Similar Search Results

Morellec, Erwan (contributor); Zhdanov, Alexei (contributor) - 2006

This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …

Persistent link: https://www.econbiz.de/10003394282

Structured finance, acquisitions and debt agency

Neukomm, Gabriel H. - 2011 - Current version March 2011

Modern corporations use complex debt instruments and pursue acquisitions. In order to analyze the properties of some of these contracts in the event of an acquisition, this paper considers a company that has an incumbent capital structure, comprising one of five practically important structured...

Persistent link: https://www.econbiz.de/10009554552

Is rated debt arm's length? : evidence from mergers and acquisitions

Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - 2011

constant, rated firms increase their leverage in takeover transactions by less than their unrated counterparts. Consistent with …

Persistent link: https://www.econbiz.de/10008934787

Determinants of acquisition and failure : stylized facts and lessons for empirical studies

Köke, F. Jens - 2001

This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...

Persistent link: https://www.econbiz.de/10011446202

Deviation from the Target Capital Structure and Acquisition Choices

Uysal, Vahap Bülent - 2011

This study finds that managers take deviations from their target capital structures into account when planning and structuring acquisitions. Specifically, firms that are overleveraged relative to their target debt ratios are less likely to make acquisitions and are less likely to use cash in...

Persistent link: https://www.econbiz.de/10013132782

Structure and Determinants of Financial Covenants in Leveraged Buyouts

Achleitner, Ann‐Kristin - 2011

We use a proprietary dataset to explore (i) the financial covenant structure and (ii) the determinants of their restrictiveness in leveraged buyouts. With respect to (i) we find that the covenant structure is more standardized in sponsored than in non-sponsored loans: the former show less...

Persistent link: https://www.econbiz.de/10013134074

Leveraged Buyouts of Private Companies

Chung, Ji-Woong - 2011

Over the last two decades, the number (enterprise value) of leveraged buyout transactions involving privately held targets totals more than 10,000 (over $850 billion), accounting for 46% (21%) of the worldwide leveraged buyout market. Yet the vast majority of academic studies focus on the...

Persistent link: https://www.econbiz.de/10013121841

Operating Performance, Valuation, Leverage, and Corporate Governance of Leveraged Buy-Out Transactions : A Continental European Perspective

Harbula, Péter - 2011

This article aims to analyse the evolution over the recent years of LBO funds, in terms of valuation (asset prices) and the role that leverage and corporate governance played in its evolution.Leverage is one of the positive factors that is supposed to contribute to the success of private equity,...

Persistent link: https://www.econbiz.de/10013123032

Post-Merger Integration Duration and Leverage Dynamics of Mergers : Theory and Evidence

Huang, Jing; Pierce, Joshua R.; Tsyplakov, Sergey - 2015

We introduce the concept of the post-merger integration duration (PMID) which is the time delay that it takes a merged entity to fully capture synergistic gains. Using a dynamic model, we examine the effects of this duration on acquiring ﬁrms' financing behavior around mergers. When facing a...

Persistent link: https://www.econbiz.de/10013038169

Controlling Controlling-Minority Shareholders : Corporate Governance and Leveraged Corporate Control

Lin, Lauren Yu-Hsin - 2017

Persistent link: https://www.econbiz.de/10012958396

1
2
3
4
5
6
7
8
9
10
Next
Last