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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
mergers and acquisitions. In this paper we show that a knowledge-based firm's probability of being a takeover target is … firm's assets in the spirit of the Grossman-Hart-Moore incomplete contracts theory of the firm. This approach highlights … manager owner significantly decreases that firm's probability of being a takeover target. …
Persistent link: https://www.econbiz.de/10010271448
comparable firms. We develop a theory of buyouts in oligopolistic markets that explains these facts. Private equity firms are …
Persistent link: https://www.econbiz.de/10010320382
regulatory capital and subsequent merger activity, including organization and time fixed effects, while the second test employs a … " difference in difference" analysis of the change in merger activity that occurred the last time U.S. regulatory capital standards …
Persistent link: https://www.econbiz.de/10011689918
syndicate, and have a higher rate of merger success. Also, the founders of shipping SPACs tend to be, on average, younger than … listing and receiving SPAC’s cash. The fact that some SPACs in our sample went private soon after the merger makes us believe …
Persistent link: https://www.econbiz.de/10010327773
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
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
We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...
Persistent link: https://www.econbiz.de/10010325946
In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders …
Persistent link: https://www.econbiz.de/10010326290
We study the role of private equity firms in cross-border mergers and acquisitions. We find that private equity-owned firms are more likely to become targets in crossborderM&A transactions. This effect is particularly strong in transactions where the target or its shareholders actively reach out...
Persistent link: https://www.econbiz.de/10010326420