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Bid Resistance by Takeover Targets : Managerial Bargaining or Bad Faith?
Bates, Thomas W. - 2017
This paper examines management's motives for rejecting takeover bids and the associated shareholder wealth effects. We …
Persistent link: https://www.econbiz.de/10012976118
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Disentangling the link between stock and accounting performance in acquisitions
Betzer, André; Goergen, Marc - 2011
While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or...
Persistent link: https://www.econbiz.de/10009269890
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Merger negotiations with stock market feedback
Betton, Sandra; Eckbo, B. Espen; Thompson, Rex; … - 2011 - Rev.
Do pre-offer target stock price runups increase bidder takeover costs? We present model-based tests of this issue … assuming runups are caused by signals that inform investors about potential takeover synergies. Rational deal anticipation …
Persistent link: https://www.econbiz.de/10009241644
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Investor Attention Around Corporate Restructurings
Harris, Jeremiah; Kalodimos, Jonathan; O'Brien, William - 2023
We investigate investor behavior and firm performance related to corporate restructuring announcements using a database of Security Exchange Commission (SEC) filings by U.S. firms and web traffic on the SEC’s website. We find that abnormal investor attention positively predicts restructuring...
Persistent link: https://www.econbiz.de/10014349516
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Investor Activism and Mergers and Acquisitions (M&A)
Singh, Akshay - 2016
This study analyzed activism that leads to a merger or acquisition (M&A) of a firm to see its benefits for the shareholders at the target firm as well as its acquirer. It used over thirty years of data to understand the impact of the activists’ demands of strategic significance for the firms....
Persistent link: https://www.econbiz.de/10014034757
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CEO Power and Stock Price Crash Risk in China : Do Female Directors’ Critical Mass and Ownership Structure Matter?
Shahab, Yasir; Ntim, Collins G.; Ullah, Farid; Chen, Yugang - 2021
This study investigates how CEO power is associated with stock price crash risk. We further examine the moderating roles of female directors’ critical mass and ownership structure on the relationship between CEO power and stock price crash risk. Employing one of the largest datasets to-date of...
Persistent link: https://www.econbiz.de/10013246453
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Disentangling the link between stock and accounting performance in acquisitions
Betzer, André; Goergen, Marc - 2011
While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or...
Persistent link: https://www.econbiz.de/10010291123
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Managerial Control Benefits and Takeover Market Efficiency
Wang, Wenyu - 2019
dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the … takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the …How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this …
Persistent link: https://www.econbiz.de/10012898784
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The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms
Demirtas, Gul - 2016
Using a sample of target firms that do not delist from the stock market after a majority takeover, we investigate the … on equity. However, we do not find a significant effect of CEO turnover on target stock returns in the post-takeover …
Persistent link: https://www.econbiz.de/10013003124
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Internet Appendix for 'The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms'
Demirtas, Gul - 2015
Firms' Post-Takeover Performance: Evidence from Not-Delisting Target Firms" to which these Appendices apply is available at …
Persistent link: https://www.econbiz.de/10013012862