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Asset Volatility and Capital Structure : Evidence from Corporate Mergers

Levine, Oliver - 2020

We exploit cross-sectional variation in the predictable changes in asset volatility following corporate acquisitions to identify the effect of business risk on capital structure. We find that post-merger changes in leverage and cash holdings are strongly predicted by expected asset volatility...

Persistent link: https://www.econbiz.de/10012856772

Sarbanes-Oxley, Capital Structure and the Choice of Payment in Mergers and Acquisitions

Chai, Tim - 2016

The present paper studies the impact of the SOX act to the choice of payment in Mergers & Acquisitions for firms with different capital structures. Use Probit and Tobit models to access the firms' pre-acquisition leverage levels as well as the leverage changes of firms because of the SOX act....

Persistent link: https://www.econbiz.de/10012988579

Deal Initiation in Mergers and Acquisitions

Masulis, Ronald W. - 2018

-wide shocks. We determine that average takeover premia, target abnormal returns around merger announcements, and deal value to …

Persistent link: https://www.econbiz.de/10012938413

Acquirers and financial constraints : theory and evidence from emerging markets

Mukherjee, Rahul; Proebsting, Christian - 2017

How do financial frictions shape the set of acquirers, how much they acquire, and how long they keep ownership? To address these questions, we develop a tractable model of M&As whereby acquirers and targets emerge endogenously due to differences in liquidity. Financial crises lead to selection...

Persistent link: https://www.econbiz.de/10011927229

Misvaluation and financial constraints : method of payment and buyer identity in mergers & acquisitions

Berg, Aron - 2017

The paper studies how stock price misvaluation and financial frictions affect whether an acquisition occurs between or within industries and whether the acquirer pays in cash or stocks. I set up a model where stock market misvaluation correlates within industries and across industries and assume...

Persistent link: https://www.econbiz.de/10011621231

Essays on financial integration

Correa, Ricardo - 2006

Persistent link: https://www.econbiz.de/10003965300

Corporate takeovers : modern empirical developments

Eckbo, B. Espen - 2011

a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …

Persistent link: https://www.econbiz.de/10008906523

A Test of IPO Theories Using Reverse Mergers

Asquith, Paul - 2011

Reverse mergers are an alternative method to IPOs for going public and announcement day price reaction to reverse mergers is comparable to the initial day price reaction to IPOs. Most of the academic theories developed thus far to explain the market's reaction to IPOs, however, are not...

Persistent link: https://www.econbiz.de/10013131627

Using Option Prices to Infer Overpayments and Synergies in M&A Transactions

Barraclough, Kathryn - 2012

In this paper, we use call option prices to identify synergies and news from merger and acquisition (M&A) transaction announcements. We find that M&A announcements result in large and approximately equal gains to the bidder and the target on average, with the combined gains being large enough to...

Persistent link: https://www.econbiz.de/10013113888

How Have M&As Changed? Evidence from the Sixth Merger Wave

Alexandridis, George - 2012

We examine the characteristics of the sixth merger wave that started in 2003 and came to an end approximately in late-2007. The drivers of this wave lie primarily in the availability of abundant liquidity, in line with neoclassical explanations of merger waves. Acquirers were less overvalued...

Persistent link: https://www.econbiz.de/10013115982

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