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Tapping into financial synergies : alleviating financial constraints through acquisitions
Williamson, Rohan; Yang, Jie - 2018 - This version: May, 2018
The paper examines whether financially constrained firms are able to use acquisitions to ease their constraints. The results show that acquisitions do ease financing constraints for constrained acquirers. Relative to unconstrained acquires, financially constrained firms are more likely to use...
Persistent link: https://www.econbiz.de/10012016094
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Mergers and Acquisitions Transactions Strategies in Diffusion - Type Financial Systems in Highly Volatile Global Capital Markets with Nonlinearities
Ledenyov, Dimitri - 2015
The M&A transactions represent a wide range of unique business optimization opportunities in the corporate transformation deals, which are usually characterized by the high level of total risk. The M&A transactions can be successfully implemented by taking to an account the size of investments,...
Persistent link: https://www.econbiz.de/10013028661
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Tapping into Financial Synergies : Alleviating Financial Constraints Through Acquisitions
Williamson, Rohan - 2018
The paper examines whether firms are able to use acquisitions to ease their financial constraints. The results show that acquisitions do ease financing constraints for constrained acquirers. Relative to unconstrained acquires, financially constrained firms are more likely to use undervalued...
Persistent link: https://www.econbiz.de/10012938513
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Disciplining Management or Guiding Management : Aligning Interests in Securitized Leveraged Buyouts
Bouvier, Laurent - 2016
Leveraged buyouts (LBO) are generally explained in terms of a governance mechanism that disciplines management. It is … operationalized by increasing the leverage of a firm, which has an implicit consequence of constraining management in the use of free … funds on the back of the acquired company's operating assets. A securitized LBO imposes explicit restrictions on management …
Persistent link: https://www.econbiz.de/10012995889
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Cash holdings, corporate governance, and acquirer returns
Ahn, Seoungpil; Chung, Jaiho - In: Financial innovation : FIN 1 (2015) 13, pp. 1-31
Background: The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs) is a contentious issue. By taking the differential effect hypothesis perspective, our study aims to provide additional evidence about the relation between ATPs and acquisition performance. Methods: We...
Persistent link: https://www.econbiz.de/10011541234
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SPACs : post-merger survival
Vulanovic, Milos - 2016
This paper studies how institutional characteristics of Specified Purpose Acquisition Companies (SPACs) are related to their post-merger survival. SPACs are unique financial firms that conduct the IPO with the solely purpose to use the proceeds to acquire another private company. Paper finds...
Persistent link: https://www.econbiz.de/10011567362
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The return of poison pills : a first look at "crisis pills"
Eldar, Ofer; Wittry, Michael D. - 2020
We show that a large number of firms adopt poison pills during periods of market turmoil. In particular, during the coronavirus (COVID-19) pandemic, many firms adopted poison pills in response to declines in valuations, and stock prices increased upon their announcements. This increase is driven...
Persistent link: https://www.econbiz.de/10012216686
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What is the shareholder wealth impact of target CEO retention in private equity deals?
Bargeron, Leonce; Schlingemann, Frederik P.; Zutter, Chad J. - 2017
There is a widespread belief among observers that a lower premium is paid when the target CEO is retained by the acquirer in a private equity deal because the CEO's potential conflicts of interest leads her to negotiate less aggressively on behalf of the target shareholders. Our empirical...
Persistent link: https://www.econbiz.de/10011963282
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State-owned enterprise governance : a stocktaking of reforms and challenges in Southern Africa
Balbuena, Sara S. - 2014
on Governance of State-Owned Enterprises – a regional cooperation initiative aimed at improving the corporate governance …
Persistent link: https://www.econbiz.de/10010233543
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The real effects of private equity buyouts
Tåg, Joacim - 2010
Private equity buyouts have become a common element in the industrial development process. I survey the literature on the real economic effect of buyouts: employment, wages, productivity, and long-run investments. Employment tend to marginally fall after a buyout in most countries studied, with...
Persistent link: https://www.econbiz.de/10008654164