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Why Are Firms Sold? Evidence from Acquisitions of European Private Firms

Jang, Yeejin - 2017

We examine motives to sell private firms and provide insights into the sources of value creation from acquisitions of private targets. Using a novel dataset, we document that less profitable, highly leveraged private firms that tend to underinvest are likely to be sold. Further, these firms...

Persistent link: https://www.econbiz.de/10012970925

Unrelated Acquisitions

Aggarwal, Rajesh K. - 2017

announcement returns and outperform related acquisitions. Post-merger operating performance is also quite positive, suggesting that … these are value-creating mergers. Post-merger, acquirer firm segments' investments increase, consistent with unrelated …

Persistent link: https://www.econbiz.de/10012975369

Do Private Equity Funds Always Pay Less? A Synergy-Related Explanation Based on Add-on Acquisitions

Morkoetter, Stefan - 2016

We assess the pricing of transactions undertaken by private equity (PE) funds in comparison to the transactions of strategic acquirers and sellers and focus on synergy gains as an explanatory factor. Controlling for company and deal characteristics, we show that PE funds pay 20% less, on...

Persistent link: https://www.econbiz.de/10013003165

Cash Holdings and Bond Returns Around Takeovers

Podolski, Edward - 2016

paper is the first to document the role of cash holdings on bondholder wealth around takeover announcements …

Persistent link: https://www.econbiz.de/10013006488

Cash Holdings, Corporate Governance and Acquirer Returns

Ahn, Seoungpil - 2016

The wealth effect of limiting shareholder rights via anti-takeover provisions (ATPs) is a contentious issue. By taking …

Persistent link: https://www.econbiz.de/10013008214

Takeovers, Poison Pills and Protectionism in Comparative Corporate Governance

Hill, Jennifer G. - 2020

discusses the rise of takeovers and takeover defences in the United States. Against this backdrop, it examines recent … European Takeover Bid Directive, which Professor Hopt has described as “sobering”, in view of the large number of members … continued in discussion of takeovers and takeover defences in relation to two major Asian economies, Japan and China. As the …

Persistent link: https://www.econbiz.de/10012857505

Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders

Nguyen, Pascal - 2014

We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …

Persistent link: https://www.econbiz.de/10013048623

Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders

Nguyen, Pascal - 2014

We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …

Persistent link: https://www.econbiz.de/10013048624

Horse Picker or Right Jockey? An Examination of Private Equity Value Creation Through the Lens of Withdrawn Leveraged Buyouts

Liu, Ping - 2014

This paper examines the consequences of leveraged buyout (LBO) transactions through the lens of subsequently withdrawn transactions. Using the reason for LBO withdrawal and the unfavorable credit market movements during the period when the deal is in play to address the endogenous withdrawal...

Persistent link: https://www.econbiz.de/10013054181

Exit Through Exitus in Private Equity Buyouts

Hammer, Benjamin - 2015

We study the impact of PE firm and buyout characteristics on default probability employing a Cox proportional hazards model to a global sample of 5,093 buyouts between 1997 and 2012. Our results indicate that investments of generalists have lower default probability than those of specialists....

Persistent link: https://www.econbiz.de/10013025950