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Determinants of acquisition and failure : stylized facts and lessons for empirical studies
Köke, F. Jens - 2001
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/10011446202
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Private Equity, Buy-Outs and Insolvency Risk
Wilson, Nick - 2011
set comprising the population of over eight million company year observations and 153,000 instances of insolvency covering … formal insolvency proceedings than other firms and how this varies over the economic cycle. Controlling for size, age, sector … and macro-economic conditions (base hazard) we find that private-equity backed buyouts are no more prone to insolvency …
Persistent link: https://www.econbiz.de/10013123344
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The Performance of Acquisitions by High Default Risk Bidders
Bruyland, Evy - 2019
We investigate the takeover strategies of high default risk acquirers and their value impact. We find that these bidders select bigger, less profitable and unrelated targets, pursue transactions during recessions, and pay with shares by offering target shareholders high premiums. Their long-term...
Persistent link: https://www.econbiz.de/10012894337
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Leveraged Buyouts and Financial Distress
Ayash, Brian - 2019
Do leveraged buyout transactions increase the chance of bankruptcy? While corporate finance theory predicts that such sharp changes in capital structure increase financial distress costs by raising the probability of bankruptcy for each company, previous studies seem to fail to find any...
Persistent link: https://www.econbiz.de/10012866191
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The Risk Effects of Acquiring Distressed Firms
Bruyland, Evy - 2016
Existing research shows that bidder default risk increases following acquisitions due to a rise in post-acquisition leverage and managerial risk-taking actions offsetting the potential for asset diversification. This study examines whether the risk effects of acquiring distressed targets are...
Persistent link: https://www.econbiz.de/10013008452
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Exit Through Exitus in Private Equity Buyouts
Hammer, Benjamin - 2015
We study the impact of PE firm and buyout characteristics on default probability employing a Cox proportional hazards model to a global sample of 5,093 buyouts between 1997 and 2012. Our results indicate that investments of generalists have lower default probability than those of specialists....
Persistent link: https://www.econbiz.de/10013025950
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Is attack the best form of defence? : a competing risks analysis of acquisition activity in the UK
Dickerson, Andrew P.; Gibson, Heather D.; Tsakalōtos, … - 1999 - Revised March 1999
The primary purpose of this paper is to investigate whether companies can use acquisition as a strategy to reduce their probability of takeover. A subsidiary issue is whether such a strategy has any impact on their subsequent probability of bankruptcy. The determinants of making an acquisition,...
Persistent link: https://www.econbiz.de/10011530493
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Leveraged Buyout Bankruptcies, the Problem of Hindsight Bias, and the Credit Default Swap Solution
Simkovic, Michael - 2011
Persistent link: https://www.econbiz.de/10013133364
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A Note on Distressed Investing : Buying Companies by Acquiring Their Debt
Moyer, Steve - 2012
Our objective in this paper is to provide a pedagogical discussion of the process by which creditors take control of distressed firms. Distress or vulture investing requires a high level of business acumen combined with deep knowledge of accounting, finance, and corporate and restructuring law....
Persistent link: https://www.econbiz.de/10013100486
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Acquiring Distressed and Bankrupt Concerns
Moeller, Scott - 2012
This paper discusses acquisitions of distressed and bankrupt concerns. It starts with a description of the different types of targets (healthy, distressed, bankrupt) and provides insightful comparisons of deal and firm characteristics using the above classification, while recognizing the...
Persistent link: https://www.econbiz.de/10013102096