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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
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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
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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
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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
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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
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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
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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
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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
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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
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Corporate Investment and Financing UnderAsymmetric Information
Morellec, Erwan; Schürhoff, Norman - Swiss National Centre of Competence in Research North … - 2010
We develop a dynamic model of corporate investment and financing decisions in whichcorporate insiders have superior information about the firm's growth prospects. We show thatrms with positive private information can credibly signal their type to outside investors usingthe timing of corporate...
Persistent link: https://www.econbiz.de/10009305120