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Post-Merger Integration Duration and Leverage Dynamics of Mergers : Theory and Evidence
Huang, Jing; Pierce, Joshua R.; Tsyplakov, Sergey - 2015
We introduce the concept of the post-merger integration duration (PMID) which is the time delay that it takes a merged … the time of a merger, and gradually levers up as the integration period nears completion. We hand collect a unique data …
Persistent link: https://www.econbiz.de/10013038169
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A Test of IPO Theories Using Reverse Mergers
Asquith, Paul - 2011
Reverse mergers are an alternative method to IPOs for going public and announcement day price reaction to reverse mergers is comparable to the initial day price reaction to IPOs. Most of the academic theories developed thus far to explain the market's reaction to IPOs, however, are not...
Persistent link: https://www.econbiz.de/10013131627
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Book Review of the Theory of Corporate Finance
Dionne, Georges - 2011
The book proposes an original contribution to the economics and finance literature by developing the foundations of corporate finance. It also covers in detail various corporate governance issues faced by organizations. The common treatment of corporate finance and corporate governance started...
Persistent link: https://www.econbiz.de/10013123788
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Testing Trade-Off and Pecking Order Models Under Different Institutional Environments
Farhat, Joseph B. - 2014
In this paper, we examine the differences in information asymmetry and financing patterns and a generalized version of the trade-off theory across countries with different institutional environments. We find that firms in Civil law countries have higher information asymmetry, rely more on...
Persistent link: https://www.econbiz.de/10013071172
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Ownership Structure, Control Contestability, and Corporate Debt Maturity
Ben‐Nasr, Hamdi - 2015
The corporate governance literature has shown that self-interested controlling owners tend to divert corporate resources for private benefits at the expense of other shareholders. Such behavior leads the controlling owners to prefer long maturity debt to short maturity debt, to avoid frequent...
Persistent link: https://www.econbiz.de/10013014423
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CEO's Inside Debt and Dynamics of Capital Structure
Brisker, Eric R. - 2016
Debt-type compensation (i.e., inside debt) exacerbates the divergence in risk preference between the CEO and shareholders that in turn affects the firm's capital structure decisions. An excessively risk-averse CEO uses debt that falls short of the shareholders' desired level, and is eager to...
Persistent link: https://www.econbiz.de/10013000976
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Modeling Managers As EPS Maximizers
Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023
Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...
Persistent link: https://www.econbiz.de/10014250143
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Modeling Managers As EPS Maximizers
Ben-David, Itzhak; Chinco, Alex - 2023
Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, the people running large public corporations say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take...
Persistent link: https://www.econbiz.de/10014351328
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Efficiency, Value Addition and Performance of US Bank Mergers
Khan, Abu - 2017
that the industry-adjusted operating performance of merged banks increases significantly after a merger. This finding is … significantly after a merger. Revenue enhancement opportunity appears to be more profitable if there exists more opportunity for …
Persistent link: https://www.econbiz.de/10012964750
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Stock Merger Activity and Industry Performance
Meng, Bo - 2020
We propose a merger activity variable (MAV) as an alternative to industry merger waves. Unlike discrete merger waves … stock merger activity. We rank industries by MAV within each quarter and arrange into 12 bucket portfolios. During 1989 … each other, consistent with a build-up of misvaluation (undervaluation of less merger-active industries and overvaluation …
Persistent link: https://www.econbiz.de/10012854663