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Winning by losing : evidence on overbidding in mergers
Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - 2011
Persistent link: https://www.econbiz.de/10010191090
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Disentangling the link between stock and accounting performance in acquisitions
Betzer, André; Goergen, Marc - 2011
While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or...
Persistent link: https://www.econbiz.de/10009269890
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Say pays! : shareholder voice and firm performance
Cuñat, Vicente; Gine, Mireia; Guadalupe, Maria - 2013
to large increases in market value (5.4 percent), firm profitability, and long-term performance. In contrast, we find …
Persistent link: https://www.econbiz.de/10009722874
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Say pays! : shareholder voice and firm performance
Cuñat, Vicente; Giné, Mireia; Guadalupe, Maria - 2014
: profitability and labor productivity increase, while overheads and investment fall. In contrast, we find limited effects on pay …
Persistent link: https://www.econbiz.de/10010414206
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Preemptive bidding, target resistance, and takeover premiums
Dimopoulos, Theodosios; Sacchetto, Stefano - 2011
This paper empirically evaluates two possible sources of large takeover premiums: preemptive bidding and target … resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that … in the period 1988-2006. We find that target resistance is the main determinant of takeover premiums in 74% of successful …
Persistent link: https://www.econbiz.de/10009375142
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Foreign acquisition and credit risk : evidence from the U.S. CDS market
Yilmaz, Umit - 2016 - This draft: May 31, 2016
This paper empirically analyses the effect of foreign block acquisitions on the U.S. target firms' credit risk as captured by their CDS. The involvement of foreign investors leads to a significant increase in the target firms' CDS spreads. This effect is stronger when foreign owners are...
Persistent link: https://www.econbiz.de/10011519062
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Shareholder Wealth Effects of Cultural Diversity Among Blockholders : Evidence From Cross-Border Acquisitions by US Listed Companies
Chen, Victor Zitian - 2019
Manuscript Type: EmpiricalResearch Question/Issue: This paper studies whether and how diversity among blockholders in their cultural preferences may affect short-term shareholder wealth. Blockholders often hold diverse objectives, leading to principal-principal (PP) conflicts in cross-border...
Persistent link: https://www.econbiz.de/10012893455
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Event studies in merger analysis : review and an application using U.S. TNIC data
Klein, Timo - 2020 - Revision: March 2020
There is a growing concern that U.S. merger control may have been too lenient, but empirical evidence remains limited. Event studies have been used as one method to acquire empirical insights into the competitive effects of mergers. However, existing work suffers from strong identifying...
Persistent link: https://www.econbiz.de/10012161053
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Follow the assets : is the US listing gap "real"?
Eckbo, B. Espen; Lithell, Markus - 2020
We adjust the US stock-exchange listing count for all significant transactions that move corporate assets into or out of the stock market - in particular mergers and acquisitions. In contrast to the actual listing count, the US merger-adjusted count hardly peaks over 1980--2017 and does not...
Persistent link: https://www.econbiz.de/10012174243
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Does Cross-Listing in the US Foster Mergers and Acquisitions and Increase Target Shareholder Wealth?
Cosset, Jean-Claude - 2010
higher takeover premiums relative to their non-cross-listed peers. Moreover, shareholders of Sarbanes-Oxley-compliant targets …
Persistent link: https://www.econbiz.de/10013141528