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Conditional and unconditional bidding in takeovers : experimental evidence
Karbowski, Adam; Prokop, Jacek - 2015
The objective of this paper is to use laboratory experiments to test the dynamic theory of free riding among the target shareholders during a takeover attempt. We construct our experiments to reflect the dynamics of unconditional bidding suggested by Harrington and Prokop (1993) and the dynamics...
Persistent link: https://www.econbiz.de/10011429563
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Horizontal mergers with synergies: first-price vs. profit-share auction
Ding, Wei; Fan, Cuihong; Wolfstetter, Elmar G. - 2010
We consider takeover bidding in a Cournot oligopoly when firms have private information concerning the synergy effect of merging with a takeover target. Two auction rules are considered: standard first-price and profit-share auctions, supplemented by entry fees. Since non-merged firms benefit...
Persistent link: https://www.econbiz.de/10010333759
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Business Groups, Bank Control and Large Shareholders: An Analysis of German Takeovers
Boehmer, Ekkehart - 1999
takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I … find that takeovers increase bidder value, but generally not that of the business group surrounding it. Second, majority … shareholder. Fourth, the worst takeovers are completed by firms that are majority-controlled by financial institutions. …
Persistent link: https://www.econbiz.de/10011608484
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Are women more likely to seek advice than men? Evidence from the boardroom
Levi, Maurice; Li, Kai; Zhang, Feng - In: Journal of Risk and Financial Management 8 (2015) 1, pp. 127-149
to important business decisions, specifically those involving corporate takeovers. Consistent with the evidence from …
Persistent link: https://www.econbiz.de/10011843255
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Should employment authorities worry about mergers and acquisitions?
Margolis, David N. - 2006
activity in a similar manner, employment authorities may be able to anticipate the regions in which takeovers are more likely …
Persistent link: https://www.econbiz.de/10010267376
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Does Target Firm's Earnings Management Affect Shareholder's Gains? Evidence from China
Mughal, Azhar; Haque, Abdul; Zahid, Zohaib; Ali, Furman; … - In: Credit and Capital Markets – Kredit und Kapital 55 (2022) 2, pp. 203-226
This study tests the hypothesis that the target firms are involved in earnings management activities in quarters leading to a takeover announcement. Using a sample of 3,455 Chinese listed firms that are targets of successful acquisitions over the period 2007–2020, and for a matched sample of...
Persistent link: https://www.econbiz.de/10014522302
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Firm Consolidation and Labor Market Outcomes
Dobbelaere, Sabien; McCormack, Grace; Prinz, Daniel; … - 2022
workers at acquired firms, takeovers are associated with a 8.5% drop in employment at the consolidated firm and a 2.6% drop in …
Persistent link: https://www.econbiz.de/10013470487
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Firm Consolidation and Labor Market Outcomes
Dobbelaere, Sabien; McCormack, Grace; Prinz, Daniel; … - 2022
workers at acquired firms, takeovers are associated with a 8.5% drop in employment at the consolidated firm and a 2.6% drop in …
Persistent link: https://www.econbiz.de/10014321760
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Review of the literature on merger waves
Cho, Sangjun; Chung, Chune Young - In: Journal of Risk and Financial Management 15 (2022) 10, pp. 1-21
Over the past few decades, the rapid growth of mergers and acquisitions (M&As) has received interest from academics and practitioners. While M&As continue to be the subject of thorough investigation from a corporate governance standpoint, comparatively less effort has been made to organize and...
Persistent link: https://www.econbiz.de/10014332631
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Is Attack the Best form of Defence? A Competing Risks Analysis of Acquisition Activity in the UK
Dickerson, Andrew P.; Gibson, Heather D.; Tsakalotos, Euclid - 1999
The primary purpose of this paper is to investigate whether companies can use acquisition as a strategy to reduce their probability of takeover. A subsidiary issue is whether such a strategy has any impact on their subsequent probability of bankruptcy. The determinants of making an acquisition,...
Persistent link: https://www.econbiz.de/10010443323