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This survey introduces a two-volume, 1,900-page reprint collection of articles recently published by Elsevier/North-Holland journals. Volume 1 begins with a comprehensive overview of the empirical evidence, followed by introductions to the econometrics of event studies and various techniques for...
Persistent link: https://www.econbiz.de/10008906523
Contingent future payments have gained a solid reputation as fundamental ingredients of business acquisition transactions. Earn-outs specifically are a species of contingent future payments that have proved helpful in a plethora of recent merger deals. An earn-out is payment for performance...
Persistent link: https://www.econbiz.de/10012973363
Using a structural model, I estimate the value gain from coinsurance when two firms merge. For most mergers, the estimated gains from coinsurance are small, smaller than the counterfactual gains if firms were to merge randomly, suggesting that coinsurance is not the primary motivation for most...
Persistent link: https://www.econbiz.de/10013049723
This study analyzed activism that leads to a merger or acquisition (M&A) of a firm to see its benefits for the shareholders at the target firm as well as its acquirer. It used over thirty years of data to understand the impact of the activists’ demands of strategic significance for the firms....
Persistent link: https://www.econbiz.de/10014034757
The UBS- Credit Suisse (CS) merger in March 2023, one of the biggest banking unions in history, was an emergency rescue deal engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. The merger resulted in a significant increase in the combined stakeholder net...
Persistent link: https://www.econbiz.de/10014349670
An important component of corporate governance is the regulation of significant transactions – mergers, acquisitions, and restructuring. This paper (a chapter in Oxford Handbook on Corporate Law and Governance, forthcoming) reviews how M&A and restructuring are regulated by corporate and...
Persistent link: https://www.econbiz.de/10013051345
Over 20 years, M&A contracts have more than doubled in size – from 35 to 88 single-spaced pages in this paper's font. They have also grown significantly in linguistic complexity – from post-graduate “grade 20” to post-doctoral “grade 30”. A substantial portion (lower bound ~20%) of...
Persistent link: https://www.econbiz.de/10011582006
Aiming for superior performance, companies need to have and skillfully use rare, valuable, irreplaceable and inimitable resources, with special emphasis on intangibles, constructed in lengthy and risky processes or strategically accumulated via mergers and acquisitions (M&A). To analyze how the...
Persistent link: https://www.econbiz.de/10013079931
UK Merger control is an example of regulation which has shifted from a public interest regime to an economics based system of competition assessment. This paper asks whether the merger of Lloyds TSB and HBOS in 2008, on public interest grounds, marked the failure of an enduring economics based...
Persistent link: https://www.econbiz.de/10013120332
This paper examines timing of reverse mergers (takeovers) and behaviour of managers of firms that go public in reverse mergers. Results suggest that small private firms go public through mergers with financially distressed firms when market conditions are unfavourable, whereas reverse takeovers...
Persistent link: https://www.econbiz.de/10013067192