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We examine whether equity carve-outs (ECOs) lead to improvements in the functioning of the internal capital markets (ICM) of diversified firms. Divestments, including spin-offs, sell-offs and ECOs, can be employed by firms to improve allocative efficiency. Equity carve-outs, unlike spin-offs and...
Persistent link: https://www.econbiz.de/10012910911
This paper examines the importance of institutional quality in cross-border buyout performance. Using 2,639 cross-border buyout investments during 1998-2007 in 38 countries, we find that the higher the institutional quality of the country where the portfolio company is located, the higher the...
Persistent link: https://www.econbiz.de/10012849752
This paper examines how political corruption affects M&A activities. By exploiting the public enforcement of the anti-corruption campaign across different regions in China, we find in a difference-in-difference (DID) setting that the reduction in corruption increases cross-region takeover...
Persistent link: https://www.econbiz.de/10013242403