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The Effects of Culture on CEO Power : International Evidence from Executive Turnover
Urban, Daniel - 2019
In this paper, I show that CEO power, which arises from differences in national culture, can weaken a firm's governance … CEOs. Overall, the results suggest that the power and importance of CEOs vary across countries …
Persistent link: https://www.econbiz.de/10012903808
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Countries of a feather flock together
Marrewijk, Charles van; Garita, Gus - 2008 - This version: September 2008
We analyze the economic forces underlying cross-border Mergers and Acquistions (M&As) using a large bilateral panel data set. The frequent occurrence of zero observations provides essential information on the structure of M&A flows, which we model empirically using a two-stage procedure. At the...
Persistent link: https://www.econbiz.de/10011376623
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Cross-border M&A and innovative activity : firm-level evidence
Stiebale, Joel - 2012
association with post-merger patenting is mainly driven by patents invented in the countries of the acquirers headquarter and its …
Persistent link: https://www.econbiz.de/10009667478
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Effects of territorial and worldwide corporation tax systems on outbound M&As
Feld, Lars P.; Ruf, Martin; Scheuering, Uwe; Schreiber, … - 2013
Repatriation taxes reduce the competitiveness of multinational firms from tax credit countries when bidding for targets in low tax countries. This comparative disadvantage with respect to bidders from exemption countries violates ownership neutrality, which results in production inefficiencies...
Persistent link: https://www.econbiz.de/10010199701
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Effects of territorial and worldwide corporation tax systems on outbound M&As
Feld, Lars P.; Ruf, Martin; Scheuering, Uwe; Schreiber, … - 2013
Repatriation taxes reduce the competitiveness of multinational firms from tax credit countries when bidding for targets in low tax countries. This comparative disadvantage with respect to bidders from exemption countries violates ownership neutrality, which results in production inefficiency due...
Persistent link: https://www.econbiz.de/10010204646
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Do intellectual property rights influence cross-border mergers and acquisitions?
Campi, Mercedes; Dueñas, Marco; Barigozzi, Matteo; … - 2016
This paper analyses whether the strengthening of intellectual property rights (IPRs) systems affects decisions of cross-border mergers and acquisitions (M&As), and whether their influence is different for developed and developing countries and across industrial sectors. We estimate an extended...
Persistent link: https://www.econbiz.de/10011509119
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Antitrust in the Skies : The United and Olympic Airline Mergers
Dickerson, Justin - 2012
This Article explores the 2010 merger of United Airlines and Continental Airlines - which usurped Delta's briefly …-held title as the world's largest airline - as well as the failed merger of Greece's two largest airlines, Olympic Air and Aegean … United and Continental merger, explaining pertinent portions of each airline's corporate history over the past 10 years …
Persistent link: https://www.econbiz.de/10013114723
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The Merger Agreement Myth
Manns, Jeffrey - 2012
legal provisions of acquisition agreements to address the distinctive risks facing each merger. But the empirical question … details of the legal terms of acquisition agreements. Our approach leverages the fact that merger announcements (which lay out … a merger have strong incentives to complete the deal regardless of what legal contingencies are triggered. We argue that …
Persistent link: https://www.econbiz.de/10013103781
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The Consolidation of the Global Brewing Industry and Wealth Effects from Mergers and Acquisitions
Mehta, Ramit - 2013
The brewing industry has recently experienced increased merger activity. This paper analyzes the shortterm wealth … 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
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Wealth Transfer Effects between Stockholders and Bondholders
Imbierowicz, Björn - 2013
Prior research has addressed the question of whether certain events cause a transfer of wealth between stockholders and bondholders but does not control for the events' impacts on firms' credit risk. This may explain why many studies fail to identify wealth transfers. By employing announcements...
Persistent link: https://www.econbiz.de/10013093714