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Why newly listed firms become acquisition targets
De, Soumendra; Jindra, Jan - In: Journal of banking & finance 36 (2012) 9, pp. 2616-2632
Persistent link: https://www.econbiz.de/10009657619
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Founder CEOs and Acquirer Returns : Evidence from IPO Firms
Lee, Joon Mahn - 2016
Drawing from the literature on entrepreneurial overconfidence and M&As, we argue that founder CEO-managed firms perform worse than professional CEO-managed firms when they participate in M&A transactions. We test our predictions using a sample of acquisitions by newly listed US public firms from...
Persistent link: https://www.econbiz.de/10012999723
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Follow the assets : is the US listing gap "real"?
Eckbo, B. Espen; Lithell, Markus - 2020
We adjust the US stock-exchange listing count for all significant transactions that move corporate assets into or out of the stock market - in particular mergers and acquisitions. In contrast to the actual listing count, the US merger-adjusted count hardly peaks over 1980--2017 and does not...
Persistent link: https://www.econbiz.de/10012174243
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A theory of entrepreneurial overconfidence, effort, and firm outcomes
Everett, Craig R.; Fairchild, Richard J. - In: Journal of entrepreneurial finance : JEF ; official … 17 (2015) 1, pp. 1-26
We present a theory of entrepreneurial behavior that explores the relationship between overconfidence and successful firm outcomes, such as acquisition or IPO. In our model, increasing overconfidence produces two conflicting effects on the probability of a successful outcome: it not only induces...
Persistent link: https://www.econbiz.de/10011992244
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How IPO Firms’ Product Innovation Strategy Affects the Likelihood of Post-IPO Acquisitions?
Kooli, Maher; Zhang, Aoran; Zhao, philip - 2022
to offer substantially higher takeover premiums. However, some empirical evidence suggests that less product innovation …
Persistent link: https://www.econbiz.de/10013308400
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SPACs : post-merger survival
Vulanovic, Milos - 2016
This paper studies how institutional characteristics of Specified Purpose Acquisition Companies (SPACs) are related to their post-merger survival. SPACs are unique financial firms that conduct the IPO with the solely purpose to use the proceeds to acquire another private company. Paper finds...
Persistent link: https://www.econbiz.de/10011567362
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Are Cross-Listed Firms Superior Targets? Evidence from Short- and Long-Run Performance of US Bidders
Meknassi, Siham - 2011
We examine the impact of the cross-listing status of target firms and cross-country institutional differences on short- and long-run performance of US bidders in cross-border acquisitions. We show that acquirers realize higher long-run returns when acquiring foreign targets cross-listed on US...
Persistent link: https://www.econbiz.de/10013119627
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Corporate takeovers : modern empirical developments
Eckbo, B. Espen - 2011
a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …
Persistent link: https://www.econbiz.de/10008906523
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Consistent valuation of project finance and LBO's using the flows-to-equity method
Cooper, Ian; Nyborg, Kjell G. - 2010
A common method of valuing the equity in highly leveraged transactions is the flows-to-equity method. When applying this method various formulas can be used to calculate the time-varying cost of equity. In this paper we show that some commonly used formulas are inconsistent with the assumptions...
Persistent link: https://www.econbiz.de/10008797682
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The political economy of dominant investors
Perotti, Enrico C.; 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