Showing 1 - 10 of 5,103
We examine the impact of acquisitions by UK acquirers on executive pay. The overall sample shows a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form, although initial cross-border acquisitions result in higher pay. Pay increases are...
Persistent link: https://www.econbiz.de/10013103147
We investigate the relation between takeover performance and board share ownership in the acquiring company for a … on takeover outcomes including: the means of payment; acquirer size and market to book value; the relative size of the … acquirer and the target; the nature of the bid in terms of hostility and industrial direction; and the pre-takeover performance …
Persistent link: https://www.econbiz.de/10013103238
Literature has extensive discussions on the driving forces of takeover activities, including investor sentiment …, liquidity, and fundamental shocks. We examine how manager sentiment affects takeover characteristics and long-term performance … strong positive predictive power for takeover waves. Firms with high manager sentiment tend to acquire large and private …
Persistent link: https://www.econbiz.de/10012842770
This paper investigates the merger wave hypothesis for the US and the UK employing a Markov regime switching model. Using quarterly data covering the last thirty years, for the US, we identify the beginning of a merger wave in the mid 1990s but not the much-discussed 1980s merger wave. We argue...
Persistent link: https://www.econbiz.de/10002521615
predicts takeover outcomes. It shows that positive media content about the acquirer predicts takeover success. Relative to …
Persistent link: https://www.econbiz.de/10013008806
This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and options market. The analysis suggests that in about 25%-33% of events there is abnormal option trading volume during the month that precedes the announcement. Such evidence is...
Persistent link: https://www.econbiz.de/10013133655
Extant studies often assume that targets' private ownership mitigates acquirers' incentives and opportunities to finance acquisitions with inflated stocks. This view stems from the observation that, although the average stock-for-stock acquirer's merger announcement abnormal return is negative...
Persistent link: https://www.econbiz.de/10013114481
Extant studies on the market reaction to acquisition announcements often assume that targets' private ownership mitigates acquirers' incentives and opportunities to finance acquisitions with inflated stocks. This view is supported by the observation that, although the average stock-for-stock...
Persistent link: https://www.econbiz.de/10013104369
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013074605
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013075936