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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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Investor Activism and Mergers and Acquisitions (M&A)
Singh, Akshay - 2016
This study analyzed activism that leads to a merger or acquisition (M&A) of a firm to see its benefits for the …
Persistent link: https://www.econbiz.de/10014034757
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Do Wealth Creating Mergers and Acquisitions Really Hurt Acquirer Shareholders?
Masulis, Ronald W. - 2012
We examine the expected economic benefits of mergers and acquisitions. We conclude that both signaling and revelation biases are responsible for the commonly reported finding that on average takeovers are harmful to bidder shareholder wealth. After accounting for these two biases that lead to a...
Persistent link: https://www.econbiz.de/10013115049
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Impact of Mergers and Acquisitions on Returns to Shareholders of Acquiring Firms : Indian Economy in Perspective
Rani, Neelam - 2012
The paper examines the returns to shareholders of acquiring companies in India during the period 2003-08. The abnormal returns due to the announcement of mergers and acquisitions (M&A) and return on equity funds five years before and after M&A have been examined. The study also performs a...
Persistent link: https://www.econbiz.de/10013099698
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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
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Managerial Control Benefits and Takeover Market Efficiency
Wang, Wenyu - 2019
How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this … dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the … takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the …
Persistent link: https://www.econbiz.de/10012898784
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Transfers of Corporate Control in Firms with Non-Controlling Blockholders
Stepanov, Sergey - 2017
I model the choice between a negotiated block trade and a public tender offer as means of acquiring control in a firm with a large minority blockholder. Potential acquirers differ in their (privately known) value-creation ability. In equilibrium, block trades are made by lower ability acquirers...
Persistent link: https://www.econbiz.de/10012974811
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Conditional Returns to Shareholders of Bidding Firms : An Australian Study
Akhtar, Farida - 2013
announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, this indicates …
Persistent link: https://www.econbiz.de/10013077619
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Controlling Shareholder Stock Pledge, Aggravated Expropriation and Corporate Acquisitions
Yan, Siyuan - 2020
We examine the effects of controlling shareholder stock pledge on corporate acquisition decisions and associated performance. Consistent with our aggravated expropriation hypothesis, we find that pledging firms in China initiate more takeovers, but these acquisitions conducted by pledging firms...
Persistent link: https://www.econbiz.de/10012832661
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Index Fund and ETF Ownership and the German Market for Corporate Control
Dobmeier, Ludwig - 2019
If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and …. This paper analyzes the impact of index fund and ETF ownership on the success of takeover offers in Germany. Based on a … sample of 323 takeover offers of publicly listed German companies between 2006 and 2018, we document a significant negative …
Persistent link: https://www.econbiz.de/10012864050