The world of mergers and acquisitions are often fraught with change, loss of identity and uncertainty for the workers who remain. The consolidation of work-groups can result in new roles, unfamiliar faces, new social structure and the introduction of foreign processes. The need to quickly...

To address the question as to whether managers manipulate accounting numbers downwards prior to management buyouts (MBOs), we implement an industry-adjusted buyout-specific approach and receive an affirmative answer. In UK buyout companies, negative earnings manipulation (understating the...

This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...

This paper examines changes in Credit Default Swap (CDS) spreads as a proxy for default risk after M&A announcement for the companies involved. Existing literature extensively documents wealth effects triggered by M&A announcements from the shareholders' perspective, but there is limited...

The paper investigates the post-takeover operating performance of a sample of the 50 largest mergers announced on the New York Stock Exchange in the years 1998-2001. It is argued that the commonly used operating cash flow measures in the recent merger literature suffer from various accounting...

To address the question as to whether managers manipulate accounting numbers downwards prior to management buyouts (MBOs), we implement an industry-adjusted buyout-specific approach and receive an affirmative answer. In UK buyout companies, negative earnings manipulation (understating the...

This study investigates how acquirers manage earnings between an acquisition announcement and deal completion (defined as the interim period of acquisitions). We find that acquirers manage their earnings downwards during this interim period and boost reported earnings in the following period....

Purpose – The purpose is to advance a conceptual comprehensive framework to analyze synergy management pitfalls in mergers and acquisitions (M&As). The framework highlights the main dimensions of synergy management, the most relevant synergy pitfalls and the ways to overcome...

Acquisition integration is a pivotal factor in determining whether the objectives of an acquisition are achieved. In this paper, we hypothesize that the productivity of corporate scientists of acquired companies is generally impaired by integration, but that some scientists experience more...

Recent research has documented new ventures’ activity in acquisitions, and we build upon this work and the M&A literature, in order to compare the acquisition performance of new ventures and established firms. The central rationale for our work is that new ventures hold distinct resources and...