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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
the German Reorganisation Act (UmwG). A merger passed at the General Annual Meeting will not move forward as long as any …
Persistent link: https://www.econbiz.de/10013058808
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Tailwind and headwind bidding in German Takeover offers – the impact of target stock price movements and takeover regulation on takeover success
Schwetzler, Bernhard; Uhlenkamp, Lisa M. - 2022
Pre-bid target share price movements are potentially increasing the cost of takeovers and thus are seen as a detriment … movements, takeover regulation and offer premium and their combined impact on takeover success for a sample of 311 takeo-ver … runup for the takeover offers in our sample with an abnormal return of around 8%. Further, analysis of German takeover …
Persistent link: https://www.econbiz.de/10013405796
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Accounting for Distress in Bank Mergers
Koetter, Michael - 2016
The inability of most bank merger studies to control for hidden bailouts may …
Persistent link: https://www.econbiz.de/10012989321
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Does corporate governance matter in the market response to merger announcements? Evidence from the US and Germany
Lowengrub, Paul; Lüdecke, Torsten; Melvin, Michael - In: Corporate governance, (pp. 103-135). 2004
Persistent link: https://www.econbiz.de/10002513617
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Taxes and the valuation of dividends: a study of dividend announcements in Germany
Haesner, Christian; Schanz, Deborah - 2011
This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major tax reform, the full imputation system was replaced by the half-income system, which had a significant impact on the relative taxation of dividends and capital gains for most...
Persistent link: https://www.econbiz.de/10008986949
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Stock Price Reaction to Supervisory Board Interventions : Empirical Evidence from Germany
Vetter, Karin - 2015
Within the discussion about an efficient corporate governance system, considerable attention has been paid to the supervisory board's responsibility to monitor top executives raising the question about the value relevance of supervisory board's actions (i.e., control). We conduct an event study...
Persistent link: https://www.econbiz.de/10013038344
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Taxes and the Valuation of Dividends : A Study of Dividend Announcements in Germany
Haesner, Christian - 2011
This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major tax reform, the full imputation system was replaced by the half-income system, which had a significant impact on the relative taxation of dividends and capital gains for most...
Persistent link: https://www.econbiz.de/10013126940
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A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets
Dhawan, Anirudh - 2020
We show that cryptocurrency markets are plagued by pump-and-dump manipulation, with at least 355 cases in seven months. Unlike stock market manipulators, cryptocurrency manipulators openly declare their intentions to pump specific coins, rather than trying to deceive investors. Puzzlingly,...
Persistent link: https://www.econbiz.de/10012826107
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Buying to sell : private equity buyouts and industrial restructuring
Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2013
We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...
Persistent link: https://www.econbiz.de/10009772935
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Cross-border M&As and innovative activity of acquiring and target firms
Stiebale, Joel - 2014
This paper analyzes the effects of cross-border mergers and acquisitions (M&As) on the innovation of European firms. The results indicate a considerable increase in post-acquisition innovation in the merged entity. This is mainly driven by inventors based in the acquirer's country, while...
Persistent link: https://www.econbiz.de/10010401729