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Index Fund and ETF Ownership and the German Market for Corporate Control

Dobmeier, Ludwig - 2019

If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and …. This paper analyzes the impact of index fund and ETF ownership on the success of takeover offers in Germany. Based on a … sample of 323 takeover offers of publicly listed German companies between 2006 and 2018, we document a significant negative …

Persistent link: https://www.econbiz.de/10012864050

Exit Through Exitus in Private Equity Buyouts

Hammer, Benjamin - 2015

We study the impact of PE firm and buyout characteristics on default probability employing a Cox proportional hazards model to a global sample of 5,093 buyouts between 1997 and 2012. Our results indicate that investments of generalists have lower default probability than those of specialists....

Persistent link: https://www.econbiz.de/10013025950

An Anatomy of Serial Acquirers, M&A Learning, and the Role of Post-Merger Integration

Kengelbach, Dr. Jens - 2012

takeover performance, focusing on the benefits of organizational learning and the detriments of post-merger integration (PMI …

Persistent link: https://www.econbiz.de/10013113821

Does it Pay to Acquire (Discounted) Conglomerates?

Nöllgen, Bruno - 2013

We empirically investigate the impact of diversification on the likelihood of being acquired. Our analysis is based on more than 24,000 firm years from all regions for the period between 2001 and 2008. We find that conglomerates are significantly less likely to be acquired and bid premiums paid...

Persistent link: https://www.econbiz.de/10013071998

Second Hand or Second Generation? -The Performance of Secondary Buyouts

Kick, Jonas; Schwetzler, Bernhard - 2022

Secondary buyouts (SBOs) can be viewed as an oxymoron: Booming SBO activity meets public and investor´s perception of this investments as “lemons”, claiming that first round buyers in the primary buyout (PBO) leave no potential for further value creation on the table. Using a unique back to...

Persistent link: https://www.econbiz.de/10013290113

Innenfinanzierung durch Pensionsrückstellungen und Unternehmenswert

Schwetzler, Bernhard - In: Kapitalgeberansprüche, Marktwertorientierung und …, (pp. 409-440). 2003

Persistent link: https://www.econbiz.de/10001865059

Discontinuous Financing Based on Market Values and the Value of Tax Shields

Lahmann, Alexander D.F. - 2017

The tax shield as present value of debt-related tax savings plays an important role in firm valuation. Driving the risk of future debt levels, the firm's strategy to adjust the absolute debt level to future changes of the firm value, labeled as (re-)financing policy, affects the value of tax...

Persistent link: https://www.econbiz.de/10012946812

(Re-)Financing Policies and the Value of Debt-Related Tax Shields

Arnold, Sven - 2015

Persistent link: https://www.econbiz.de/10013023280

Government Intervention, Ownership Structure and Firm Value : The Case of the German Tax Reduction Act

Brendel, Markus - 2017

This paper provides causal evidence on the effect of ownership structure on firm value and on the impact of large tax incentives on the divestiture decision of equity blockholders by exploiting a quasi-experimental policy change in Germany. The 2000 Tax Reduction Act repealed corporate...

Persistent link: https://www.econbiz.de/10012973200

The Impact of Credit Rating and Frequent Refinancing on Firm Value

Arnold, Sven - 2015

Rating affects corporate credit costs and leverage choices. Therefore, we develop a corporate valuation model where the choice of leverage is consistent with the implied cost of debt of the rating class. We explicitly model the trigger, the consequences, and the analytical probability of...

Persistent link: https://www.econbiz.de/10013036443

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