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Shareholder Rights and Bidder Returns : The Impact of Market Learning and M&A Activity
Ahn, Seoungpil - 2016
I examine whether market learning and M&A activity affect the association between shareholder rights and acquisition performance. Using a sample of acquisitions completed in the period of 1990-2006, I find that the negative association between governance indices and bidder returns disappears in...
Persistent link: https://www.econbiz.de/10012980117
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The Effect of Credit, Liquidity and Rollover Risk on Bondholder Wealth in Mergers and Acquisitions
Jankowitsch, Rainer; Pauer, Florian - 2021
market. In particular, we investigate the effect of changes in credit, liquidity and rollover risk. This is important, as … significantly change the debt maturity structure and liquidity risk of these bonds. We find the size of the average announcement …. Furthermore, we document a permanent increase of 15% in the liquidity of these bonds. We find only small negative returns for …
Persistent link: https://www.econbiz.de/10013222553
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Valuation of company merger from the shareholders' point of view
Toll, Christian; Hering, Thomas - In: Amfiteatru economic : an economic and business research … 19 (2017) 46, pp. 836-853
By means of a company merger formerly legally and economically independent companies are tied up to an economic entity. To order the financial state of affairs after the merger, the current shareholders must revalue their stake in the merged company. The interest is focused on the valuation of...
Persistent link: https://www.econbiz.de/10011791176
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Internal Rates of Return and Shareholder Value Creation
Magni, Carlo Alberto - 2021
We propose a genuinely internal approach to project valuation and decision based on the average Return On Investment (ROI), obtained as the ratio of total operating profit (NOPAT) to total invested capital or, equivalently, as the ratio of net cash flow to total invested capital. The approach...
Persistent link: https://www.econbiz.de/10013237114
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Two-Step Acquisitions and Liquidity Spread
Baxamusa, Mufaddal H. - 2013
We hypothesize that macro-level liquidity affects the choice between tender-mergers and mergers. We employ a novel … finds that the structural breaks coincide strikingly well with major changes in macro-level liquidity. Consistent with our … hypotheses our regression analysis finds that the number of tender offers increases with liquidity and also that the acquirer …
Persistent link: https://www.econbiz.de/10013085345
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Liquidity Externalities and Buyout Delisting Activity
Gaspar, Jose-Miguel - 2009
We study the impact on industry liquidity of delistings resulting from leveraged buyout activity. Using data on U ….S. LBOs during the 1985-2008 period, we uncover evidence of negative liquidity externalities. We find that the liquidity of … liquidity at the industry level …
Persistent link: https://www.econbiz.de/10013157683
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Financial Distress and the Value Premium
Fu, Yufen - 2014
The value premium is the empirical observation that low market/book “value” stocks have higher returns than high market/book “growth” stocks. In this paper, we report evidence that there is a value premium for firms in financial distress despite the anomalous observation that firms in...
Persistent link: https://www.econbiz.de/10013069137
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Excess Cash Holdings and Shareholder Value
Lee, Edward - 2010
We examine the determinants of corporate cash holdings in Australia and the impact on shareholder wealth of holding excess cash. Our results show that a trade-off model best explains the level of a firm's cash holdings in Australia. We find that ‘transitory' excess cash firms earn...
Persistent link: https://www.econbiz.de/10013145107
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Speculation and Liquidity in Stock and Corporate Bond Markets
Pasquariello, Paolo; Sandulescu, Mirela - 2022
equilibrium liquidity provision from equity and bond dealers and non-monotonic stock-bond price comovement. We find supportive …
Persistent link: https://www.econbiz.de/10013313044
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Limits to Arbitrage and Shareholder Gains in Corporate Acquisitions
Buti, Krisztina - 2019
The literature on corporate acquisitions reports a persistent empirical regularity: acquisition announcements by small bidders create greater shareholder value than those by large bidders. This paper presents evidence that greater shareholder gains to small bidders' announcements reflect...
Persistent link: https://www.econbiz.de/10012903980