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We investigate whether the merger announcement dates provided in the Securities Data Corporation (SDC) database, a commonly used source in mergers and acquisitions (M&A) research, are handled correctly by researchers performing event studies to measure the wealth effects of mergers. We find that...
Persistent link: https://www.econbiz.de/10012857254
Short-term debt exposes firms to credit supply shocks and liquidity risk. Short-term debt can also reduce potential agency conflicts between managers and shareholders by exposing managers to more frequent monitoring by the market. This paper examines whether internal monitoring through...
Persistent link: https://www.econbiz.de/10012859521
Persistent link: https://www.econbiz.de/10012128033
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
This internet appendix provides additional results that complement the main results of the paper. In the first part, we show the results of the self-selection model that incorporates the observation that target firms may self-select not to delist from the stock markets after takeovers. In the...
Persistent link: https://www.econbiz.de/10013012862
Using earthquake exposure during pregnancy as a proxy for in utero insult, we examine the impact of prenatal stress on investment decisions during adulthood. We find that investors exposed to major earthquakes in utero participate less in the stock market and hold less diversified portfolios,...
Persistent link: https://www.econbiz.de/10014350830
This article adopts an agency perspective of the firm and reviews the mergers and acquisitions literature from the lens of corporate governance. We highlight how the different corporate governance mechanisms affect the takeover process and outcomes. The internal and external governance...
Persistent link: https://www.econbiz.de/10013023570
Short-term debt exposes firms to credit supply shocks and liquidity risk. Short-term debt can also reduce potential agency conflicts between managers and shareholders by exposing managers to more frequent monitoring by the market. This paper examines whether internal monitoring through...
Persistent link: https://www.econbiz.de/10012121151
Persistent link: https://www.econbiz.de/10003805339
This study documents a significant and positive impact of country-level sustainability scores on cross-border bank-to-nonbank flows. This result is robust after mitigating endogeneity concerns by applying instrumental variable regression, generalized method of moments estimation, Fama-MacBeth...
Persistent link: https://www.econbiz.de/10013236495