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Home Preference at Selecting Financial Advisors in Cross-Border M&As
Francis, Bill - 2012
This paper examines the determinants of the choice of financial advisors and their impact on the announcement effects of US acquirers in cross-border M&As. Two hypotheses are tested: one pertains to the acquiring firms' home preference in selecting financial advisors, and the other relates to...
Persistent link: https://www.econbiz.de/10013098169
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Does Relationship Matter? The Choice of Financial Advisors
Francis, Bill - 2012
Using a sample of U.S. mergers and acquisitions, this study evaluates how banking relationships influence acquirers' choice of financial advisors. Specifically, it examines: i) acquirers' previous relationships with advisors in various financial activities: M&A advisories, equity issuings and...
Persistent link: https://www.econbiz.de/10013098176
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Can Firms Learn by Observing? Evidence from Cross-Border M&As
Francis, Bill - 2014
​In the presence of high uncertainty and limited experience, can observing the actions of other acquiring predecessors help firms make better acquisition decisions? Using a sample of cross-border M&As conducted by US acquirers in developing countries, we document a positive and significant...
Persistent link: https://www.econbiz.de/10013046135
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Cross-Border Bank M&As and Risk : Evidence from the Bond Market
Choi, Sungho - 2010
The impact of cross-border bank M&As on bank risk remains an open question. Though geographically diversifying bank M&As have the potential to reduce the risk of bank insolvency, they also have the potential to increase that risk due to the increase in risk-taking incentives for bank managers...
Persistent link: https://www.econbiz.de/10013146977
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Political Network and Muted Insider Trading
Chen, Wei; Gu, Xian; Hasan, Iftekhar; Zhao, Hao; Zhu, Yun - 2022
This paper explores the impact of political network on insider trading activities in China. With a comprehensive network mapping links between politicians and firm Chairmen, we find that stronger political network discourages insider trading. Such effect is stronger among long-standing,...
Persistent link: https://www.econbiz.de/10014239412
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State Antitakeover Laws and Voluntary Disclosure
Zhao, Yijiang - 2012
We test the relationship between takeover protection and voluntary disclosure in a setting of antitakeover laws in a … this association. Our findings are consistent with takeover protection and poor disclosure serving as substitute mechanisms … for deterring takeovers. Therefore, as antitakeover statutes mitigate takeover threats, they enhance managers' incentives …
Persistent link: https://www.econbiz.de/10013101924
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Tournament Incentives and Acquisition Performance
Hasan, Iftekhar - 2020
This paper examines the impact of promotion-based tournament incentives on corporate acquisition performance. Measuring tournament incentives as the compensation ratio between the CEO and other senior executives, we show that acquirers with greater tournament incentives experience lower...
Persistent link: https://www.econbiz.de/10012853036
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The Promises and Pitfalls of WealthTech : Evidence from Online Marketplace Lending
Li, Xiaoyang - 2020
WealthTech (WT) holds the promise to “democratize financial service” by serving the underserved market segments with affordable, quality, and transparent wealth management services. This paper assesses the competence and integrity of WT using a unique, order-level data set on WT vis-à-vis...
Persistent link: https://www.econbiz.de/10012837094
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Does geography matter to bondholders?
Francis, Bill; Hasan, Iftekhar; Waisman, Maya - 2007
We find that the location of corporate headquarters significantly affects the firm’s bondholders. Similar to Loughran and Schultz (2006) and others, who show that investors are better able to obtain information on nearby companies, we look at firms located in large metropolitan cities, small...
Persistent link: https://www.econbiz.de/10010292217
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Does Geography Matter to Bondholders?
Francis, Bill B. - 2014
We find that the location of corporate headquarters significantly affects the firm's bondholders. Similar to Loughran and Schultz (2006) and others, who show that investors are better able to obtain information on nearby companies, we look at firms located in large metropolitan cities, small...
Persistent link: https://www.econbiz.de/10012709529