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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

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

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

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

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

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

Control transfers in corporate Germany: their frequency, causes and consequences

Köke, Jens - 2000

This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...

Persistent link: https://www.econbiz.de/10010297730

Determinants of acquisition and failure: stylized facts and lessons for empirical studies

Köke, Jens - 2001

This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...

Persistent link: https://www.econbiz.de/10010297767

Blockholdings and Corporate Governance in the EU Banking Sector

Köhler, Matthias - 2008

been improved by a better protection of minority shareholder rights, the efficiency of the takeover market has been reduced …

Persistent link: https://www.econbiz.de/10010298692

Blockholdings and corporate governance in the EU banking sector

Köhler, Matthias - 2009

been improved by a better protection of minority shareholder rights, the efficiency of the takeover market has been reduced …

Persistent link: https://www.econbiz.de/10010299073

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