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Asset Volatility and Capital Structure : Evidence from Corporate Mergers
Levine, Oliver - 2020
identify the effect of business risk on capital structure. We find that post-merger changes in leverage and cash holdings are … strongly predicted by expected asset volatility changes estimated using pre-merger information. These capital structure …
Persistent link: https://www.econbiz.de/10012856772
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Post-Merger Integration Duration and Leverage Dynamics of Mergers : Theory and Evidence
Huang, Jing; Pierce, Joshua R.; Tsyplakov, Sergey - 2015
We introduce the concept of the post-merger integration duration (PMID) which is the time delay that it takes a merged … the time of a merger, and gradually levers up as the integration period nears completion. We hand collect a unique data …
Persistent link: https://www.econbiz.de/10013038169
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Corporate Governance and Capital Structure Dynamics : An Empirical Study
Liao, Li-Kai (Connie) - 2016
Morellec, Nikolov, and Schürhoff (2012) predict that a self-interested manager prefers a leverage level that is lower than the shareholders' desired level, and effective corporate governance encourages timely capital structure rebalancing. In a U.S. sample during 1996-2008, we confirm that both...
Persistent link: https://www.econbiz.de/10013007954
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The influence of leveraged buyouts on target firms' competitors
Grupp, Marcel; Rauch, Christian; Umber, Marc; Walz, Uwe - 2015 - This Version: April 2015
This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies' direct competitors. A unique and hand-collected data set on LBOs in the United States in the period 1985-2009 allows us to analyze the effects different restructuring...
Persistent link: https://www.econbiz.de/10010515433
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Market misreaction? : leverage and mergers and acquisitions
Krishnan, C. N. V.; Yakimenko, Vasiliy - In: Journal of risk and financial management : JRFM 15 (2022) 3, pp. 1-21
Using a large database of U.S. mergers and acquisitions (M&As) announced from 2010 through 2017, we examine the effects of capital ratio (leverage) on the announcement period stock price reaction as well as on longer-term stock returns and performance, for banks, making comparisons with...
Persistent link: https://www.econbiz.de/10013165300
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The Influence of Leveraged Buyouts on Target Firms' Competitors
Grupp, Marcel - 2015
This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies' direct competitors. A unique and hand-collected data set on LBOs in the United States in the period 1985-2009 allows us to analyze the effects different restructuring...
Persistent link: https://www.econbiz.de/10013034421
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Market Misreaction? Leverage and Mergers and Acquisitions
Krishnan, C. N. V.; Yakimenko, Vasiliy - 2022
Using a large database of mergers and acquisitions (M&As) announced from 2010 through 2017, we examine the effects of capital ratio (leverage) on the announcement period stock price reaction as well as on longer-term stock returns and performance, for banks, and compare with non-banks. We find...
Persistent link: https://www.econbiz.de/10013309836
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Corporate takeovers : modern empirical developments
Eckbo, B. Espen - 2011
issues such as the nature of aggregate merger activity (merger waves), market valuation effects of merger announcements (the … stock price performance of bidder and target firms), and the nature of the sources of merger gains in the context of … a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics …
Persistent link: https://www.econbiz.de/10008906523
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A Test of IPO Theories Using Reverse Mergers
Asquith, Paul - 2011
Reverse mergers are an alternative method to IPOs for going public and announcement day price reaction to reverse mergers is comparable to the initial day price reaction to IPOs. Most of the academic theories developed thus far to explain the market's reaction to IPOs, however, are not...
Persistent link: https://www.econbiz.de/10013131627
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A Study of the Benefits of Mergers and Acquisitions in the Indian Context
Uddin, Mohammed Ahmar - 2017
Mergers and acquisitions (hereafter M&As) is a strategy used by firms for growth and expansion of their business in terms of products/services, scale of operations and the geographic coverage. In order to successfully overcome the challenges posed by globalization the corporate sector all over...
Persistent link: https://www.econbiz.de/10012956412