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Coevolution of stock prices and their perceived fundamental value
Mignot, Sarah - 2025
We develop a simple nonlinear stock market model in which speculators switch between technical and fundamental trading rules depending on market conditions. Additionally, we assume that agents are unaware of the true current fundamental value and, thus, use a weighted average of the current...
Persistent link: https://www.econbiz.de/10015203576
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A story on SPACs
Lakicevic, Milan; Vulanovic, Milos - 2012
We study characteristics of Specified Purpose Acquisition Companies (SPACs) and examine the performance of their securities over time. We find that SPACs represent a fairly unique way to raise capital. The incentives of their founders, underwriters, and investors are interdependent and...
Persistent link: https://www.econbiz.de/10009656245
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Konsolidierungswellen und Prognoseverhalten von Finanzanalysten : Eine empirische Untersuchung der M&A-Aktivität von US-amerikanischen Unternehmen
Schmal, Stanislaw - 2016
der Management- und Finanzwissenschaften Praktizierende aus den Bereichen M&A-Advisory und Finanzanalyse Der Autor …
Persistent link: https://www.econbiz.de/10013503450
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On the fast track: information acquisition costs and information production
Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni - 2020
Using the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition, we show that reductions in information-acquisition costs lead to (i) a significant increase in information production, evidenced by a higher frequency of analysts visiting portfolio firms,...
Persistent link: https://www.econbiz.de/10012271169
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On the fast track: information acquisition costs and information production
Chen, Deqiu; Ma, Yujing; Martin, Xiumin; Michaely, Roni - 2020
Using the introduction of high-speed rail as exogenous shocks to costs of information acquisition, we show that reductions in information-acquisition costs lead to a significant increase in information production and improvement in output quality, evidenced by higher frequency of analysts...
Persistent link: https://www.econbiz.de/10012181499
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Are there waves in merger activity after all?
Gärtner, Dennis (contributor); Halbheer, Daniel (contributor) - 2004 - September 2004, revised February 2006
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 that the latter finding can be ascribed to the refined methods of …
Persistent link: https://www.econbiz.de/10002521615
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The value of a loss : the impact of restricting tax loss transfers
Bührle, Anna Theresa; Casi-Eberhard, Elisa; Stage, Barbara - 2023 - This version: August 2023
We study the economic consequences of anti-loss trafficking rules, which disallow the use of loss carry-forwards as tax shield after a substantial ownership change. Using staggered changes to these rules, we find that limiting the transfer of tax losses reduces the number of M&As with...
Persistent link: https://www.econbiz.de/10014384444
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Innovation and startup acquisition
Bourreau, Marc; Gautier, Axel - 2024
investigate how the merger regime influences the direction of the startup’s innovation. …
Persistent link: https://www.econbiz.de/10015164657
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Causes and consequences of merger waves : by Jörn Kleinert, Henning Klodt
Kleinert, Jörn - 2002
Persistent link: https://www.econbiz.de/10013261174