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Productivity and the Internationalization of Firms – Cross-Border Acquisitions Versus Greenfield Investments
Trax, Michaela S. - 2011
This paper extends the literature on the determinants of international activity at the firm level towards cross-border acquisitions and greenfield investments as different modes of FDI using a rich dataset of British firms. While multinational firms are characterized by higher productivity...
Persistent link: https://www.econbiz.de/10013125224
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The Effect of Takeovers on the Fundamental Value of Acquirers
Guest, Paul M. - 2012
of takeover on profitability and short and long run share returns. We find that the impact of acquisition on fundamental … value is slightly negative but statistically insignificant. This result differs from the effect of takeover on profitability …, which is significantly positive, and the effect of takeover on share returns, which is significantly negative …
Persistent link: https://www.econbiz.de/10013103144
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The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom
Guest, Paul M. - 2012
We examine the impact of acquisitions by UK acquirers on executive pay. The overall sample shows a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form, although initial cross-border acquisitions result in higher pay. Pay increases are...
Persistent link: https://www.econbiz.de/10013103147
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Board Share Ownership and Takeover Performance
Cosh, Andy - 2012
We investigate the relation between takeover performance and board share ownership in the acquiring company for a … on takeover outcomes including: the means of payment; acquirer size and market to book value; the relative size of the … acquirer and the target; the nature of the bid in terms of hostility and industrial direction; and the pre-takeover performance …
Persistent link: https://www.econbiz.de/10013103238
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Are Stock-for-Stock Acquirers of Unlisted Targets Really Less Overvalued?
Louis, Henock - 2012
Extant studies on the market reaction to acquisition announcements often assume that targets' private ownership mitigates acquirers' incentives and opportunities to finance acquisitions with inflated stocks. This view is supported by the observation that, although the average stock-for-stock...
Persistent link: https://www.econbiz.de/10013104369
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Secondary Buyouts : Why Buy and at What Price?
Wang, Yingdi - 2012
This paper studies the economic logic and pricing of secondary buyouts, a form of leveraged buyout that has become increasingly popular. I investigate three potential explanations for secondary buyouts: efficiency gains, liquidity-based market timing, and collusion. The results are most...
Persistent link: https://www.econbiz.de/10013113753
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Are Stock-for-Stock Acquirers of Unlisted Targets Really Less Overvalued?
Louis, Henock - 2012
Extant studies often assume that targets' private ownership mitigates acquirers' incentives and opportunities to finance acquisitions with inflated stocks. This view stems from the observation that, although the average stock-for-stock acquirer's merger announcement abnormal return is negative...
Persistent link: https://www.econbiz.de/10013114481
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Female Directors and UK Company Acquisitiveness
Dowling, Michael M. - 2013
The presence, and proportion, of female directors is found to strongly influence the level of acquisitiveness of a company. This finding is made through a novel dataset covering significant size acquisitions made by FTSE 100 constituents between 2000 and 2011 and includes multiple controls for...
Persistent link: https://www.econbiz.de/10013091743
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Director Networks and Takeovers
Renneboog, Luc - 2013
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013074605
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Director Networks and Takeovers
Renneboog, Luc - 2013
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013075936