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Germany as an emerging archipelago economy: On some less obvious implications of corporate takeovers and mergers
Zademach, Hans-Martin - In: CESifo Forum 7 (2006) 1, pp. 40-45
Persistent link: https://www.econbiz.de/10004998594
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Determinants of the Size and Structure of Corporate Boards: 1935-2000
Lehn, Kenneth; Patro, Sukesh; Zhao, Mengxin - Center for Economic Institutions, Institute of Economic … - 2008
We argue that the size and composition of corporate boards are determined by tradeoffs involving the information that directors bring to boards versus the coordination costs and free rider problems associated with their additions to boards. Our hypotheses lead to predictions that firm size and...
Persistent link: https://www.econbiz.de/10005045098
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Merging Activity as a Rational Explanation for the Long-Run Underperformance of IPO
Sentis, Patrick - In: Multinational Finance Journal 13 (2009) 1-2, pp. 75-102
The phenomena of IPO underpricing and underperformance are examined in the same rational model. In this model, underpricing is caused by the presence of uninformed investors. Low-type firms carry out an IPO under the same conditions as high-type firms. Instead of investing by themselves, the...
Persistent link: https://www.econbiz.de/10010937183
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Horizontal Mergers and Exit in Declining Industries
Filson, Darren; Songsamphant, Bunchon - Economics Department, Claremont McKenna College
Previous work on exit in declining industries has neglected mergers. We examine a simple model that predicts which declining industries experience horizontal mergers. Mergers are more likely if 1) market concentration is high; 2) the inverse demand curve is steep at high levels of output and...
Persistent link: https://www.econbiz.de/10005150883
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The Takeover Game
Fllbrunn, Sascha; Haruvy, Ernan - Luxembourg School of Finance, Faculté de droit, … - 2011
While shareholders direct influence on management decisions may be small, the takeover threat could serve as an … indirect but effective mechanism for shareholders to influence management. We introduce the takeover game, an experimental … whether to accept a takeover offers made in pre-determined periods. This novel setting has the flavor of a repeated trust game …
Persistent link: https://www.econbiz.de/10010900072
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The Takeover Game
Fllbrunn, Sascha; Haruvy, Ernan - Centre de Recherche en Économie Appliquée (CREA), … - 2011
Abstract: While shareholders direct influence on management decisions may be small, the takeover threat could serve as … an indirect but effective mechanism for shareholders to influence management. We introduce the takeover game, an … whether to accept a takeover offers made in pre-determined periods. This novel setting has the flavor of a repeated trust game …
Persistent link: https://www.econbiz.de/10010900744
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English Auctions with toeholds: An experimental study
Georganas, Sotiris; Nagel, Rosemarie - Department of Economics and Business, Universitat … - 2008
We run experiments on English Auctions where the bidders already own a part (toehold) of the good for sale. The theory predicts a very strong effect of even small toeholds, however we find the effects are not so strong in the lab. We explain this by analyzing the flatness of the payoff...
Persistent link: https://www.econbiz.de/10005704898
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Banking consolidation and the availability of credit to small businesses
Cole, Rebel; Walraven, Nick - Volkswirtschaftliche Fakultät, … - 1998
In this study, we use firm-level data from the 1993 National Survey of Small Business Finances to test the hypothesis that banking consolidation has reduced the availability of credit to small businesses. We find that banks in markets where mergers have occurred are more likely than other banks...
Persistent link: https://www.econbiz.de/10005836119
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Do mergers create or destroy value? Evidence from unsuccessful mergers
Cole, Rebel; Fatemi, Ali; Vu, Joseph - Volkswirtschaftliche Fakultät, … - 2006
In this study, we examine unsuccessful takeover attempts for new evidence on whether mergers create or destroy value … literature on signaling by investigating whether a takeover attempt signals investors about the quality of firm management as …
Persistent link: https://www.econbiz.de/10005837001
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 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/10005097846