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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - 2001
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
Persistent link: https://www.econbiz.de/10010297800
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Globalization of Corporate Covernance: The American Influence on Dismissal Performance Sensitivity of European CEOs
Jungeilges, Jochen A.; Oxelheim, Lars; Randoy, Trond - 2010
This study examines how globalization of corporate governance practices influence the risk of European CEOs being dismissed. We argue that the harsh monitoring of the American corporate governance system spills over to the rest of the world as a result of this globalization. We focus on direct...
Persistent link: https://www.econbiz.de/10010320346
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Corporate Governance and Merger and Acquisition Foreign Direct Investment: Firm-level Evidence from Japanese Foreign Direct Investment into the US
Alba, Joseph D.; Park, Donghyun; Wang, Peiming - 2009
Merger and acquisition (M&A) is a mechanism for promoting corporate governance suggesting that an improvement in overall corporate governance may have a negative effect on M&A activity. Since M&A foreign direct investment (FDI) is a cross-border variant of M&A, stronger corporate governance may...
Persistent link: https://www.econbiz.de/10010507255
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The Executive Turnover Risk Premium
Peters, Florian S.; Wagner, Alexander F. - 2012
We establish that CEOs of companies experiencing volatile industry conditions are more likely tobe dismissed. At the same time, industry risk is, controlling for various other factors, unlikelyto be directly associated with CEO compensation other than through dismissal risk. Using...
Persistent link: https://www.econbiz.de/10010326426
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Executive compensation and the susceptibility of firms to hostile takeovers. An empirical investigation of the U.S. oil industry
Nowak, Eric; Haid, Michael H. - 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/10010316286
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Disentangling the link between stock and accounting performance in acquisitions
Betzer, André; Goergen, Marc - 2011
While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or...
Persistent link: https://www.econbiz.de/10010291123
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Governance as a source of managerial discipline
Franks, Julian; Mayer, Colin - 2002
Anglo-American stock markets are much larger than their continental counterparts. Does investor protection and governance explain these differences? Using UK data, we examine four different forms of intervention which are suppose to promote good governance: takeovers, independent directors,...
Persistent link: https://www.econbiz.de/10011506553
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A new perspective on mergers and acquisitions: Evidence explained, policies prescribed
Stennek, Johan - In: CESifo Forum 07 (2006) 1, pp. 3-8
Persistent link: https://www.econbiz.de/10011695825
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Comparative advantage, cross-border mergers and merger waves: International economics meets industrial organization
Brakman, Steven; Garretsen, Harry; van Marrewijk, Charles - In: CESifo Forum 07 (2006) 1, pp. 22-26
Persistent link: https://www.econbiz.de/10011695828
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Trouble in paradise: Will technocrats review global merger forever?
Evenett, Simon J. - In: CESifo Forum 07 (2006) 1, pp. 27-33
Persistent link: https://www.econbiz.de/10011695829