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White Knights and the Corporate Governance of Hostile Takeovers

Calcagno, Riccardo; Falconieri, Sonia - 2008

We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …

Persistent link: https://www.econbiz.de/10010325684

Cross-Border Mergers & Acquisitions: A Piece of The Natural Resource Curse Puzzle

Swart, Julia; van Marrewijk, Charles - 2009

We combine the resource curse literature with the literature on cross-border mergers and acquisitions (M&As) to investigate two hypotheses, namely (i) natural resources wealth: countries with a comparative advantage in natural resources attract more M&As in natural resource intensive sectors and...

Persistent link: https://www.econbiz.de/10010325701

Cross-border Mergers and Acquisitions: On Revealed Comparative Advantage And Merger Waves

Brakman, Steven; Garretsen, Harry; van Marrewijk, Charles - 2007

By combining two large data sets (on international trade flows and cross-border mergers and acquisitions – M&As), we test two implications of Neary’s (2003, 2007) general oligopolistic equilibrium (GOLE) model (incorporating strategic interaction between firms in a general equilibrium...

Persistent link: https://www.econbiz.de/10010325855

The Pollution Effects of Mergers and Acquisitions: Asymmetry, Disaggregation, and Multilateralism

Swart, Julia; van Marrewijk, Charles - 2011

This paper studies the impact of cross-border Mergers and Acquisitions (M&As) on Carbon Dioxide emissions. Carbon Dioxide is the main anthropogenic greenhouse gas. A global problem that requires a multilateral solution. To take this into account we introduce an institutional variable, which...

Persistent link: https://www.econbiz.de/10010325933

Corporate Governance and Leverage: Evidence from a Natural Experiment

Arping, Stefan; Sautner, Zacharias - 2010

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...

Persistent link: https://www.econbiz.de/10010325946

Countries of a Feather flock together

van Marrewijk, Charles; Garita, Gus - 2008

We analyze the economic forces underlying cross-border Mergers and Acquistions (M&As) using a large bilateral panel data set. The frequent occurrence of zero observations provides essential information on the structure of M&A flows, which we model empirically using a two-stage procedure. At the...

Persistent link: https://www.econbiz.de/10010325980

Winning by Losing: Evidence on Overbidding in Mergers

Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - 2011

Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder value? Answering this question is difficult since the hypotheticalcounterfactual is hard to determine. We exploit merger contests to address the identificationissue. In those...

Persistent link: https://www.econbiz.de/10010326182

Capital Gains Taxation and the Cost of Capital: Evidence from Unanticipated Cross-Border Transfers of Tax Bases

Huizinga, Harry; Voget, Johannes; Wagner, Wolf - 2012

In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders …

Persistent link: https://www.econbiz.de/10010326290

Cross-Border Mergers and Acquisitions: The Role of Private Equity Firms

Humphery-Jenner, Mark; Sautner, Zacharias; Suchard, Jo-Ann - 2012

We study the role of private equity firms in cross-border mergers and acquisitions. We find that private equity-owned firms are more likely to become targets in crossborderM&A transactions. This effect is particularly strong in transactions where the target or its shareholders actively reach out...

Persistent link: https://www.econbiz.de/10010326420

The Executive Turnover Risk Premium

Peters, Florian S.; Wagner, Alexander F. - 2012

We establish that CEOs of companies experiencing volatile industry conditions are more likely tobe dismissed. At the same time, industry risk is, controlling for various other factors, unlikelyto be directly associated with CEO compensation other than through dismissal risk. Using...

Persistent link: https://www.econbiz.de/10010326426