Similar Search Results

Merger efficiency and welfare implications of buyer power

Bedre-Defolie, Özlem; Caprice, Stéphane - 2011

different markets. We focus on the interaction between the merger's effects on downstream efficiency and on buyer power in a … size discounts for the merged entity has no impact on consumer prices or on smaller retailers, unless the merger affects … "waterbed effects," that is, each small retailer pays a higher average tariff if a buyer merger improves downstream efficiency …

Persistent link: https://www.econbiz.de/10010352092

Warum Abwehrmaßnahmen gegen Übernahmen in Spanien?

Alemany, Margalida; Crespi-Cladera, Rafel - In: Vierteljahrshefte zur Wirtschaftsforschung 70 (2001) 2, pp. 214-224

The adoption of takeover protections, from the empirical side, has been focused to find supporting evidence to the … decisions for additional takeover defenses are taken. Alternatively, external control gives more negotiation power, allowing for … higher takeover prices, which is expected to increase shareholders' wealth. These two hypotheses have been widely tested in …

Persistent link: https://www.econbiz.de/10010377524

Die Regelung von Übernahmeangeboten und deren Umsetzung für den europäischen Binnenmarkt

Eymann, Angelika; Menichetti, Marco J. - 1990

Anlaß dieses Beitrags bildet der im Januar 1989 präsentierte Kommissionsvorschlag zu einer Richtlinie bezüglich der Übernahme von Unternehmen in den Mitgliedstaaten. Zunächst werden theoretische Überlegungen zur Gestaltung von institutionellen Rahmenbedingungen diskutiert, die die...

Persistent link: https://www.econbiz.de/10010398006

Bidder cash reserve effect under the precautionary motive: Evidence from UK

Gao, Ning; Mohamed, Abdulkadir - 2011

Cash-rich bidders in UK have better announcement abnormal returns than cash-poor ones during 1984-2007, contrasting previous findings in the US. The positive cash reserve effect is mainly from bidders of high long-run growth or those with non-trivial institutional holdings. Moreover, cash-rich...

Persistent link: https://www.econbiz.de/10010409434

What drives bidder cash reserve effects in acquisitions: Agency conflicts or precautionary motive?

Gao, Ning - 2011

A cash-rich company is less likely to be a bidder during 1994-2008 in the US, contrasting the findings based on earlier sample period. This is mainly due to the companies with high residual market-to-book ratios (i.e. the residual of the actual market-to-book ratio regressed on measures of...

Persistent link: https://www.econbiz.de/10010409445

Tax-Optimal Step-Up and Imperfect Loss Offset

Diller, Markus - In: BuR - Business Research 5 (2012) 1, pp. 8-23

In the field of mergers and acquisitions, German and international tax law allow for several opportunities to step up a firm's assets, i.e., to revaluate the assets at fair market values. When a step-up is performed the taxpayer recognizes a taxable gain, but also obtains tax benefits in the...

Persistent link: https://www.econbiz.de/10010421367

Management buy-out zur Privatisierung in Osteuropa

Sondhof, Harald W.; Stahl, Markus - 1992

Die Privatisierung der staatlichen Unternehmen ist eine zentrale, wenn nicht die zentrale Aufgabe in der Transformationspraxis der ehemals sozialistischen Volkswirtschaften. Die Übernahme von Betrieben durch das Management (Management Buy-Out) kann bei der Bewältigung dieser Aufgabe einen...

Persistent link: https://www.econbiz.de/10010435479