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How do financial crises shape the market for corporate control, by changing the set of acquirers, how much they acquire, and how long they keep ownership? To address these questions, we develop a tractable model of M&As where acquirers and targets emerge endogenously due to differences in...
Persistent link: https://www.econbiz.de/10012926230
How do financial frictions shape the set of acquirers, how much they acquire, and how long they keep ownership? To address these questions, we develop a tractable model of M&As whereby acquirers and targets emerge endogenously due to differences in liquidity. Financial crises lead to selection...
Persistent link: https://www.econbiz.de/10011927229
How does the market for corporate control reallocate firm ownership in response to adverse aggregate financial shocks? To answer this question, we develop a tractable model of mergers and acquisitions (M&As) where firms facing different degrees of financial constraints acquire ownership of...
Persistent link: https://www.econbiz.de/10011377812
We examine the macroeconomic determinants of mergers and acquisitions (M&A) using panel data over 2006:Q1 - 2022:Q2 for 21 European Union (EU) countries. Across di§erent model specifications we find that bond yields and past real GDP growth are robust quantitatively and statistically...
Persistent link: https://www.econbiz.de/10014305586
We examine whether immigration-related fear sentiments (IFS), that escalates populist views, affects the flow of inbound cross-border acquisitions (CBAs). Consistent with the economic conjecture that IFS induced populist policies can create economic uncertainty and dead-weight costs for...
Persistent link: https://www.econbiz.de/10012830134
We propose a private-government principals-principals (PP) approach to understand corporate governance of state-owned multinationals. We explain how the conflicts between large government and private blockholders may affect managerial decisions in the propensity of completing a cross-border...
Persistent link: https://www.econbiz.de/10012928780
A growing literature documents that management quality accounts for an important portion of the differences in productivity across firms and countries. One route through which management practices could affect productivity is through mergers and acquisitions. In this paper, I investigate the...
Persistent link: https://www.econbiz.de/10012931891
With cross-border acquisitions on the rise, especially by multinationals from the Asia-Pacific region, it is important to better understand their motives. Using the Marketline Advantage data on over 700 cross-border acquisitions of European firms by Asian-Pacific multinationals in 2007-2017, we...
Persistent link: https://www.econbiz.de/10012823816
Using national elections as sources of exogenous variation in uncertainty, we show that political uncertainty affects the volume and outcome of cross-border acquisitions. When a country is about to hold a national election, this deters foreign firms' inbound acquisitions, especially when the...
Persistent link: https://www.econbiz.de/10012972135
Political economy accounts of economic integration strongly emphasize the importance of legal contract enforcement. We challenge extant research by showing that relational contracting, relationship-based contract enforcement, is more efficient for high-risk, human capital-intensive activities...
Persistent link: https://www.econbiz.de/10012975804