countries differ in many aspects, contradicting the requirements for capital ownership neutrality and indicating that ownership patterns are distorted. Consequently, a national tax policy maker may...
Persistent link: https://www.econbiz.de/10012932367
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Firm Size, Serial and Non-Serial Acquisition, and Stockholder Wealth
Li, Hang - 2018
Acquisitions by larger firms seem to generate less wealth for acquirer stockholders than acquisitions by smaller firms. In this paper, we re-examine the ‘size effect', but separately for serial and non-serial acquisition. We find sample-selection bias results in a spurious size effect for...
Persistent link: https://www.econbiz.de/10012936371
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International Taxation and M&A Prices
von Hagen, Dominik - 2017
We show that corporate taxation systems regarding foreign dividends and capital gains across 49 countries differ in many aspects, contradicting the requirements for capital ownership neutrality and indicating that ownership patterns are distorted. Consequently, a national tax policy maker may...
Persistent link: https://www.econbiz.de/10012953177
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Firm Size, Sovereign Governance, and Value Creation : Evidence from the Acquirer Size Effect
Humphery-Jenner, Mark - 2014
takeover literature suggests that size can enable managerial entrenchment and value-destruction. However, in weak governance …
Persistent link: https://www.econbiz.de/10013068491
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Taking Over the Size Effect : Asset Pricing Implications of Merger Activity
Easterwood, Sara; Netter, Jeffry M.; Paye, Bradley S.; … - 2022
ex ante takeover exposure positively and robustly relates to cross-sectional expected returns. The relation between size … and expected returns becomes positive or insignificant, rather than negative, conditional on this takeover characteristic …. Asset pricing models that include a factor based on the takeover characteristic outperform otherwise similar models that …
Persistent link: https://www.econbiz.de/10013293043
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An Analysis of Growth and Size Relationship of Acquiring Firms
Kaur, Kuldip; Kaur, Kushwinder - 2021
With the advent of globalization and liberalization, the concept of M&As has become an integral part of the Indian economy. This phenomenon has had far reaching repercussions on Indian industrial milieu, its development and growth. The changing market conditions have brought very significant and...
Persistent link: https://www.econbiz.de/10013236243
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Deal Size, Acquisition Premia and Shareholder Gains
Alexandridis, George - 2012
This study examines the contradictory predictions regarding the association between the premium paid in acquisitions and deal size. We document a robust negative relation between offer premia and target size, indicating that acquirers tend to pay less for large firms, not more. We also find that...
Persistent link: https://www.econbiz.de/10013115116
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Firm Size, Takeover Profitability, and the Effectiveness of the Market for Corporate Control : Does the Absence of Anti-Takeover Provisions Make a Difference?
Humphery-Jenner, Mark - 2012
economies. Entrenchment mechanisms commonly used by US firms in the form of anti-takeover provisions (ATPs) may offer some … in terms of announcement returns and long-run operating performance improvements. Takeover premiums are also … evidence, larger acquirers are just as likely to be targeted for takeover as smaller acquirers, indicating that size is not an …
Persistent link: https://www.econbiz.de/10013116334