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When target CEOs contract with acquirers: Evidence from bank mergers and acquisitions
Brewer, Elijah; Jackson, William E.; Wall, Larry D. - 2006
firm does not boost the overall value of the merger transaction. …
Persistent link: https://www.econbiz.de/10010292238
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Institutional investors, corporate governance, and earnings management around merger: Evidence from French absorbing firms
Njah, Mouna; Jarboui, Anis - In: Journal of Economics, Finance and Administrative Science 18 (2013) 35, pp. 89-96
preceding the merger-offer in the presence of institutional cross-holding. However, the presence of active institutions turns … value of discretionary accruals with regards to the absorbing firms proves to be influenced by the nature of merger deal … absorbentes manipulan los ingresos correspondientes al año anterior a la fusión en presencia de participaciones institucionales …
Persistent link: https://www.econbiz.de/10011859349
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Mergers and acquisitions in Germany: Social-setting and regulatory framework
Schmid, Frank A.; Wahrenburg, Mark - 2003
The paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and...
Persistent link: https://www.econbiz.de/10010298244
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Effekte von Fusionen in Kontinentaleuropa und Deutschland
Gugler, Klaus; Mueller, Dennis C.; Yurtoglu, B. Burcin; … - In: Vierteljahrshefte zur Wirtschaftsforschung 70 (2001) 2, pp. 204-213
This paper takes a look at the effects of mergers in continental Europe over the past 15 years. We use a large panel of data on mergers to test several hypotheses. The effects of the mergers are examined by comparing the performance of the merging firms with control groups of non-merging and/or...
Persistent link: https://www.econbiz.de/10010377528
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The competitive effects of firm exit: Evidence from the US airline industry
Hüschelrath, Kai; Müller, Kathrin - 2012
larger price increases than mergerrelated exits. Within the merger category, our analysis reveals significant price increases … on all affected routes immediately after the exit events. In the medium and long-run, however, realized merger …
Persistent link: https://www.econbiz.de/10010309239
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Market power, efficiencies, and entry: Evidence from an airline merger
Hüschelrath, Kai; Müller, Kathrin - 2012
We investigate the competitive effects of the merger between Delta Air Lines and Northwest Airlines (2009) in the … increases of about 11 percent on overlapping routes and about 10 percent on routes which experienced a merger-induced switch of … the operating carrier. Over a longer period, however, our analysis reveals that both merger efficiencies and post-merger …
Persistent link: https://www.econbiz.de/10010310860
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Product market competition, corporate governance and firm performance: an empirical analysis for Germany
Januszewski, Silke I.; Köke, Jens; Winter, Joachim K. - 1999
Productivity growth has been slow in many continental European countries over the last few decades, especially in comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are two of the main reasons for this phenomenon. However,...
Persistent link: https://www.econbiz.de/10010297660
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The evolution of bank boards of directors in New York, 1840-1950
White, Eugene N.; Bodenhorn, Howard - 2014
Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors. However, the managers were constrained by a variety of rules that...
Persistent link: https://www.econbiz.de/10011396829
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Rhineland exit?
Bovenberg, Lans; Teulings, Coen N. - 2007
We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...
Persistent link: https://www.econbiz.de/10010325305
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Blockholder Dispersion and Firm Value
Konijn, Sander J.J.; Kraeussl, Roman; Lucas, Andre - 2009
This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...
Persistent link: https://www.econbiz.de/10010325997