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The Role of the Media in Takeovers : Theory and Evidence
Buehlmaier, Matthias M. M. - 2016
predicts takeover outcomes. It shows that positive media content about the acquirer predicts takeover success. Relative to …
Persistent link: https://www.econbiz.de/10013008806
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Takeover Threats, Job Security Concerns, and Earnings Management
Sul, Edward - 2020
Exploiting the staggered adoption of country-level takeover laws that increased takeover threats, this paper examines …-in-difference design, I find that the enactment of laws designed to promote takeover activity is associated with greater earnings …, and price impact of trades) following takeover regulation. Impact on earnings management is most pronounced for managers …
Persistent link: https://www.econbiz.de/10012853781
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Decoupling Management Inefficiency : Myopia, Hyperopia and Takeover Likelihood
Tunyi, Abongeh A. - 2020
UK data over the period 1988 to 2017. We find that takeover likelihood increases with “poor” management and “myopia”, but …
Persistent link: https://www.econbiz.de/10012844991
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Customer Concentration of Targets in Mergers and Acquisitions
Cheng, Mei - 2020
We study how customer concentration of targets impacts the occurrence, structure and performance of M&A deals. We hypothesize that acquirers respond to customer concentration-related risk by (1) placing fewer bids for targets with greater customer concentration and (2) by using more stock...
Persistent link: https://www.econbiz.de/10012846095
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Market Responses to Private and Public Targets : The Role of Goodwill Valuation
Kwon, Shin Hyoung - 2020
Mergers and acquisitions (M&As) are an important aspect of corporate finance. To better understand the factors affecting market reactions to M&As, we examine market responses to M&As with private and public targets both at the time of announcement and after completion. Using a sample of over...
Persistent link: https://www.econbiz.de/10012850378
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The Change in Information Uncertainty and Acquirer Wealth Losses
Erickson, Merle - 2011
A large body of literature demonstrates that acquisitions are on average value-destroying for the acquirer. We investigate whether the change in the acquirer's information uncertainty contributes to acquirer wealth losses. Information uncertainty affects the discount rate (the cost of capital),...
Persistent link: https://www.econbiz.de/10013124334
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A Levinasian Ethics Critique of the Role of Management and Control Systems by Large Global Corporations : The General Electric/Nuovo Pignone Example
Macintosh, Norman B. - 2009
's takeover of the Italian company Nouvo Pignone as an instance. The systems are an essential element in the expansionary …
Persistent link: https://www.econbiz.de/10013160457
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How Do Representations and Warranties Matter? Risk Allocation in Acquisition Agreements
Even-Tov, Omri; Ryans, James; Davidoff Solomon, Steven - 2021
In merger agreements, the seller makes contractual representations and warranties (“reps”) about the state of the target, e.g., attesting to the accuracy of the target’s financial statements. We obtain a proprietary sample of claims for breaches of the reps in acquisition agreements...
Persistent link: https://www.econbiz.de/10013247701
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Deconstructing Private Equity Buyout Valuations
Reddy, Bobby V. - 2022
Private equity grows from strength-to-strength, with 2021 being a record year for private equity buyouts. The success of private equity is dependent upon making large returns on investment. Partly, success is derived from growing acquired companies, making acquired companies more efficient, and...
Persistent link: https://www.econbiz.de/10013491944
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Are Potential Tax Benefits Priced in Mergers and Acquisitions?
Yorke, Sally; Mo, Phyllis Lai Lan - 2021
Prior studies suggest that private firms pay less for acquisitions compared to public firms. In this study, we examine whether there are differences in the tax characteristics of target firms acquired by public and private bidders and whether such differences can explain variations in the...
Persistent link: https://www.econbiz.de/10013221495