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Persistent link: https://www.econbiz.de/10009158611
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
made between the reduction in agency costs, stakeholder wealth transfers, tax benefits, transaction costs savings, takeover …
Persistent link: https://www.econbiz.de/10012961176
costs savings, takeover defense strategies, and corporate undervaluation. The paper then reviews and summarizes how these …
Persistent link: https://www.econbiz.de/10012965852
By means of an international sample of cross-border mergers and acquisitions (M&As) involving firms with outstanding …
Persistent link: https://www.econbiz.de/10012996646
their own pay which could lead to excesses. We relate excess pay to how takeover decisions are received by the market, and … demonstrate that excess compensation negatively affects the acquirer's stock valuation at a takeover announcement. The market is …
Persistent link: https://www.econbiz.de/10012947336
their own pay which could lead to excesses. We relate excess pay to how takeover decisions are received by the market, and … demonstrate that excess compensation negatively affects the acquirer's stock valuation at a takeover announcement. The market is …
Persistent link: https://www.econbiz.de/10012951091
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
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
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