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Corporate Governance and Capital Structure in Developing Countries : A Case Study of Bangladesh

Haque, Faizul - 2017

The paper investigates the influence of firm-level corporate governance on the capital structure pattern of non-financial listed firms using Bangladesh's case study. The agency theory suggests that better corporate governance will reduce agency costs and improve investors' confidence, which in...

Persistent link: https://www.econbiz.de/10012947726

CEO Tournament Incentives and Corporate Debt Contracting

Ghosh, Chinmoy; Huang, Di; Nguyen, Nam; Phan, Hieu V. - 2022

This study examines the relation between CEO tournament incentives, proxied by the difference between CEO pay and the median pay of the senior executives of a given firm, and corporate debt contracting. We find negative relations between CEO pay gap and the cost of debt and default risk, and a...

Persistent link: https://www.econbiz.de/10014235416

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...

Persistent link: https://www.econbiz.de/10014250143

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alex - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, the people running large public corporations say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take...

Persistent link: https://www.econbiz.de/10014351328

Using Option Prices to Infer Overpayments and Synergies in M&A Transactions

Barraclough, Kathryn - 2012

In this paper, we use call option prices to identify synergies and news from merger and acquisition (M&A) transaction …

Persistent link: https://www.econbiz.de/10013113888

How Have M&As Changed? Evidence from the Sixth Merger Wave

Alexandridis, George - 2012

We examine the characteristics of the sixth merger wave that started in 2003 and came to an end approximately in late … explanations of merger waves. Acquirers were less overvalued relative to targets and merger proposals comprised higher cash …

Persistent link: https://www.econbiz.de/10013115982

The Merger Agreement Myth

Manns, Jeffrey - 2012

legal provisions of acquisition agreements to address the distinctive risks facing each merger. But the empirical question … details of the legal terms of acquisition agreements. Our approach leverages the fact that merger announcements (which lay out … a merger have strong incentives to complete the deal regardless of what legal contingencies are triggered. We argue that …

Persistent link: https://www.econbiz.de/10013103781

Efficiency, Value Addition and Performance of US Bank Mergers

Khan, Abu - 2017

that the industry-adjusted operating performance of merged banks increases significantly after a merger. This finding is … significantly after a merger. Revenue enhancement opportunity appears to be more profitable if there exists more opportunity for …

Persistent link: https://www.econbiz.de/10012964750

Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market

Huettermann, Kai - 2020

This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...

Persistent link: https://www.econbiz.de/10012843225

Bank Integration and the Market for Corporate Control : Evidence from Cross-State Acquisitions

John, Kose - 2019

How does bank integration affect the market for corporate control for nonfinancial firms? We provide causal evidence that interstate bank deregulation affects acquisitions mainly through reducing the information asymmetry between acquirers and targets, instead of increased credit supply. After...

Persistent link: https://www.econbiz.de/10012900778