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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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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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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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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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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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Macroeconomic factors and the asymmetric predictability of conditional variances
Hasan, Iftekhar - In: European financial management : the journal of the … 4 (1998) 2, pp. 207-230
Persistent link: https://www.econbiz.de/10001245491
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Small Banks and Local Economic Development
Hakenes, Hendrik - 2014
​This paper discusses the effects of small banks on economic growth. We first theoretically show that small banks operating at a regional level can spur local economic growth. As compared with big interregional banks, small regional banks are more effective in promoting local economic growth,...
Persistent link: https://www.econbiz.de/10013059487
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Financial market integration and the value of global diversification: evidence from US acquirers in cross-border mergers and acquisitions
Francis, Bill B; Hasan, Iftekhar; Sun, Xian - Suomen Pankki - 2006
Using theories of internal capital markets, this paper examines the link between financial market integration and the value of global diversification. Based on a sample of 1,491 completed cross-border mergers and acquisitions (M&As) conducted by US acquirers during the 1990–2003 period, we...
Persistent link: https://www.econbiz.de/10005419680
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Bank ownership and efficiency in China: what lies ahead in the world’s largest nation?
Berger, Allen N; Hasan, Iftekhar; Zhou, Mingming - Suomen Pankki - 2007
China is reforming its banking system, partially privatizing and permitting minority foreign ownership of three of the dominant ‘big four’ state-owned banks. This paper seeks to help predict the effects of this change by analysing the efficiency of virtually all Chinese banks in the years...
Persistent link: https://www.econbiz.de/10005419687