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We provide novel evidence that a firm's engagement in employee-related issues explains part of the value difference between its domestic and cross-border takeovers. An acquirer's investment in employee relations is positively related to the firm's performance when acquiring domestically, but...
Persistent link: https://www.econbiz.de/10012947333
We provide novel evidence that a firm's engagement in employee-related issues explains part of the value difference between its domestic and cross-border takeovers. An acquirer's investment in employee relations is positively related to the firm's performance when acquiring domestically, but...
Persistent link: https://www.econbiz.de/10012961793
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
costs savings, takeover defense strategies, and corporate undervaluation. The paper then reviews and summarizes how these …
Persistent link: https://www.econbiz.de/10012965852
of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value …-maximizing acquisitions are expected. Whereas in widely-held firms the decision power is with the management, in firms with concentrated … their own pay which could lead to excesses. We relate excess pay to how takeover decisions are received by the market, and …
Persistent link: https://www.econbiz.de/10012947336
of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value …-maximizing acquisitions are expected. Whereas in widely-held firms the decision power is with the management, in firms with concentrated … their own pay which could lead to excesses. We relate excess pay to how takeover decisions are received by the market, and …
Persistent link: https://www.econbiz.de/10012951091
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
We investigate whether acquisition experience of executive and non-executive directors is priced in their remuneration. We find that acquisition experience generates a contractual premium, and the relative size of this premium is higher for non-executive directors than for executives. Only a...
Persistent link: https://www.econbiz.de/10012826991
We investigate whether acquisition experience of executive and non-executive directors is priced in their remuneration. We find that acquisition experience generates a contractual premium, and the relative size of this premium is higher for non-executive directors than for executives. Only a...
Persistent link: https://www.econbiz.de/10012827418