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Conditional Returns to Shareholders of Bidding Firms : An Australian Study
Akhtar, Farida - 2013
announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, this indicates …
Persistent link: https://www.econbiz.de/10013077619
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Corporate governance and the nature of takeover resistance
Carline, Nicholas F.; Linn, Scott C.; Yadav, Pradeep - 2014 - This version: March 23, 2014
We investigate the relation between corporate governance characteristics of hostile takeover targets and the choice to …
Persistent link: https://www.econbiz.de/10010337622
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Managerial Control Benefits and Takeover Market Efficiency
Wang, Wenyu - 2019
How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this … 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 …
Persistent link: https://www.econbiz.de/10012898784
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Transfers of Corporate Control in Firms with Non-Controlling Blockholders
Stepanov, Sergey - 2017
I model the choice between a negotiated block trade and a public tender offer as means of acquiring control in a firm with a large minority blockholder. Potential acquirers differ in their (privately known) value-creation ability. In equilibrium, block trades are made by lower ability acquirers...
Persistent link: https://www.econbiz.de/10012974811
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Value Relevance of Mergers Blocked by Shareholder Lawsuits According to the German Stock Corporation Act : An Event Study
Labrenz, Helfried - 2014
This paper analyses lawsuits against shareholders' resolutions according to the German Stock Corporation Act (AktG) and the German Reorganisation Act (UmwG). A merger passed at the General Annual Meeting will not move forward as long as any lawsuit is pending with a court. In particular, mergers...
Persistent link: https://www.econbiz.de/10013058808
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Controlling Shareholder Stock Pledge, Aggravated Expropriation and Corporate Acquisitions
Yan, Siyuan - 2020
We examine the effects of controlling shareholder stock pledge on corporate acquisition decisions and associated performance. Consistent with our aggravated expropriation hypothesis, we find that pledging firms in China initiate more takeovers, but these acquisitions conducted by pledging firms...
Persistent link: https://www.econbiz.de/10012832661
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The impact of a takeover bid on the capital market efficiency
Knezovic, Anita; Culjak, Maria - In: UTMS journal of economics / University of Tourism and … 9 (2018) 2, pp. 109-120
The impact of the announcement of a takeover bid has been widely tested in foreign literature. Therefore, the main goal … of this paper is to research the impact of the announcement of a takeover bid on the share price movements in the … takeover bid affects the share prices of the target company, which is consistent with the results of previous research …
Persistent link: https://www.econbiz.de/10012178422
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Index Fund and ETF Ownership and the German Market for Corporate Control
Dobmeier, Ludwig - 2019
If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and …. This paper analyzes the impact of index fund and ETF ownership on the success of takeover offers in Germany. Based on a … sample of 323 takeover offers of publicly listed German companies between 2006 and 2018, we document a significant negative …
Persistent link: https://www.econbiz.de/10012864050
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The Influence of Accounting Conservatism, Managerial Ownership, Dividend Policy, Size, Leverage, Price Earnings Ratio, Price to Book Value, and Earning Per Share to Earning Managem...
Pasaribu, Rowland Bismark - 2017
This study aims to examine the relationship of accounting conservatism, managerial ownership, dividend policy, firm size, leverage, price earnings ratio, price to book value and earnings per share to earnings management. The analysis technique used is multiple linear regressions. The data used...
Persistent link: https://www.econbiz.de/10012942874
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Institutional Ownership Concentration and Stock Price Informativeness
Darvishan, Majid - 2016
Using a broad panel of NYSE-, AMEX-, or NASDAQ-listed stocks, this paper studies the relation between institutional ownership concentration and stock price informativeness. One channel through which ownership concentration affects price informativeness is competition among institutional...
Persistent link: https://www.econbiz.de/10013002373