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Cultural Values, CEO Risk Aversion and Corporate Takeovers
Lehnert, Thorsten - 2011
We explicitly examine the role of culture in corporate takeover decisions. Prior research suggests that the risk … aversion of CEOs affects their takeover decisions. In this paper, we argue that managerial risk aversion at a national level is …, measured by Hofstede's (2001) uncertainty avoidance score, show less takeover activity, engage more in diversifying takeovers …
Persistent link: https://www.econbiz.de/10013119663
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Does Asymmetric Information Affect the Premium in Mergers and Acquisitions?
Dionne, Georges - 2014
TWe test the influence of information asymmetry on the premium paid for an acquisition. We analyze mergers and acquisitions as English auctions. The theory of dynamic auctions with private and common value predicts that more informed bidders may pay a lower price. We test that prediction with a...
Persistent link: https://www.econbiz.de/10013070221
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Market Valuation and Acquiring Firm Performance in the Short and Long Term : Out-of-Sample Evidence From Spain
Farinós Viñas, José Emilio - 2019
We investigate bidder's short- and long-term performance in periods of high and low valuation market in response to announcements of acquisitions carried out by Spanish listed firms over the period 1991–2016. We find that acquirers of unlisted targets fully react at the announcement date in...
Persistent link: https://www.econbiz.de/10012902442
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The Race of Unicorns : A Signaling Story of Private Acquisitions
Li, Xuelin - 2019
Assets are reallocated less efficiently through mergers and acquisitions (M&As) between private firms compared to the public ones. I develop a theoretical framework to explain how information imperfections inhibit efficiency gains through private acquisitions. Two startups of different qualities...
Persistent link: https://www.econbiz.de/10012899043
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Playing It Safe? Managerial Preferences, Risk, and Agency Conflicts
Gormley, Todd A. - 2016
This article examines managers' incentive to play it safe. We find that, after managers are insulated by the adoption of an antitakeover law, they take value-destroying actions that reduce their firms' stock volatility and risk of distress. To illustrate one such action, we show that managers...
Persistent link: https://www.econbiz.de/10013006191
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The Effects of Information Acquisition in M&As : Evidence from SEC EDGAR Web Traffic
Wang, Joanna (Xiaoyu) - 2021
subsequent takeover probability. Overall, this paper provides supportive evidence that information acquisition improves the …
Persistent link: https://www.econbiz.de/10013220904
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The Informativeness of Internal Control Weakness Disclosure on Acquirers’ M&A Decisions
Yorke, Sally; Mo, Phyllis; Chan, Koon Hung - 2021
We examine the relevance of the disclosure of internal control weaknesses (ICWs) by target firms for acquirers in making their merger-and-acquisition (M&A) decisions. Based on a sample of M&A transactions in 2005–2018, we find that acquirers offer lower premiums for targets that disclose ICWs...
Persistent link: https://www.econbiz.de/10013238865
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Mergers and Acquisitions : The Role of Ambiguity
Herron, Richard - 2020
Firms that face high ambiguity—Knightian uncertainty—reduce organic investments and increase the likelihood, count, and dollar value of merger and acquisition bids. Conversely, firms that face low ambiguity are likely targets. The probability and speed of deal completion increase in the...
Persistent link: https://www.econbiz.de/10012846707
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Market valuation and acquiring firm performance in the short and long term : out-of-sample evidence from Spain
Farinós Viñas, José Emilio; Herrero, Begoña; … - In: Business research quarterly : BRQ 23 (2020) 1, pp. 1-14
Persistent link: https://www.econbiz.de/10012169807
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Horizontal mergers and exit in declining industries
Filson, Darren; Songsamphant, Bunchon - 2001
Previous work on exit in declining industries has neglected mergers. We examine a simple model that predicts which declining industries experience horizontal mergers. Mergers are more likely if 1) market concentration is high; 2) the inverse demand curve is steep at high levels of output and...
Persistent link: https://www.econbiz.de/10011569023