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Mergers and acquisitions: a qualitative study in the medical device sector

Jacob, Alon Ben - In: International journal of management, economics and … 9 (2020) 3, pp. 161-181

One of the key processes that business leaders are using to grow their organizations is mergers and acquisitions (M … emerged through data analysis: leadership focus, value creation, integration strategy, the review process, relationship …

Persistent link: https://www.econbiz.de/10012286798

The political economy of dominant investors

Perotti, Enrico; Thadden, Ernst-Ludwig von - 2005

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

Persistent link: https://www.econbiz.de/10011337975

Do announcement returns contain information about value creation?

Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey - 2020

returns. Our results cast doubt on the usefulness of announcement returns as a measure of the value created in acquisitions …

Persistent link: https://www.econbiz.de/10012263196

The effect of industry restructuring on peer firms

Holcomb, Alex; Mason, Paul - In: Journal of risk and financial management : JRFM 14 (2021) 5, pp. 1-25

We study the bond price reaction of a merged firms peers, in order to better understand how the market responds to a restructuring. We argue that a merger announcement may signal the possibility of a merger wave to the industry, and in doing so, increase the conditional probability that peer...

Persistent link: https://www.econbiz.de/10012534527

Acquisitions as a real options bidding game

Smit, Han T. J.; Berg, Ward A. van den; De Maeseneire, … - 2005

expected target value, and uncertainty, determine value appropriation in acquisitions. …

Persistent link: https://www.econbiz.de/10011337396

Do firms with specialized M&A staff make better acquisitions?

Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2021

building instead. We find that firms with specialized M&A staff make better acquisitions when acquisition performance is … earnings forecasts. This effect does not hold when the CEO is powerful, overconfident, or entrenched. Acquisitions by firms …

Persistent link: https://www.econbiz.de/10012584268

What is the shareholder wealth impact of target CEO retention in private equity deals?

Bargeron, Leonce; Schlingemann, Frederik P.; Zutter, Chad J. - 2017

There is a widespread belief among observers that a lower premium is paid when the target CEO is retained by the acquirer in a private equity deal because the CEO's potential conflicts of interest leads her to negotiate less aggressively on behalf of the target shareholders. Our empirical...

Persistent link: https://www.econbiz.de/10011963282

Corporate takeovers and economic efficiency

Eckbo, B. Espen - 2013

I review recent takeover research which advances our understanding of "who buys who" in the drive for productive efficiency. This research provides detailed information on text-based definitions of product market links between bidders and targets, the role of the supply chain and industrial...

Persistent link: https://www.econbiz.de/10010254150

Mergers, Product Prices, and Innovation : Evidence from the Pharmaceutical Industry

Bonaime, Alice A. - 2020

Using novel data from the pharmaceutical industry, we study the impact of mergers on product prices and innovation … within concentrated product markets and for acquisitions of drugs still in the pipeline. These ﬁndings are consistent with … the eﬀects of market power consolidation from mergers outweighing synergistic gains. Examination of trade-oﬀs reveals …

Persistent link: https://www.econbiz.de/10012847955

Is rated debt arm's length? Evidence from mergers and acquisitions

Gropp, Reint E.; Hirsch, Christian; Krahnen, Jan Pieter - 2011

In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...

Persistent link: https://www.econbiz.de/10010308570