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Persistent link: https://www.econbiz.de/10010421582
We investigate the effects of target initiation in mergers and acquisitions. We find target-initiated deals are common and that important motives for these deals are target economic weakness, financial constraints, and negative economy-wide shocks. We determine that average takeover premia,...
Persistent link: https://www.econbiz.de/10012938413
that sectoral shocks are at the root of merger waves. Deregulation and globalization are identified as the shocks …
Persistent link: https://www.econbiz.de/10011490438
The international tendency towards the deregulation of restrictions and administrative settlements has suppressed the …
Persistent link: https://www.econbiz.de/10010512824
The international tendency towards the deregulation of restrictions and administrative settlements has suppressed the …
Persistent link: https://www.econbiz.de/10011470954
shocks drive industry-level clustering of merger activity and “who buys whom?” In the telecom industry, deregulation opened … deregulation was an efficiency-improving restructuring response to increased competition from deregulation and technological change …, and not to increased misvaluation. The economic shocks from deregulation and technological change drive merger activity by …
Persistent link: https://www.econbiz.de/10013036940
The international tendency towards the deregulation of restrictions and administrative settlements has suppressed the …
Persistent link: https://www.econbiz.de/10011195287
The deregulation process in the EU electricity sector triggered strategic decisions that led to industry restructuring …
Persistent link: https://www.econbiz.de/10010762822
This paper analyses takeovers of companies owned by atomistic shareholders and by one minority blockholder, all of whom can only decide to tender or retain their shares. As private benefit extraction is inefficient, the post-takeover share value increases with the bidder's shareholdings. In a...
Persistent link: https://www.econbiz.de/10005497773
In this paper we investigate the performance of the Austrian banks which have, either actively or passively, participated in a domestic intra-banking merger or acquisition operation since 1995. For this purpose we apply the DEA methodology in combination with a Tobit regression approach to...
Persistent link: https://www.econbiz.de/10011494585