The factors influencing the European Commission's decisions under the 2004 Merger Regulation are assessed on a sample of 50 cases. Probit analysis results in the finding that the probability of nonclearance in phase I of the procedure is significantly affected by the estimated market share...

Business groups have the potential both to offer benefits to member companies, and to destroy value. A number of studies find that group affiliation creates value for companies in emerging markets like Chile, India, Korea and Turkey. This raises the question whether business groups can also...

We investigate the impact of the 2005-2007 cross-border bank takeovers in Ukraine – a country with poor institutional quality – on the performance of the target banks. Because acquirers targeted mainly larger, less-capitalised banks, we control for selection bias by combining propensity...

In this literature review, we take advantage of analyzing nonprofit leadership teams rather than its components, such as the board, the executive management or specific committees. Within this perspective, we define the concept of ‘nonprofit leadership alignment'. We combine different bodies...

Holding companies, which play an important role in corporate finance in Belgium and in other Continental European countries, often trade at a discount to their estimated net asset value (NAV). In the first part of this paper, we provide a structured analysis of possible explanations for the...

In Belgian corporate groups, complex pyramidal structures and interlocking ownership lead to separation of ownership and control. This may generate incentives for the controlling shareholder to divert resources within the group through intragroup equity sales. This in turn could lead to...