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The Flip Side of Financial Synergies: Coinsurance versus Risk Contamination

Banal-Estañol, Albert; Ottaviani, Marco; Winton, Andrew - Barcelona Graduate School of Economics (Barcelona GSE) - 2013

. These predictions are broadly consistent with existing evidence on conglomerate mergers, spin-offs, project finance, and …

Persistent link: https://www.econbiz.de/10010851458

SPACs in Shipping

Shachmurove, Yochanan; Vulanovic, Milos - Deutsche Zentralbibliothek für … - 2013

companies in the shipping industry in period 2004-2011. We confirm that SPACs focused on acquisitions in the shipping industry …

Persistent link: https://www.econbiz.de/10010957811

Multiple Large Shareholders in Corporate Governance.

Gomes, A.; Novaes, W. - Rodney L. White Center for Financial Research, Wharton … - 1999

Large shareholders of firms with majority blocks are often at the helm of their companies and do not necessarily have the same interests as minority shareholders. We show that bargaining problems led by the presence of multiple controlling shareholders protect minority shareholders. The same...

Persistent link: https://www.econbiz.de/10005245263

Intercorporate guarantees, leverage and taxes

Luciano, Elisa; Nicodano, Giovanna - Collegio Carlo Alberto, Università degli Studi di Torino - 2008

the unconditional ones, that are embedded in mergers, at least when firms have high cash-flow correlation. We also …

Persistent link: https://www.econbiz.de/10005013924

Will the Adoption of Basel II Encourage Increased Bank Merger Activity? Evidence from the United States

Hannan, Timothy H.; Pilloff, Steven J. - SUERF - The European Money and Finance Forum

This study presents two tests of the hypothesis that adoption of an internal ratings-based approach to determining minimum capital requirements, proposed as part of the Basel II capital accord, would cause adopting banking organizations to increase their acquisition activity. The study employs...

Persistent link: https://www.econbiz.de/10005702818

The sources of value destruction in acquisitions by entrenched managers

Harford, Jarrad; Humphery-Jenner, Mark; Powell, Ronan - In: Journal of Financial Economics 106 (2012) 2, pp. 247-261

Prior work has established that entrenched managers make value-decreasing acquisitions. In this study, we determine how …

Persistent link: https://www.econbiz.de/10010593843

Convertible securities in merger transactions

Finnerty, John D.; Jiao, Jie; Yan, An - In: Journal of Banking & Finance 36 (2012) 1, pp. 275-289

This paper provides a rationale for the use of convertible securities as the medium of exchange in corporate change-of-control transactions. We argue that convertible securities can resolve the information asymmetry about the bidder’s value while at the same time mitigating the information...

Persistent link: https://www.econbiz.de/10010582653

Default risk in business groups

Luciano, Elisa; Nicodano, Giovanna - Collegio Carlo Alberto, Università degli Studi di Torino - 2012

This paper analyzes how combining firms into either groups or conglomerates affects their credit standing, as measured by their de- fault probabilities, recovery rates and credit spreads. Each combina- tion offers protection against default to its affiliates, and issues debt to optimize the...

Persistent link: https://www.econbiz.de/10011148610

Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2002

price reactions than friendly mergers and acquisitions.When a UK target or bidder is involved, the abnormal returns are … mergers and acquisitions is synergies, agency problems or managerial hubris. We find a significant positive correlation … short-term wealth effects of target's and bidder's shareholders, with hostile acquisitions triggering substantially larger …

Persistent link: https://www.econbiz.de/10011091588

Conglomeration with bankruptcy costs: Separate or joint financing?

Banal-Estañol, Albert; Ottaviani, Marco - Department of Economics and Business, Universitat … - 2009

predictions are broadly consistent with existing empirical evidence on conglomerate mergers, spin-offs, project finance, and …

Persistent link: https://www.econbiz.de/10008560464