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The impact of macroeconomic activity and yield valuation on mergers and acquisitions in Europe
Röhrer, Fabio E.G.; Proaño Acosta, Christian; … - 2023
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
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Private and Public Merger Waves
Maksimovic, Vojislav - 2012
We examine the participation of public and private firms in merger waves and productivity outcomes. We show that public firms participate more than private firms as buyers and sellers of assets and their participation is more cyclical. Public firms are affected more by credit spreads and...
Persistent link: https://www.econbiz.de/10013106903
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Post-Acquisition Performance of Private Acquirers
Golubov, Andrey - 2019
We provide the first evidence on the performance of private operating firms as acquirers. Private bidders experience greater post-acquisition operating performance improvements compared to public bidders. This effect is not due to differences in target types, merger accounting, financing...
Persistent link: https://www.econbiz.de/10012902939
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How Does Private Firm Innovation Affect Anti-Takeover Provisions in Corporate Charters? Evidence from Firms Going Public
Chemmanur, Thomas J. - 2019
Using data on anti-takeover provisions (ATPs) and top management characteristics hand-collected from IPO prospectuses …, we analyze the effect of the pre-IPO innovativeness and the top management quality of private firms on the number and … private firms and those with higher top management quality will have more (and stronger) ATPs in their charters; and the …
Persistent link: https://www.econbiz.de/10012897332
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The Race of Unicorns : A Signaling Story of Private Acquisitions
Li, Xuelin - 2019
Assets are reallocated less efficiently through mergers and acquisitions (M&As) between private firms compared to the public ones. I develop a theoretical framework to explain how information imperfections inhibit efficiency gains through private acquisitions. Two startups of different qualities...
Persistent link: https://www.econbiz.de/10012899043
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Why are Firms Sold? Evidence from Acquisitions of European Private Firms
Jang, Yeejin - 2017
underinvest are likely to be sold. Further, these firms experience a high level of top management turnover around the period of …
Persistent link: https://www.econbiz.de/10012969169
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Why Are Firms Sold? Evidence from Acquisitions of European Private Firms
Jang, Yeejin - 2017
underinvest are likely to be sold. Further, these firms experience a high level of top management turnover around the period of …
Persistent link: https://www.econbiz.de/10012970925
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Do Acquisitions of Private Targets Create Higher Value?
Lys, Thomas Z. - 2016
Acquirers, on average, earn higher announcement-period returns when their targets are privately held than when their targets are publicly traded. We show that private targets have significantly more intangible assets than do public targets. We then develop a valuation model that is based on the...
Persistent link: https://www.econbiz.de/10012978402
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The Role of Disclosure in Closing Going Private Deals
Bianchi, Pietro A. - 2020
There is a perceived conflict of interests in going private transactions, resulting fromtransferring a company's ownership and control to affiliated parties and terminatingits public status. These deals are subject to mandatory disclosure requirements, aimedto inform shareholders before the...
Persistent link: https://www.econbiz.de/10012851710
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Taking China Private : The Carlyle Group, Leveraged Buyouts and Financial Capitalism in Greater China
Cumming, Douglas J. - 2014
This paper analyses the introduction of leveraged buyouts in China and Taiwan. It focuses on how leveraged buyout firms (foreign financial intermediaries) operate in institutional environments where the state and family blockholder groups are important owners and stakeholders in the private...
Persistent link: https://www.econbiz.de/10013048432