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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 DETERMINANTS OF CORPORATEDIVESTMENT IN THE UK

Haynes, Michelle; Wright, Mike; Thompson, Steve - University <Nottingham> / Department of Economics - 2000

It has been widely suggested that since the early 1980s many diversified firms narrowed the scopeof their activities by refocusing on their core businesses, primarily through divestment activity.This study examines the extent and determinants of divestment across a large sample of UK firmsover...

Persistent link: https://www.econbiz.de/10005869106

Do prices in the unmediated call auction reflect insiderinformation? – An experimental analysis

Brünner, Tobias; Levinski, Rene - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008

The unmediated call auction is a useful trading mechanism to aggregate dispersedinformation. Its ability to incorporate information of a single informed insider,however, is less well understood. We analyse this question by presenting a simplecall auction game where both auction prices and limit...

Persistent link: https://www.econbiz.de/10005866435

Are stewardship and valuation usefulness compatible or alternative objectives of financial accounting?

Gassen, Joachim - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2008

In their joint framework project, the FASB and the IASB recently proposeddropping stewardship as a separate objective of financial accounting, because the Boards view stewardship and valuation usefulness as compatible sub-objectives ranking under an overall objective of decision usefulness. This...

Persistent link: https://www.econbiz.de/10005860567

Competition on Common Value Markets with Naive Traders– A Theoretical and Experimental Analysis

Chlaß, Nadine; Güth, Werner - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

Theoretically and experimentally, we generalize the analysis of acquiringa company (Samuelson and Bazerman 1985) by allowing for competition ofboth, buyers and sellers. Naivety of both is related to the idea that higherprices exclude worse qualities. While competition of naive buyers...

Persistent link: https://www.econbiz.de/10005866465

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 Dynamics of Investment and Financing underAsymmetric Information

Morellec, Erwan; Schürhoff, Norman - Swiss National Centre of Competence in Research North … - 2008

This paper develops a tractable real options framework to analyze the eects of asym-metric information on investment and nancing decisions when rms require externalfunds to nance investment. Our analysis shows that corporate insiders can signal theirprivate information to outside investors using...

Persistent link: https://www.econbiz.de/10005868707

The Adverse Selection Effect of Corporate CashReserve: Evidence from the Acquisitions SolelyFinanced by Stock

Gao, Ning - Manchester Business School - 2008

Rhodes-Kropf and Viswanathan (2004) suggest an adverse selection role of corporate cashreserve. Specifically, if investors know a bidder does not have to issue to invest, an attempt to doso sends a strong pessimistic signal of overvaluation. Despite its intuitiveness, this notion has notbeen...

Persistent link: https://www.econbiz.de/10005870609