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We find that acquirers create higher shareholder returns when advised by investment banks with more experience in the target industry. This finding is stronger when acquirers face more difficulties understanding and evaluating the targets. Further analyses show that these banks help acquirers...
Persistent link: https://www.econbiz.de/10012826441
Do labor regulations influence the reaction of stock markets and firm profitability to cross-border acquisitions? We …
Persistent link: https://www.econbiz.de/10014135446
Persistent link: https://www.econbiz.de/10013261174
This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability … responsible for the latest wave. The impact of merger activities on profitability and employment growth are studied by using the …
Persistent link: https://www.econbiz.de/10011490438
In recent years considerable attention has been devoted to differences across countries in the institutional environments in which corporations operate, and the consequences of these institutional differences for corporate performance. In this paper we test for the presence of differences in...
Persistent link: https://www.econbiz.de/10013036901
effects of horizontal mergers and acquisitions on acquirers in the brewing industry. Based on a sample of 69 takeover …
Persistent link: https://www.econbiz.de/10013090726
As illustrated in the tale of “the dog that did not bark,” the absence of news and the passage of time often contain information. We test whether markets fully incorporate this information using the empirical context of mergers. During the year after merger announcement, the passage of time...
Persistent link: https://www.econbiz.de/10013065551
I examine whether access to the management of takeover targets at investor conferences is associated with informed … trading before these firms' takeover announcements. I find that during the one year preceding takeover announcements … investors, targets' conference presentations benefit large investors and have no impact on small investors' pre-takeover trades …
Persistent link: https://www.econbiz.de/10013066937
of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M …
Persistent link: https://www.econbiz.de/10003893085
, we contrast a measure of the merger's profitability based on event studies with one based on accounting data. We find …
Persistent link: https://www.econbiz.de/10010365892