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It's the market power, stupid! : stock return patterns in international bank M&A

Hankir, Yassin; Rauch, Christian; Umber, Marc - 2009

of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M …

Persistent link: https://www.econbiz.de/10003893085

Do announcement returns contain information about value creation?

Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey - 2020

Stock returns around acquisition announcements are widely viewed as being reflective of the net present value created by these transactions. As such, announcement returns should correlate with acquisition outcomes. Using a new measure of realized transaction-level acquisition failure, as well as...

Persistent link: https://www.econbiz.de/10012263196

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

Takeover protections and stock returns

Eisdorfer, Assaf; Morellec, Erwan; Zhdanov, Alexei - 2020

We argue that takeover protections decrease equity value and increase equity risk and stock returns by removing a … anti-takeover laws, both domestically and internationally. In line with our predictions, we find that distressed firms … experience a significant decrease in value and increase in returns and market betas after the passage of anti-takeover laws. Pro-takeover …

Persistent link: https://www.econbiz.de/10012419693

The negative effects of mergers and acquisitions on the value of rivals

Derrien, François; Frésard, Laurent; Slabik, Victoria; … - 2017

Revaluations of industry peers around horizontal acquisitions are negative when targets are private, but positive when they are public. We posit this “revaluation spread” arises because acquiring managers favor private targets when public firms are overvalued. Targets' ownership status thus...

Persistent link: https://www.econbiz.de/10011947196

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

Corporate transactions in hard-to-value stocks

Ben-David, Itzhak; Kim, Byungwook; Moussawi, Hala; … - 2021

Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about future events, they are contrarian and heavily...

Persistent link: https://www.econbiz.de/10012816430

Why does return predictability concentrate in bad times?

Cujean, Julien; Hasler, Michael - 2017

We build an equilibrium model to explain why stock return predictability concentrates in bad times. The key feature is that investors use different forecasting models, and hence assess uncertainty differently. As economic conditions deteriorate, uncertainty rises and investors' opinions...

Persistent link: https://www.econbiz.de/10011721618

Three essays on bankrupt firms

Jory, Surendranath R. - 2007

Persistent link: https://www.econbiz.de/10009707953

International stock return predictability : on the role of the United States in bad and good times

Siliverstovs, Boriss - 2016

In this paper we document the asymmetric role that the U.S. stock market plays in the international predictability of excess stock returns during recession and expansion periods. Most of the positive evidence accrues during the periods of recessions in the United States. During the expansions...

Persistent link: https://www.econbiz.de/10011519115

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