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The Effects of Cross-Border Acquisitions on the Value of Rivals : International Evidence
Yilmaz, Umit - 2023
This paper examines the effects of horizontal cross-border mergers and acquisitions on the value of industry rivals. Using firm-level data from 45 countries during the period 1990–2020, I find that the average stock price reactions of industry rivals around deal announcements are significantly...
Persistent link: https://www.econbiz.de/10014257940
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Corporate acquisitions and firm-level uncertainty : domestic versus cross-border deals
Bai, Ye; Girma, Sourafel; Riaño, Alejandro - 2020
-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …
Persistent link: https://www.econbiz.de/10012158166
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Stock market impact of cross-border acquisitions in emerging markets
Norbäck, Pehr-Johan; Persson, Lars - 2019
Entry by multinational enterprises (MNEs) into emerging markets has increased substantially over the last decades. Many of these MNE entries have taken place in concentrated markets. To capture these features, we construct a strategic interaction model of MNE cross-border acquisition and...
Persistent link: https://www.econbiz.de/10011981294
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Mergers and Acquisitions Valuation : Cash vs Stock Payment
Feito-Ruiz, Isabel - 2013
The aim of this paper is to study the influence of the Merger and Acquisition (M&A) payment method decision on the acquiring shareholders' M&A valuation, considering the relevance of the acquiring ownership structure and the legal and institutional environment, and the possibility that the...
Persistent link: https://www.econbiz.de/10013079367
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Valuations in Corporate Takeovers and Financial Constraints on Private Targets
Greene, Daniel - 2016
I examine acquisitions of private firms by public acquirers to better understand the effects of financial constraints on the division of economic gains in takeovers. Empirical tests exploit interstate bank branching deregulation, which relaxes financial constraints on private firms and can...
Persistent link: https://www.econbiz.de/10012997018
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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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Value Creation Estimates Beyond Announcement Returns : Mega-Mergers versus Other Mergers
Bayazitova, Dinara - 2012
Much of the literature considers only short-term acquirer announcement returns when analyzing which mergers create value for the acquirer. However, announcement returns combine information about value creation because of the merger and a revaluation of the acquirer's stand-alone value. We use...
Persistent link: https://www.econbiz.de/10013116674
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Stapled Financing, Value Certification, and Lending Efficiency
Aslan, Hadiye - 2015
We examine whether financing commitments from a target firm's financial advisor, in the form of stapled financing, provide certification of target value. Using a dataset of leveraged buyouts spanning 2002-2011, and addressing endogeneity issues, we find that stapled financing has significantly...
Persistent link: https://www.econbiz.de/10013014437
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Target Revaluation after Failed Takeover Attempts - Cash versus Stock
Malmendier, Ulrike - 2015
Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on … unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by 15% after deal … longer horizons. We find no evidence that future takeover activities or operational changes explain these differences …
Persistent link: https://www.econbiz.de/10013038190
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Wealth Effects of Relative Firm Value in M&A Deals : Reallocation of Physical vs Intangible Assets
Bhattacharya, Debarati - 2020
This paper distinguishes between value creation through redistribution of physical assets and that from intangible assets. We decompose the market-to-book ratio into fundamental value and unexplained components and find that mergers create wealth when high-value firms primarily acquire physical...
Persistent link: https://www.econbiz.de/10012847168