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Winning by Losing : Evidence on the Long-Run Effects of Mergers
Malmendier, Ulrike - 2012
Do acquirors profit from acquisitions, or do acquiring CEOs overbid and destroy shareholder value? We present a novel approach to estimating the long-run abnormal returns to mergers exploiting detailed data on merger contests. In the sample of close bidding contests, we use the loser's...
Persistent link: https://www.econbiz.de/10013115056
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The Success of Bank Mergers Revisited : An Assessment Based on a Matching Strategy
Behr, Andreas - 2016
The question of whether or not mergers and acquisitions have helped to enhance banks' efficiency and profitability has … problems involved. In this study, we analyze the effect of German bank mergers in the period 1995-2000 on banks' profitability … predominantly under-performing banks engage in mergers. Our results indicate a neutral effect of mergers on profitability and a …
Persistent link: https://www.econbiz.de/10012989277
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Winning by losing : evidence on overbidding in mergers
Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - 2011
Persistent link: https://www.econbiz.de/10010191090
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Has the threat of a takeover improved the management of target firms? : an analysis of firms in which M&A consulting, Japan's first hostile bidder, acquired stakes
Kruse, Timothy A.; Suzuki, Kazunori - In: Corporate ownership & control : international … 7 (2009/10) 2, pp. 137-145
Persistent link: https://www.econbiz.de/10003935503
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Mergers and acquisitions (M&AS) by R&D intensive firms
Dutta, Shantanu; Kumar, Vinod - In: Journal of risk and financial management : JRFM 2 (2009) 1, pp. 1-37
In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we...
Persistent link: https://www.econbiz.de/10011556072
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Disentangling the link between stock and accounting performance in acquisitions
Betzer, André; Goergen, Marc - 2011
While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or...
Persistent link: https://www.econbiz.de/10009269890
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Stock Payment Acquirer's Pre-Acquisition Earnings Management and Its Post-Acquisition Performance
Alphonse, Pascal - 2017
management (AM) and real earnings management (REM) and it impacts on firm's post-acquisition performance during the period before …-stock” acquirers' earnings management (EM) strategy. We also find substitution effects between EM methods and that the choice of EM is … its current performance and that pre-acquisition management no longer matters, though pre-acquisition AM users show better …
Persistent link: https://www.econbiz.de/10012969020
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Market Reaction to Social Performance of Acquiring Firms : Evidence on Emerging Markets
Yen, Tze-Yu - 2016
This study performs a cross-country comparison by examining the large samples of merger and acquisition (M&A) activity in emerging markets (EMs). The underlying purpose is to investigate how market investors react to the M&A deals conducted by acquiring firms with different degrees of corporate...
Persistent link: https://www.econbiz.de/10012979302
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The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms
Demirtas, Gul - 2016
Using a sample of target firms that do not delist from the stock market after a majority takeover, we investigate the … on equity. However, we do not find a significant effect of CEO turnover on target stock returns in the post-takeover … period. These results are consistent with the predictions of the inefficient management hypothesis, which contrast with those …
Persistent link: https://www.econbiz.de/10013003124
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Internet Appendix for 'The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms'
Demirtas, Gul - 2015
Firms' Post-Takeover Performance: Evidence from Not-Delisting Target Firms" to which these Appendices apply is available at …
Persistent link: https://www.econbiz.de/10013012862