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Chapter 1. Corporate Governance and Control
Becht, Marco; Bolton, Patrick; Röell, Ailsa - 2003
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate claimholders. In this survey we review the theoretical and empirical research on the main mechanisms of...
Persistent link: https://www.econbiz.de/10014023875
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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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Beyond the Rational Behavior : The Non-Financial Variables That Condition Shareholders' Actions on a Takeover
Mayoral, Rosa M. - 2017
This article provides experimental evidence that bidder and target shareholders of a takeover announcement exhibit …
Persistent link: https://www.econbiz.de/10012955588
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Employment Protection and Takeovers
Dessaint, Olivier - 2017
-in-differences research design, we show that major increases in employment protection reduce takeover activity by 14-27% and the combined firm …
Persistent link: https://www.econbiz.de/10012971600
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Weak Governance by Informed Active Shareholders
Goldman, Eitan - 2020
Do informed shareholders who can influence corporate decisions improve governance? We demonstrate this may not be generally true in a model of takeovers. The model suggests that a shareholder's ability to collect information and trade ex post may cause him, ex ante, to support value-destroying...
Persistent link: https://www.econbiz.de/10012855567
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Stock Market Prices and the Market for Corporate Control
Armour, John - 2015
The manner in which hostile takeovers have historically been executed has just begun to receive serious academic attention. Similarly, while the literature on the accuracy and determinants of share prices is voluminous, there has been little systematic historical analysis of when and how modern...
Persistent link: https://www.econbiz.de/10013017336
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The Effect of Credit, Liquidity and Rollover Risk on Bondholder Wealth in Mergers and Acquisitions
Jankowitsch, Rainer; Pauer, Florian - 2021
We analyze M&A announcements and focus on the potential impact of these deals on bond prices in the US corporate bond market. In particular, we investigate the effect of changes in credit, liquidity and rollover risk. This is important, as especially target firms are often small with rather...
Persistent link: https://www.econbiz.de/10013222553
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Takeover Rumors : Returns and Pricing of the Rumored Targets
Chou, Hsin-I - 2015
of takeover rumors of publicly traded US companies shows that public information on a rumored takeover target … pending takeover will be materialized. To our knowledge, this predictive power of historical CAR for the takeover rumor … historical CARs. This suggests that the market overreacts to takeover rumors that will not be materialized. Furthermore, trading …
Persistent link: https://www.econbiz.de/10013037095
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The anatomy of acquirer returns
Dessaint, Olivier; Eckbo, B. Espen; Golubov, Andrey - 2019
Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market …
Persistent link: https://www.econbiz.de/10012104582
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Creditor Rights, Claims Enforcement, and Bond Returns in Mergers and Acquisitions
Renneboog, Luc - 2016
By means of an international sample of cross-border mergers and acquisitions (M&As) involving firms with outstanding Eurobonds from the US, Europe, and other countries around the world, we show that bond performance around M&A announcements is sensitive to cross-country differences in creditor...
Persistent link: https://www.econbiz.de/10012996646