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Post-merger Restructuring of the Labor Force

Gehrke, Britta; Maug, Ernst; Obernberger, Stefan; … - 2021

We study the restructuring of the labor force after mergers and acquisitions. Overall restructuring is large. Net employment of targets declines by more than half within two years after acquisitions relative to a matched sample, and is concentrated in targets that close all establishments. There...

Persistent link: https://www.econbiz.de/10012597555

Cost of capital adjusted for governance risk through a multiplicative model of expected returns

Apreda, Rodolfo (contributor) - 2008

This paper sets forth another contribution to the long standing debate over cost of capital, firstly by introducing a multiplicative model that translates the inner structure of the weighted average cost of capital rate and, secondly, adjusting such rate for governance risk. The conventional...

Persistent link: https://www.econbiz.de/10003780250

A two-tiered approach to the valuation of investment projects adjusted for governance risk

Apreda, Rodolfo - 2009

This paper sets forth a pair of distinctive contributions to the subject. In the first place, it provides a unified approach to capital investment decisions, by means of a two-tiered framework of analysis. Such approach consists in working out the net present value of the project by discounting...

Persistent link: https://www.econbiz.de/10003819670

Considering the shareholder perspective : value-based management systems and stock market performance

Rapp, Marc Steffen; Schellong, Daniel A.; Schmidt, … - 2010

We empirically study the use of value-based management systems in listed German firms and examine implications for … that value-based management systems become increasingly common. Specifically, in 2008 42% of our sample firms have … implemented such a system. In the empirical analysis, we find that firms that implement value-based management systems earn …

Persistent link: https://www.econbiz.de/10008665075

The dark side of outside directors : do they quit when they are most needed?

Fahlenbrach, Rüdiger; Low, Angie; Stulz, René M. - 2010

Following surprise independent director departures, affected firms have worse stock and operating performance, are more likely to restate earnings, face shareholder litigation, suffer from an extreme negative return event, and make worse mergers and acquisitions. The announcement returns to...

Persistent link: https://www.econbiz.de/10003979510

Corporate takeovers : modern empirical developments

Eckbo, B. Espen - 2011

This survey introduces a two-volume, 1,900-page reprint collection of articles recently published by Elsevier/North-Holland journals. Volume 1 begins with a comprehensive overview of the empirical evidence, followed by introductions to the econometrics of event studies and various techniques for...

Persistent link: https://www.econbiz.de/10008906523

Corporate governence and foreign direct investment

Alba, Joseph D.; Park, Donghyun; Wang, Peiming - 2010

Merger and acquisition (M&A) activity is motivated by increasing shareholder value through improved corporate governance. Therefore, stronger corporate governance can reduce the returns from M&A activity, including M&A foreign direct investment (FDI). This, in turn, can reduce the returns from...

Persistent link: https://www.econbiz.de/10003984736

The real effects of private equity buyouts

Tåg, Joacim - 2010

Private equity buyouts have become a common element in the industrial development process. I survey the literature on the real economic effect of buyouts: employment, wages, productivity, and long-run investments. Employment tend to marginally fall after a buyout in most countries studied, with...

Persistent link: https://www.econbiz.de/10008654164

Bank owners or bank managers : who is keen on risk? ; evidence from the financial crisis

Gropp, Reint; Köhler, Matthias - 2010

smoothing drives our findings. The results suggest that privately optimal contracts aligning the incentives of management and …

Persistent link: https://www.econbiz.de/10003941710

Determinants of director compensation in two-tier systems : evidence from German panel data

Andreas, Jörn Michael; Rapp, Marc Steffen; Wolff, Michael - 2010

Building on a unique panel data set of German Prime Standard companies for the period 2005-2008, this paper investigates the influencing factors of both director compensation levels and structure, i.e. the probability of performance-based compensation. Drawing on agency theory arguments and...

Persistent link: https://www.econbiz.de/10008660025