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A target's perspective on the effects of ATPs in takeovers after recognizing its choice in the process

Goktan, M. Sinan; Kieschnick, Robert - In: Journal of Corporate Finance 18 (2012) 5, pp. 1088-1103

The use of antitakeover provisions (ATPs) in corporate charters/bylaws has evoked substantial debate over their costs and benefits. While there are many empirical studies of their effects in takeovers, these studies have ignored the self selection issues introduced by studying completed...

Persistent link: https://www.econbiz.de/10010588373

The effect of reference point prices on mergers and acquisitions

Baker, Malcolm; Pan, Xin; Wurgler, Jeffrey - In: Journal of Financial Economics 106 (2012) 1, pp. 49-71

Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a peak price. Conversely, bidder...

Persistent link: https://www.econbiz.de/10010593840

Post-merger restructuring and the boundaries of the firm

Maksimovic, Vojislav; Phillips, Gordon; Prabhala, N.R. - In: Journal of Financial Economics 102 (2011) 2, pp. 317-343

restructuring in a short period following mergers and full-firm acquisitions. Acquirers of full firms sell 27% and close 19% of the …We examine how firms redraw their boundaries after acquisitions using plant-level data. We find that there is extensive …

Persistent link: https://www.econbiz.de/10010571650

Equity grants to target CEOs during deal negotiations

Heitzman, Shane - In: Journal of Financial Economics 102 (2011) 2, pp. 251-271

I investigate the determinants and consequences of granting equity to the target's Chief Executive Officer (CEO) during deal negotiations. These negotiation grants likely reflect information about the acquisition, benefit from the deal premium, and provide more timely bargaining incentives. I...

Persistent link: https://www.econbiz.de/10010571669

What happens in acquisitions?

Fee, C. Edward; Hadlock, Charles J.; Pierce, Joshua R. - In: Journal of Corporate Finance 18 (2012) 3, pp. 584-597

We study advertising at the brand level in a sample of corporate acquisitions. New owners display an elevated …

Persistent link: https://www.econbiz.de/10010574234

The Russian Market for Mergers and Acquisitions: Stages, Peculiarities and Outlooks

Radygin, Alexander - Gaidar Institute for Economic Policy - 2012

In this paper we extend the stationarity test proposed by Kurozumi and Tanaka (2010) for reducing size distortion with one structural break. We find the bias up to the order of 1/T for four types of models containing structural breaks. The simulations on finite samples show a reduction of size...

Persistent link: https://www.econbiz.de/10010607108

FEATURES AND CHARACTERISTICS OF MERGERS AND ACQUISITIONS WAVES - OVERVIEW AND THE EUROPEAN EXPERIENCE

Mariana, Vancea - In: Annals of Faculty of Economics 1 (2012) 1, pp. 596-610

This paper analyses the mergers and acquisitions waves that took place in history, emphasizing the generating factors … mergers and acquisitions represents a reality having a major impact on national economies and also on the world economy. This … mergers and acquisitions. …

Persistent link: https://www.econbiz.de/10010607222

EMPIRICAL EVIDENCE ON THE RELATIONSHIP BETWEEN MERGERS & ACQUISITIONS AND THE ROMANIAN STOCK MARKET

Bogdan, Cernat-Gruici; Gabriela, Constantin Laura; … - In: Annals of Faculty of Economics 1 (2010) 2, pp. 700-704

the number of mergers and acquisitions, the research results suggest that, for the market and period considered, one way …Based on empirical studies and theoretical evidence, the paper investigates the relationship between mergers and … acquisitions in Romania and Romanian stock market, described by the BET and BET-C indexes. By using the Granger causality test for …

Persistent link: https://www.econbiz.de/10008829746

L`ANALYSE COMPARATIVE DES FUSIONS-ACQUISITIONS AVEC LES AUTRES FORMES DE CROISSANCE DES ENTREPRISES (II- FUSIONS- ACQUISITIONS VS. ALLIANCES)

Mariana, Vancea - In: Annals of Faculty of Economics 1 (2010) 2, pp. 475-480

Development through mergers and acquisitions is a company's external growth strategy, as well as business alliances …. In this paper we intent to analyze mergers and acquisitions compared with other ways of the company's external growth, by …

Persistent link: https://www.econbiz.de/10008829780

The effects of unconventional monetary policy: what do central banks not include in their models? / Skutki niekonwencjonalnej polityki pieniê¿nej: czego banki centralne nie uwzglêd...

Rzonca, Andrzej; Cizkowicz, Piotr - CASE-Center for Social and Economic Research - 2014

In 2009, for the first time since the end of World War II, the world economy shrank. This resulted from the economic downturn in highly developed countries and surprised most economists. According to the IMF forecast published in spring 2008, GDP growth in these countries was expected to...

Persistent link: https://www.econbiz.de/10010961595