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Managerial attitudes and corporate actions
Graham, John R.; Harvey, Campbell R.; Puri, Manju - In: Journal of Financial Economics 109 (2013) 1, pp. 103-121
We administer psychometric tests to senior executives to obtain evidence on their underlying psychological traits and attitudes. We find US CEOs differ significantly from non-US CEOs in terms of their underlying attitudes. In addition, we find that CEOs are significantly more optimistic and...
Persistent link: https://www.econbiz.de/10010665550
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Do cash stockpiles fuel cash acquisitions?
Pinkowitz, Lee; Sturgess, Jason; Williamson, Rohan - In: Journal of Corporate Finance 23 (2013) C, pp. 128-149
U.S. firms currently hold a $2trillion cash stockpile. We examine if cash stockpiles fuel cash acquisitions by studying … that the link between cash stockpiles and cash acquisitions is not obvious. …
Persistent link: https://www.econbiz.de/10010719623
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Open Offers and Shareholders Earnings – Evidence from India
Nangia, Vinay Kumar; Agrawal, Rajat; Reddy, K. Srinivasa - Volkswirtschaftliche Fakultät, … - 2011
Purpose: Mergers and acquisitions (M&A) have become a popular vehicle for domestic as well as international companies …
Persistent link: https://www.econbiz.de/10011107682
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The Political Economy of Dominant Investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Instituut - 2004
We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...
Persistent link: https://www.econbiz.de/10011255534
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NEW OPPORTUNITIES ON THE MARKET OF MERGERS AND ACQUISITIONS FOR 2014
MOLDOVAN-MADAN, Alina - In: ECONOMY AND SOCIOLOGY: Theoretical and Scientifical Journal (2013) 4, pp. 182-186
Mergers and acquisitions activity at global level could begin during 2014. Confidence in the economic environment, the … on mergers and acquisitions market. However, caution still dominate this area and this is understandable, given the … diminishing returns, mergers and acquisitions activity may be the only practical way of increasing for companies. …
Persistent link: https://www.econbiz.de/10010814391
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The Political Economy of Dominant Investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2004
We allow the preference of a political majority to determine both the corporate governance structure and the division of profits between human and financial capital. In a democratic society where financial wealth is concentrated, a political majority may prefer to restrain governance by...
Persistent link: https://www.econbiz.de/10005137317
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The appeal of private targets in international acquisitions
Madura, Jeff; Susnjara, Jurica - In: Journal of International Financial Markets, … 24 (2013) C, pp. 198-222
Using a sample of 8000 targets in the US and Western Europe over the 1997–2009 period, we find that private targets receive significantly higher payments from bidders than public targets. We find that the private valuation premium is inversely related to the size of the target. We also find...
Persistent link: https://www.econbiz.de/10010747594
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What happens in acquisitions?
Fee, C. Edward; Hadlock, Charles J.; Pierce, Joshua R. - In: Journal of Corporate Finance 18 (2012) 3, pp. 584-597
We study advertising at the brand level in a sample of corporate acquisitions. New owners display an elevated …
Persistent link: https://www.econbiz.de/10010574234
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Bargaining power of targets: Takeover defenses and top-tier target advisors
Ertugrul, Mine - In: Journal of Economics and Business 78 (2015) C, pp. 48-78
This paper examines whether takeover defenses (i.e., poison pills and classified boards) can enhance the bargaining position of the target firm, especially when the target advisor is a top-tier investment bank. I find that classified boards and poison pills are positively linked to target's...
Persistent link: https://www.econbiz.de/10011209906
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Acquisitions as a Real Options Bidding Game
Smit, Han T.J.; Berg, Ward A. van den; Maeseneire, Wouter De - Tinbergen Institute - 2004
expected target value, and uncertainty, determine value appropriation in acquisitions. …
Persistent link: https://www.econbiz.de/10005144572