Similar Search Results

Determinants of payout choice between open market repurchase, tender offer repurchase and special dividends

Varma, Urvashi; Munjal, Alka - In: Cogent Economics & Finance 9 (2021) 1, pp. 1-19

heterogeneity, clientele effect, distribution size, misvaluation, and takeover threat. The MNL results suggest that open market … repurchase is chosen when the takeover threat is high, firms are significant, or in case of undervaluation of firms. Tender offer … repurchase is preferred in high agency cost, high takeover threat, low shareholder heterogeneity, and undervaluation. The study …

Persistent link: https://www.econbiz.de/10014001366

Financial signaling with open market share repurchases and private redemptions

Warmdt, Luca; Užik, Martin; Löcher, Markus - 2018

Financial decisions can be used to convey information to uninformed market participants aiming to mitigate pricing inefficiencies. Corporate share repurchases are particularly interesting since they have emerged as an integral component of corporate payout policy with a global spread. The...

Persistent link: https://www.econbiz.de/10011825403

Share Buy-Backs in Germany Overreaction to Weak Signals?

Hackethal, Andreas; Zdantchouk, Alexandre - 2004

This paper investigates the magnitude and the main determinants of share price reactions to buy-back announcements of German corporations. For our comprehensive sample of 224 announcements that took place between May 1998 and April 2003 we find average cumulative abnormal returns around -7.5%...

Persistent link: https://www.econbiz.de/10010265096

Bidder cash reserve effect under the precautionary motive: Evidence from UK

Gao, Ning; Mohamed, Abdulkadir - 2011

Cash-rich bidders in UK have better announcement abnormal returns than cash-poor ones during 1984-2007, contrasting previous findings in the US. The positive cash reserve effect is mainly from bidders of high long-run growth or those with non-trivial institutional holdings. Moreover, cash-rich...

Persistent link: https://www.econbiz.de/10010409434

What drives bidder cash reserve effects in acquisitions: Agency conflicts or precautionary motive?

Gao, Ning - 2011

A cash-rich company is less likely to be a bidder during 1994-2008 in the US, contrasting the findings based on earlier sample period. This is mainly due to the companies with high residual market-to-book ratios (i.e. the residual of the actual market-to-book ratio regressed on measures of...

Persistent link: https://www.econbiz.de/10010409445

Return and Volatility Reactions to Monthly Announcements of Business Cycle Forecasts: An Event Study Based on High-Frequency Data

Steiner, Christian; Groß, Anne; Entorf, Horst - 2009

This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and...

Persistent link: https://www.econbiz.de/10010298727

How Effective is European Merger Control?

Duso, Thomas; Gugler, Klaus; Yurtoglu, Burcin B. - 2011

This paper applies an intuitive approach based on stock market data to a unique dataset of large concentrations during the period 1990-2002 to assess the effectiveness of European merger control. The basic idea is to relate announcement and decision abnormal returns. Under a set of four...

Persistent link: https://www.econbiz.de/10010333760

Determinants of Capital Market Reactions to Seasoned Equity Offers by German Corporations

Gebhardt, Günther; Heiden, Stefan; Daske, Holger - 2001

Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the...

Persistent link: https://www.econbiz.de/10010316306

Business Groups, Bank Control and Large Shareholders: An Analysis of German Takeovers

Boehmer, Ekkehart - 1999

I analyse the effect of ownership structure and bank control on performance. I employ a unique data set of 715 German takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I find that takeovers increase bidder value, but...

Persistent link: https://www.econbiz.de/10011608484

How large is the housing wealth effect? A new approach

Carroll, Christopher D.; Otsuka, Misuzu; Slacalek, Jirka - 2006

This paper presents a simple new method for estimating the size of ‘wealth effects?on aggregate consumption. The method exploits the well-documented sluggishness of consumption growth (often interpreted as ‘habits?in the asset pricing literature) to distinguish between short-run and long-run...

Persistent link: https://www.econbiz.de/10010293502

1
2
3
4
5
6
7
8
9
10
Next
Last