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Chapter 8. Blockholders: A Survey of Theory and Evidence
Edmans, Alex; Holderness, Clifford G. - 2017
blockholder governance through both voice (direct intervention) and exit (selling one's shares). We survey the empirical evidence … corporate governance. We start with the underlying property rights of public corporations; we discuss how blockholders are … active in firm governance. We then examine what distinguishes a blockholder from an ordinary shareholder and advocate …
Persistent link: https://www.econbiz.de/10014023374
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Economic crisis and share price unpredictability : reasons and implications
Fox, Edward G.; Fox, Merritt B.; Gilson, Ronald J. - 2014
During the recent financial crisis, there was a dramatic spike, across all industries, in the volatility of individual firm share prices after adjustment for movements in the market as a whole. In this Article, we demonstrate that a similar spike has occurred with each major downturn in the...
Persistent link: https://www.econbiz.de/10010259665
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Institutional Trades around Takeover Announcements : Skill Vs. Inside Information
Jegadeesh, Narasimhan - 2011
This paper examines the pattern and profitability of institutional trades around takeover announcements. We find that the trades of funds as a group, either before or after takeover announcements, are not profitable. However, funds whose main broker is also a target advisor are net buyers of...
Persistent link: https://www.econbiz.de/10013134118
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Investor Cost Basis and Takeover Bids
Caskey, Judson - 2012
This study examines how institutional investors' cost bases impact takeover offer prices and the likelihood of deal success. We find evidence consistent with the ‘disposition effect' - a reluctance to realize losses. After controlling for pre-bid prices, cost basis has a positive association...
Persistent link: https://www.econbiz.de/10013107923
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...
Persistent link: https://www.econbiz.de/10012843225
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Financial Distress Prediction on Public Listed Banks in Indonesian Stock Exchange
Pasaribu, Rowland Bismark - 2017
A financial distress of company should be able anticipated smartly by its management to rerun the business without having any loss due to business failure. Thus, we need a model which could provide an early signal to company the probability of financial distress so that remedial efforts can be...
Persistent link: https://www.econbiz.de/10012942862
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IPOs, the Level of Private Equity Engagement and Stock Performance Matters : Empirical Evidence from Germany
Oehler, Andreas - 2017
Research on IPOs commonly focuses on the relation between firms' pre IPO ownership structure and subsequent stock performance. We extend the literature by additionally focusing on companies' post IPO ownership structure, in particular private equity capital engagement, to analyze IPOs stock...
Persistent link: https://www.econbiz.de/10012968834
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The Impact of Diversifying Acquisitions on Shareholder Wealth : Evidence from Turkish Acquirers
Akben Selcuk, Elif - 2016
This study examines the impact of diversifying acquisitions on acquiring Turkish firms. Using a sample of 98 acquisitions during 2000-2011, the study finds that acquiring firms experience statistically significant wealth gains surrounding the announcement date. The cross-sectional regression...
Persistent link: https://www.econbiz.de/10013003763
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in Credit Default Swap (CDS) spreads as a proxy for default risk after M&A announcement for the companies involved. Existing literature extensively documents wealth effects triggered by M&A announcements from the shareholders' perspective, but there is limited...
Persistent link: https://www.econbiz.de/10012852376
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Going public in China : reverse mergers versus IPOs
Lee, Charles M. C.; Qu, Yuanyu; Shen, Tao - 2018 - This draft: July 17, 2018
We study firms that go public through reverse mergers (RMs) versus initial public offerings (IPOs) in China. Using a manually assembled data set, we show that pre-listing RM firms are larger, more profitable, and less politically connected than pre-listing IPO firms. Chinese RM firms also have...
Persistent link: https://www.econbiz.de/10011979947