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Value Creation Estimates Beyond Announcement Returns : Mega-Mergers versus Other Mergers
Bayazitova, Dinara - 2012
Much of the literature considers only short-term acquirer announcement returns when analyzing which mergers create value for the acquirer. However, announcement returns combine information about value creation because of the merger and a revaluation of the acquirer's stand-alone value. We use...
Persistent link: https://www.econbiz.de/10013116674
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Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen
Rustige, Marc (contributor); Grote, Michael H. (contributor) - 2008
Sowohl die Diversifikation als auch die Fokussierung von Unternehmensaktivitäten werden häufig mit der Maximierung des Unternehmenswertes begründet. Wir untersuchen die Auswirkungen auf den Aktienkurs für 184 Akquisitionen sowie 139 Desinvestitionen deutscher Konzerne im Zeitraum von...
Persistent link: https://www.econbiz.de/10003768020
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Stapled Financing, Value Certification, and Lending Efficiency
Aslan, Hadiye - 2015
We examine whether financing commitments from a target firm's financial advisor, in the form of stapled financing, provide certification of target value. Using a dataset of leveraged buyouts spanning 2002-2011, and addressing endogeneity issues, we find that stapled financing has significantly...
Persistent link: https://www.econbiz.de/10013014437
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Target Revaluation after Failed Takeover Attempts - Cash versus Stock
Malmendier, Ulrike - 2015
Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on … unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by 15% after deal … longer horizons. We find no evidence that future takeover activities or operational changes explain these differences …
Persistent link: https://www.econbiz.de/10013038190
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Wealth Effects of Relative Firm Value in M&A Deals : Reallocation of Physical vs Intangible Assets
Bhattacharya, Debarati - 2020
This paper distinguishes between value creation through redistribution of physical assets and that from intangible assets. We decompose the market-to-book ratio into fundamental value and unexplained components and find that mergers create wealth when high-value firms primarily acquire physical...
Persistent link: https://www.econbiz.de/10012847168
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The Value of Employee Morale in Mergers and Acquisitions : Evidence from Glassdoor
Lalova, Kristina - 2023
-merger synergies, perform greater takeover restructurings, and exhibit a higher likelihood of completion and rate of completion. Firms …
Persistent link: https://www.econbiz.de/10014345222
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Are firms in "boring" industries worth less?
Chen, Jia; Hou, Kewei; Stulz, René M. - 2015
Using theories from the behavioral finance literature to predict that investors are attracted to industries with more salient outcomes and that therefore firms in such industries have higher valuations, we find that firms in industries that have high industry-level dispersion of profitability...
Persistent link: https://www.econbiz.de/10010531875
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Valuing the process of corporate restructuring
Boone, Audra L.; Mulherin, John Harold - 2001
We study the process of corporate restructuring for a sample of 298 firms during the 1989-98 period that announce that they are considering restructuring alternatives. We find that restructuring is a lengthy process, with the majority of the restructuring period occurring prior to any definitive...
Persistent link: https://www.econbiz.de/10011569361
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The Effects of Cross-Border Acquisitions on the Value of Rivals : International Evidence
Yilmaz, Umit - 2023
This paper examines the effects of horizontal cross-border mergers and acquisitions on the value of industry rivals. Using firm-level data from 45 countries during the period 1990–2020, I find that the average stock price reactions of industry rivals around deal announcements are significantly...
Persistent link: https://www.econbiz.de/10014257940
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A test of bear market mergerstat control premiums
Jordan, Dan J.; Wort, Donald H. - In: Review of quantitative finance and accounting 33 (2009) 1, pp. 27-36
Persistent link: https://www.econbiz.de/10003850670