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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

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

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 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

The Drivers and Implications of Business Divestiture - AnApplication and Extension of Prior Findings

Decker, Carolin; Mellewigt, Thomas - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2007

The purpose of this study is to extend the current understanding of business divestiture by investigating its potential for triggering strategic reorientation. A divestiture involving strategic reorientation is here denoted as a strategic business exit, otherwise it is a status...

Persistent link: https://www.econbiz.de/10005860846

Business Groups in Emerging Markets -Financial Control and Sequential Investment

Hainz, Christa - William Davidson Institute <Ann Arbor, Mich.> - 2006

Business groups in emerging markets perform better than unaffiliatedfirms. One explanation is that business groups substitute some functions ofmissing institutions, for example, enforcing contracts. We investigate thisby setting up a model where firms within the business group are connectedto...

Persistent link: https://www.econbiz.de/10005861050

Ownership and Wages: Estimating Public-Privateand Foreign-Domestic Differentials Using LEEDfrom Hungary, 19862003

Earle, John S.; Telegdy, Álmos - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007

Studies of public-private and foreign-domestic wage differentials face difficultiesdistinguishing ownership effects from correlated characteristics of workers and firms. Thispaper estimates these ownership differentials using linked employer-employee data (LEED)from Hungary containing 1.35mln...

Persistent link: https://www.econbiz.de/10005861527

Managerial Incentives and Firm Valuation - Evidence from Switzerland

Schmid, Markus M.; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum <Basel> - 2007

This paper presents an integrated analysis of the relationships between managerial share ownership (or alternatively the percentage of equity-based compensation), four additional corporate governance mechanisms, and firm value by explicitly incorporating the simultaneity of the process...

Persistent link: https://www.econbiz.de/10005862888

Corporate Governance, Unternehmensbewertung und Wettbewerb - eine Untersuchung für die Schweiz

Beiner, Stefan; Drobetz, Wolfgang; Schmid, Markus M.; … - Wirtschaftswissenschaftliches Zentrum <Basel> - 2004

Einleitung: In der zweiten Hälfte der neunziger Jahre ist die Verbesserung der CorporateGovernance börsennotierter Gesellschaften zu einem intensiv diskutiertenThema geworden. Im Unterschied zu früheren Debatten, wie sie vor etwazwanzig Jahren anlässlich der Arbeit von Jensen/Meckling (1976)...

Persistent link: https://www.econbiz.de/10005862982

Corporate Governance and Expected Stock Returns : Evidence from Germany

Drobetz, Wolfgang; Schillhofer, Andreas; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum <Basel> - 2003

Recent empirical work shows that a better legal environment leads to lowerexpected rates of return in an international cross-section of countries. Thispaper investigates whether differences in firm-specific corporate governancealso help to explain expected returns in a cross-section of firms...

Persistent link: https://www.econbiz.de/10005863002