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Has the threat of a takeover improved the management of target firms? : an analysis of firms in which M&A consulting, Japan's first hostile bidder, acquired stakes
Kruse, Timothy A.; Suzuki, Kazunori - In: Corporate ownership & control : international … 7 (2009/10) 2, pp. 137-145
Persistent link: https://www.econbiz.de/10003935503
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Mergers and acquisitions (M&AS) by R&D intensive firms
Dutta, Shantanu; Kumar, Vinod - In: Journal of risk and financial management : JRFM 2 (2009) 1, pp. 1-37
In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we...
Persistent link: https://www.econbiz.de/10011556072
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Disentangling the link between stock and accounting performance in acquisitions
Betzer, André; Goergen, Marc - 2011
While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or...
Persistent link: https://www.econbiz.de/10009269890
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Stock Payment Acquirer's Pre-Acquisition Earnings Management and Its Post-Acquisition Performance
Alphonse, Pascal - 2017
management (AM) and real earnings management (REM) and it impacts on firm's post-acquisition performance during the period before …-stock” acquirers' earnings management (EM) strategy. We also find substitution effects between EM methods and that the choice of EM is … its current performance and that pre-acquisition management no longer matters, though pre-acquisition AM users show better …
Persistent link: https://www.econbiz.de/10012969020
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Market Reaction to Social Performance of Acquiring Firms : Evidence on Emerging Markets
Yen, Tze-Yu - 2016
This study performs a cross-country comparison by examining the large samples of merger and acquisition (M&A) activity in emerging markets (EMs). The underlying purpose is to investigate how market investors react to the M&A deals conducted by acquiring firms with different degrees of corporate...
Persistent link: https://www.econbiz.de/10012979302
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The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms
Demirtas, Gul - 2016
Using a sample of target firms that do not delist from the stock market after a majority takeover, we investigate the … on equity. However, we do not find a significant effect of CEO turnover on target stock returns in the post-takeover … period. These results are consistent with the predictions of the inefficient management hypothesis, which contrast with those …
Persistent link: https://www.econbiz.de/10013003124
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Internet Appendix for 'The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms'
Demirtas, Gul - 2015
Firms' Post-Takeover Performance: Evidence from Not-Delisting Target Firms" to which these Appendices apply is available at …
Persistent link: https://www.econbiz.de/10013012862
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Mergers and Acquisitions : CEO Duality, Operating Performance and Stock Returns
Pham, Nga - 2014
The paper provides evidence, in an emerging market context in the Pacific Basin, that the CEO duality leadership structure of a firm does impact the strategic decisions made by the firm. Specifically, firms that are run by CEO duality structure are perceived by the capital market to be better...
Persistent link: https://www.econbiz.de/10013059716
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Does Mode of Payment Matter in Mergers and Acquisitions in Determining Announcement Returns and Operating Performance? : A Study of Indian Companies Acquiring Foreign Targets
Tripathi, Vanita - 2015
The present study examines the impact of mode of payment used in cross border mergers and acquisitions by Indian companies on the abnormal returns generated on account of announcement and the post merger operating and financial performance. The study considers the cross border M & A undertaken...
Persistent link: https://www.econbiz.de/10013022449
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Disentangling the Link between Stock and Accounting Performance in Acquisitions
Betzer, André - 2015
We study the accounting and stock performance of 4,547 US acquisitions during 1989 and 2008. We categorise acquisitions into four types based on the four possible combinations of positive or negative abnormal stock performance and abnormal accounting performance. First, we compare the bidder,...
Persistent link: https://www.econbiz.de/10013039332