Showing 1 - 10 of 195
This paper shows that country-level differences in creditor protection affect bond performance around cross-border M&A announcements. Using Eurobonds and a global sample of 1,100 cross-border M&As, we find that the bondholders of bidding firms respond more positively to deals that expose their...
Persistent link: https://www.econbiz.de/10012961171
By means of an international sample of cross-border mergers and acquisitions (M&As) involving firms with outstanding Eurobonds from the US, Europe, and other countries around the world, we show that bond performance around M&A announcements is sensitive to cross-country differences in creditor...
Persistent link: https://www.econbiz.de/10012996646
Persistent link: https://www.econbiz.de/10001744212
not affect shareholder value. The attenuating effect of cross-border deals is stronger when uncertainty about post-merger …-engagement on shareholder returns are driven by the acquirer rather than the target, and that they persist in the long run post-merger …
Persistent link: https://www.econbiz.de/10012961182
specifically on firms' performance around and after a takeover. Despite the aggregate M&A market amounting to several trillions USD … on an annual basis, acquiring firms often underperform relative to non-acquiring firms, especially in public takeovers …) long-run performance. We find that post-takeover deal performance is affected by key determinants including serial …
Persistent link: https://www.econbiz.de/10012864985
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013074605
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013075936
impact on the takeover returns. Our country-level corporate governance indices capture the changes in the quality of the … orientation (relative to the target), part of the total synergy value of the takeover may result from the improvement in the … governance of the target assets. In full takeovers, the corporate governance regulation of the bidder is imposed on the target …
Persistent link: https://www.econbiz.de/10011092858
governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment …
Persistent link: https://www.econbiz.de/10011090642
Persistent link: https://www.econbiz.de/10003754237