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How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards
Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006
This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable...
Persistent link: https://www.econbiz.de/10011090642
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The Takeover Game
Fllbrunn, Sascha; Haruvy, Ernan - Luxembourg School of Finance, Faculté de droit, … - 2011
While shareholders direct influence on management decisions may be small, the takeover threat could serve as an … indirect but effective mechanism for shareholders to influence management. We introduce the takeover game, an experimental … whether to accept a takeover offers made in pre-determined periods. This novel setting has the flavor of a repeated trust game …
Persistent link: https://www.econbiz.de/10010900072
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The Takeover Game
Fllbrunn, Sascha; Haruvy, Ernan - Centre de Recherche en Économie Appliquée (CREA), … - 2011
Abstract: While shareholders direct influence on management decisions may be small, the takeover threat could serve as … an indirect but effective mechanism for shareholders to influence management. We introduce the takeover game, an … whether to accept a takeover offers made in pre-determined periods. This novel setting has the flavor of a repeated trust game …
Persistent link: https://www.econbiz.de/10010900744
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Excess Comovement in International Equity Markets : Evidence from Cross-Border Mergers
Cooper, Ian A. - 2009
Using a large sample of cross-border mergers we measure the effect of a change in location on systematic risk. We document a large, widespread, and robust effect. When a target firm's location moves as a result of an international merger, a large part of its systematic risk switches from being...
Persistent link: https://www.econbiz.de/10012721604
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How Does Ownership Structure Affect Firm Value? A Comparison Using Different Corporate Governance Systems
de Miguel, Alberto - 2009
This paper studies how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm value. Our study gives rise to the following findings. First, ownership concentration and insider ownership levels are...
Persistent link: https://www.econbiz.de/10012721967
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ESOP Debt and Post-Transaction Value
Kreitzman, Kevin - 2008
Leveraged Employee Stock Ownership Plan (quot;ESOPquot;) transactions originated in the 1950s, yet there are still unresolved valuation issues that arise from a complex set of operating expenses, financing structures and contingent claims that are unique to leveraged ESOPs. Although complex,...
Persistent link: https://www.econbiz.de/10012723589
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Analysis of the Top Leveraged Buy-Outs (LBOs) in Spain, 2005-2007
Alemany, Luisa - 2008
This paper analyses the largest buyouts done by private equity investors in Spain. The objective of the paper is to analyse in depth these deals, to be able to better understand their leverage levels, valuations and the evolution of both variables. It also reviews who is behind these deals, from...
Persistent link: https://www.econbiz.de/10012723635
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Seasoned Equity Offerings, Investment Risk and Financial Constraints
Carpentier, Cécile - 2008
We evidence that Canadian seasoned equity issuers post a significant pre-issue stock price run-up and a significant post-issue underperformance, even when controlling for an investment risk factor, as in Lyandres, Sun and Zhang (2008). Our results do not corroborate the investment/risk...
Persistent link: https://www.econbiz.de/10012724387
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Audit Quality, Alternative Monitoring Mechanisms, and Cost of Capital : An Empirical Analysis
Ahmed, Anwer S. - 2008
Prior studies document that firms using a Big 4 auditor have a lower cost of capital than other firms. We extend this literature by examining whether using an industry specialist auditor reduces cost of capital for clients of Big 4 audit firms. We document that firms that use Big 4 auditors that...
Persistent link: https://www.econbiz.de/10012724520
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Mergers and Acquisitions in the Dutch Stock Market
Doeswijk, Ronald Q. - 2008
announcement of a takeover, targets outperform the market by 5.4%, while on the day of the announcement the stock enjoys an …
Persistent link: https://www.econbiz.de/10012724595