This study aims to develop a real business life case on the two-step leveraged buyout transaction. Also, it is to share the case with the audience that might be globally related since the financial system has been global. And, consequently the language of financial reporting has been becoming...

Double moral hazard problems are prevalent in merger remedies. We consider a holdup problem in which two merging parties forced to sell an asset to a potential buyer, both engage in relationship-specific investments sequentially in order to prepare for an asset transfer. We show that an option...

We analyze the role of bank mergers as determinants of the evolution of branch presence at the county level. Panel regressions based on county-level branch density are used to study differences across urban versus rural counties as well as pre- and post-crisis. The results indicate that bank...

We examine the impact of changes in national debt on the mergers and acquisitions (M&As) activity. Although increases in government debt reduces the acquisition likelihood, we find no evidence for the traditional interest rate mechanism. Instead, we document that upsurges in national debt...

Embraced by US managers in the 1980s as a lifeline in a sea of hostile takeovers, the poison pill fundamentally altered the trajectory of American corporate governance. When a hostile takeover wave seemed imminent in Japan in the mid-2000s, Japanese boards appeared to embrace this American...

This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of...

Exploiting the staggered adoption of country-level takeover laws that increased takeover threats, this paper examines whether the resulting increase in CEOs' job security concerns leads to greater earnings management. Using a difference-in-difference design, I find that the enactment of laws...

Unemployment insurance (UI) provides a crucial social safety net to workers as seen during the Covid-19 pandemic. This paper examines UI effects on takeover markets. We find that higher target state UI benefits raise acquisition likelihoods, deal synergies, and gains to acquirer and target...

This paper examines the impact of takeover law enforcement on corporate acquisitions. We use the European Takeover Directive as a natural experiment, which harmonizes takeover law across countries, while leaving its enforcement to the discretion of individual countries. We exploit this...

Our study finds evidence consistent with U.S. multinational firms disguising domestic acquisitions as corporate reorganizations to avoid repatriation-related taxes. Prior to a 2017 tax reform, we find that a combination of high potential repatriation costs and large overseas earnings balances is...