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von Beschwitz, Bastian - 2016

This article studies the effect of cash windfalls on the acquisition policy of companies. As identification I use a German tax reform that permitted firms to sell their equity stakes tax-free. Companies that could realize a cash windfall by selling equity stakes see an increase in the...

Persistent link: https://www.econbiz.de/10012997602

Globalization, Governance, and the Returns to Cross-Border Acquisitions

Ellis, Jesse A. - 2011

Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...

Persistent link: https://www.econbiz.de/10013131906

International Evidence on Value Creation in Private Equity Transactions

Puche, Benjamin - 2015

Understanding value creation at the transaction level is at the heart of explaining private equity (PE) returns. Taking advantage of a proprietary sample of 2,029 international buyout deals executed between 1984 and 2013 we provide detailed evidence on financial, market and operational value...

Persistent link: https://www.econbiz.de/10013032461

Exit Through Exitus in Private Equity Buyouts

Hammer, Benjamin - 2015

We study the impact of PE firm and buyout characteristics on default probability employing a Cox proportional hazards model to a global sample of 5,093 buyouts between 1997 and 2012. Our results indicate that investments of generalists have lower default probability than those of specialists....

Persistent link: https://www.econbiz.de/10013025950

Path Dependence or Convergence? The Evolution of Corporate Ownership Around the World

Yeh, Andy - 2016

We derive and develop a simple and intuitive model that shines fresh light on the relentless debate over whether corporate ownership converges to the Berle-Means modern corporation with high stock ownership dispersion. Our model takes into account the importance of both protective legal...

Persistent link: https://www.econbiz.de/10013004147

An Overview of Collateralization Fundamentals & the ISDA Credit Support Annex

Burgess, Nicholas - 2018

In this paper we discuss the continued transition of financial markets towards trade standardization and the clearing of transactions, outlining the role of central clearing counterparties CCPs in reducing systemic and idiosyncratic risk. We contrast this with a discussion on bespoke non-cleared...

Persistent link: https://www.econbiz.de/10012932874

Investor Protection and Choice of Share Issuance Mechanism

McLean, R. David - 2013

Legal investor protection is associated with how firms choose to issue shares. The likelihood of private placements relative to rights offerings increases with investor protection, as does the likelihood of public offerings relative to both private placements and rights offerings. These findings...

Persistent link: https://www.econbiz.de/10013094630

Corporate acquisitions and firm-level uncertainty : domestic versus cross-border deals

Bai, Ye; Girma, Sourafel; Riaño, Alejandro - 2020

This paper studies the impact of corporate acquisitions - both domestic and cross-border - on the uncertainty faced by …-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty … - engender a positive response in acquirers' volatility. Our results suggest that acquisitions affect uncertainty because they …

Persistent link: https://www.econbiz.de/10012158166

Multinational Firms, Internal Capital Markets, and the Value of Global Diversification

Sturgess, Jason - 2012

Over the period 1980-2007 multinational firms' investment grew four times faster than worldwide GDP. Yet the evidence on whether global diversification is valuable is inconclusive. This paper uses detailed FDI data for 251 UK multinational firms and 4,676 subsidiaries to show that multinational...

Persistent link: https://www.econbiz.de/10013114610

Multinational Firms, International Diversification, Value, and Governance

Sturgess, Jason - 2012

This paper presents evidence that subsidiaries of multinational firms have higher valuations than locally matched firms. Using a unique sample of 251 UK multinational firms and 4,676 subsidiaries, the paper finds that multinational firms achieve, on average, an international diversification...

Persistent link: https://www.econbiz.de/10013116775

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