Prior to the 1990s, the Deluxe Corporation (Deluxe), the world's largest printer of checks as well as a provider of electronic products and services to financial institutions and retail companies, was characterized as a generally stable, family oriented business. This relatively calm situation...

We open up the black box of value creation in private equity with the help of confidential information on value creation plans and their execution. Plans are tailored to each portfolio company's needs and circumstances, have become more hands-on, and vary with deal type, ownership, growth...

We open up the black box of value creation in private equity with the help of confidential information on value creation plans and their execution. Plans are tailored to each portfolio company's needs and circumstances, have become more hands-on, and vary with deal type, ownership, growth...

For three academic years (2011-2014), the Harvard Law School's Shareholder Rights Project (SRP) operated a clinical program assisting institutional investors on board declassification proposals. This paper analyzes the SRP as a quasi-natural experiment to examine the value implications of...

We develop and apply a new set of empirical tools consistent with the tenets of value-based business strategies, leveraging the principle that “no good deal comes undone” and the methods of revealed preferences, to empirically estimate drivers of value creation. We demonstrate how to use...

Value Based Management (VBM) is relatively a modern approach used by organization as a tool of measure the performance over its business activities, which links performance of business, strategy and processes; ultimately it leads to maximize the value of an organization. VBM delivers dynamic,...

Purpose - The paper investigates the market performance of strategic acquisitions for growth in the fifth and sixth merger waves and outlines the major determinants that affect the performance of acquiring companies in these most complex and most challenging corporate transactions....

Shareholder votes may create value because they force boards to implement proposals' content or because they signal shareholders' discontent. In order to distinguish these hypotheses, we collect data on the implementation of shareholder proposals. We show that the decision to implement proposals...

This paper introduces a new approach for measuring shareholder value creation (called adjusted economic profit (EP)) which combines the advantages of both EP and APV (adjusted present value) methods. In particular, the shareholder value creation over a period is derived as the sum of two...

We investigate whether and how major shareholders influence M&A wealth effects for listed acquirers in Europe. To that end, we examine 342 intra-European takeovers of listed target firms announced between 1997 and 2007. We find that family-controlled acquiring firms on average engage in deals...