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Executive compensation and the susceptibilityof firms to hostile takeovers - An empirical investigation of the U.S. oil industry

Haid, Michael H.; Nowak, Eric - 1999

takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and … consists of 51 firms in the U.S. oil industry from 1977 to 1994. Third, we employ ex ante measures of the threat of takeover at … the individual firm level which are superior to ex post measures like actual takeover occurrence or past incidence of …

Persistent link: https://www.econbiz.de/10005840368

Financing and Takeovers

Morellec, Erwan; Zhdanov, Alexei - Institut für Schweizerisches Bankwesen <Zürich> - 2006

This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …

Persistent link: https://www.econbiz.de/10005858240

The Determinants of Takeovers: Recent Evidence from U.S. Thrifts

Cebenoyan, Fatma; Cebenoyan, A. Sinan; Cooperman, … - 2002

market liberalization and widespread takeover activity, 1994 to 2000.(...) …

Persistent link: https://www.econbiz.de/10005846646

The role of technology in M&As : a firm-level comparison of cross-border and domestic deals

Frey, Rainer; Hussinger, Katrin - Zentrum für Europäische Wirtschaftsforschung <Mannheim> - 2006

Technological change is often hypothesized as one of the main drivers of mergeractivities. This paper analyzes the role of technology in mergers and acquisitions(M&As) at the firm level. Based on a newly created data set that combines financialinformation and patent data for public limited...

Persistent link: https://www.econbiz.de/10008939765

Pensions- und Finanzsysteme in Europa: Ein Vergleich unter dem Gesichtspunkt der Komplementarität

Tyrell, Marcel; Schmidt, Reinhard H. - 2001

Die Debatte über die optimale Ausgestaltung der Alterssicherung wird in jüngster Zeit äußerst kontrovers und hitzig geführt. Dabei scheint uns ein zentraler Aspekt nicht genügend beachte zu werden: Welcher Zusammenhang besteht zwischen den Merkmalen des Finanzsystems und des...

Persistent link: https://www.econbiz.de/10005840287

Angleichung der Unternehmensverfassung in Europa - ein Forschungsprogramm

Schmidt, Reinhard H.; Grohs, Stefanie - Universität <Frankfurt, Main> / Fachbereich … - 1999

This paper discusses whether, in which respects, and to what extent the corporate governancesystems of Germany, the United Kingdom and France have already converged in the course ofEuropean economic integration, or are likely to converge in the foreseeable future. Wepresent, and attempt to...

Persistent link: https://www.econbiz.de/10005840358

Internationale Rechnungslegungsnormen und Neue Institutionenökonomik

Wüstemann, Jens - 1999

This paper presents some consequences of economic theory for the regulation of corporate accounting and disclosure under Geman accounting legislation (de lege lata) and in an international context. The following implications are discussed: (i) It is argued that the economic income conception...

Persistent link: https://www.econbiz.de/10005840364