(VF)Cet article se propose de vérifier, du point de vue de la théorie positive de l’agence, si la décision des entreprises de recourir à une augmentation de capital réservée aux salariés est influencée par la prise en compte par les dirigeants des intérêts des actionnaires et de la...

This paper tests the inefficient performance hypothesis and the pre-bid runup premium hypothesis of hostile takeovers. The long-term and short-term performance and the characteristics of friendly and hostile takeovers are compared. We find no indications of poor target performance over the five...

The recent CPI issue on UPP left practical considerations affecting the applicability of the methodology not fully addressed. Malcolm Coate (FTC)

While staggered boards have been documented to be negatively correlated with firm valuation, such association might be due to staggered boards either bringing about lower firm value or merely reflecting the tendency of low-value firms to have staggered boards. In this paper, we use two natural...

This paper analyzes the recent mergers in the oil industry. Oil is assumed to be a homogeneous good which is produced by a small number of firms with different unit costs. Merger formation is endogenously explained as a result of cooperative decisions. We show that the mergers are amongst very...

We use an innovative dataset (8 years with 2,057 firms) composed of Italian listed firms to analyze the network of women in boards, and to evaluate their effect on company value and performance. In particular, we use Social Network Analysis to analyze the growth of the female directorship...

This paper analyzes endogenous merger formation in oligopolistic markets where firms have different unit production costs. We reformulate the merger model, introduced by Barros (1998), by employing the core as cooperative equilibrium concept. We show that, depending on the size asymmetry in the...

The study examines the value creation of Merger and Acquisition (M&A) deals in European Banking from 1990-2004. This is performed, first, by examining the stock price reaction of banks to the announcement of M&A deals and, second, by analysing the determinants of this reaction. The findings...

This paper studies the impact of recent mergers and acquisitions(M&As)on the cost and profit efficiency of banks in Greece. To this end, three methods have been applied:(i)analysis of developments in certain cost and profit indicators and their dispersion for bank groups according to their...

This study examines the response of Greek bank stock prices to the announcement of intended mergers and acquisitions(M&As)during the period 1998-1999, applying a standard event study methodology. The results show that both the acquiring banks and, albeit to a lesser extent, the target banks...