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The Role of Toeholds and Capital Gains Taxes for Corporate Acquisition Strategies
Liberini, Federica; Russo, Antonio; Stimmelmayr, Michael - 2016
Ownership takeovers often follow complex strategies where the control of the target firm is acquired through a sequence of independent contracts. Based on this observation, we develop a novel theoretical model wherein the acquiring firm decides on the number of steps towards the full ownership...
Persistent link: https://www.econbiz.de/10011555592
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The corporate equity puzzle
Brutscher, Philipp-Bastian; Hols, Christopher - 2018
Why don't non-financial companies in Europe issue more equity? Using experimental data on firms from Europe, this paper analyses how firms trade-off between debt and external equity financing. It finds that firms are willing to pay a substantial premium on debt when presented with an equity...
Persistent link: https://www.econbiz.de/10011872447
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The impact of private equity on firms' innovation activity
Amess, Kevin; Stiebale, Joel; Wright, Mike - 2015
The paper analyses the impact of private equity (PE) backed leveraged buyouts (LBOs) on innovation output (patenting). Using a sample of 407 UK deals we find that LBOs have a positive causal effect on patent stock and quality-adjusted patent stock. Our results imply a 6% increase in...
Persistent link: https://www.econbiz.de/10010507571
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Monitoring managers: does it matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - 2010
We test under what circumstances boards discipline managers and whether such interventions improve performance. We …
Persistent link: https://www.econbiz.de/10010272503
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Do Entrenched Managers Pay Their Workers More?
Cronqvist, Henrik; Heyman, Fredrik; Nilsson, Mattias; … - 2005
find that entrenched managers pay their workers more. For example, our estimates show that CEOs with more control rights … as evidence of agency problems between shareholders and managers affecting workers' pay. The findings do not appear to be … with an agency model in which entrenched managers pay high wages because they come with private benefits, such as lower …
Persistent link: https://www.econbiz.de/10010320116
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Fertility differences between married and cohabiting couples: a switching regression analysis
Zhang, Junfu; Song, Xue - 2007
more children than cohabiting couples primarily because marriage provides stronger incentives for specialization in …
Persistent link: https://www.econbiz.de/10010268606
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Power, rent extraction, and executive compensation
Bebchuk, Lucian; Fried, Jesse - In: CESifo Forum 03 (2002) 3, pp. 23-28
Persistent link: https://www.econbiz.de/10011695703
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Cross-Border M&As and Innovative Activity of Acquiring and Target Firms
Stiebale, Joel - 2015
This paper analyzes the effects of cross-border mergers and acquisitions (M&As) on the innovation of European firms. The results indicate a considerable increase in post-acquisition innovation in the merged entity. This is mainly driven by inventors based in the acquirer's country, while...
Persistent link: https://www.econbiz.de/10011301494
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M&A and R&D: Asymmetric effects on acquirers and targets?
Szücs, Florian - 2013
We evaluate the impact of M&A activity on the growth of R&D spending and R&D intensity of 265 acquiring firms and 133 merger targets between 1990 and 2009. We use different matching techniques to construct separate control groups for acquirers and targets and use appropriate...
Persistent link: https://www.econbiz.de/10010323912
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Changing the corporate elite? Not so easy. Female directors' appointments onto corporate boards
Gregoriéc, Aleksandra; Oxelheim, Lars; Randøy, Trond; … - 2013
Scholars have previously investigated country and organizational-level factors associated with the incidence of female directors on boards. These studies, however, cannot explain why, in countries with strong gender equality and pressure for female directorships, firms are still hesitant to...
Persistent link: https://www.econbiz.de/10010335628