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Timing of Mergers and Acquisitions : Evidence from the Canadian Stock Market
Tebourbi, Imen - 2014
This paper provides evidence of merger timing induced by investors' overoptimism. We distinguish between hot and cold merger markets and examine the movements of bidding firms' stock prices, around, before and after mergers announcements. Our results provide strong evidence that mergers are...
Persistent link: https://www.econbiz.de/10013058028
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Stock Performance or Entrenchment? The Effects of Mergers and Acquisitions on CEO Compensation
Kumar, Praveen - 2012
Using a large sample of U.S. acquiring and non-acquiring firms and covering a broad sample of transactions, we examine the effects of mergers and acquisitions (M&A) on CEO compensation during 1993-2006, a period of intense M&A activity. We alleviate endogeneity concerns through dynamic panel...
Persistent link: https://www.econbiz.de/10013101686
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Has the Threat of a Takeover Improved the Management of Target Firms? An Analysis of Firms in Which M&A Consulting, Japan's First Hostile Bidder, Acquired Stakes
Kruse, Timothy A. - 2009
claim that the threat of takeover which they pose on the management of a poorly managed company is not only to their benefit …, but also to that of the target company in general, because the management will run the company better to maximize its … over the four fiscal years following such news. There is little evidence so far that the threat of a hostile takeover …
Persistent link: https://www.econbiz.de/10013154492
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Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen
Rustige, Marc (contributor); Grote, Michael H. (contributor) - 2008
Sowohl die Diversifikation als auch die Fokussierung von Unternehmensaktivitäten werden häufig mit der Maximierung des Unternehmenswertes begründet. Wir untersuchen die Auswirkungen auf den Aktienkurs für 184 Akquisitionen sowie 139 Desinvestitionen deutscher Konzerne im Zeitraum von...
Persistent link: https://www.econbiz.de/10003768020
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Foreign acquisition and credit risk : evidence from the U.S. CDS market
Yilmaz, Umit - 2016 - This draft: May 31, 2016
This paper empirically analyses the effect of foreign block acquisitions on the U.S. target firms' credit risk as captured by their CDS. The involvement of foreign investors leads to a significant increase in the target firms' CDS spreads. This effect is stronger when foreign owners are...
Persistent link: https://www.econbiz.de/10011519062
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Mergers and acquisitions (M&AS) by R&D intensive firms
Dutta, Shantanu; Kumar, Vinod - In: Journal of risk and financial management : JRFM 2 (2009) 1, pp. 1-37
In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we...
Persistent link: https://www.econbiz.de/10011556072
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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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Rumors of Mergers and Acquisitions : Market Efficiency and Markup Pricing
Chou, Hsin-I - 2011
analysis of takeover rumors of publically traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …
Persistent link: https://www.econbiz.de/10013133068
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Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market
Siougle, Georgia - 2011
This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and options market. The analysis suggests that in about 25%-33% of events there is abnormal option trading volume during the month that precedes the announcement. Such evidence is...
Persistent link: https://www.econbiz.de/10013133655
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A Reexamination of Corporate Governance and Equity Prices
Johnson, Shane A. - 2011
We reexamine long-term abnormal returns for portfolios sorted on governance characteristics. Firms with strong shareholder rights and firms with weak shareholder rights differ from the population of firms and from each other in how they cluster across industries. Using well-specified tests under...
Persistent link: https://www.econbiz.de/10013134103