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Operating Performance Improvements after Corporate Takeovers : Fact or Fallacy?

Amel-Zadeh, Amir - 2020

The paper investigates the post-takeover operating performance of a sample of the 50 largest mergers announced on the … recent merger literature suffer from various accounting biases which are predominantly responsible for the general findings … accounting biases in various earnings measures. The paper further investigates the determinants of the deterioration in post-merger …

Persistent link: https://www.econbiz.de/10012857640

Do firms with specialized M&A staff make better acquisitions?

Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2021

We open the black box of the M&A decision process by constructing a comprehensive sample of US firms with specialized M&A staff. We investigate whether specialized M&A staff improves acquisition performance or facilitates managerial empire building instead. We find that firms with specialized...

Persistent link: https://www.econbiz.de/10012584268

What is the shareholder wealth impact of target CEO retention in private equity deals?

Bargeron, Leonce; Schlingemann, Frederik P.; Zutter, Chad J. - 2017

There is a widespread belief among observers that a lower premium is paid when the target CEO is retained by the acquirer in a private equity deal because the CEO's potential conflicts of interest leads her to negotiate less aggressively on behalf of the target shareholders. Our empirical...

Persistent link: https://www.econbiz.de/10011963282

Reconsidering the Merger Process : Approval Patterns, Timeline, and Shareholders' Role

Gatti, Matteo - 2018

of merger securities filings and state corporate laws) …

Persistent link: https://www.econbiz.de/10012932677

When Do CEOs Delegate Authority? Evidence from Mergers and Acquisitions

Greene, Daniel - 2018

We test theoretical predictions on when CEOs delegate authority to senior managers in mergers and acquisitions. Using a novel proxy for delegation, we find that CEOs are more likely to delegate when the firm is larger or more complex and are less likely to delegate when they have an...

Persistent link: https://www.econbiz.de/10012935934

Collective Bargaining and Mergers and Acquisitions Activity around the World

Ahmad, Muhammad Farooq - 2020

This paper studies the relationship between collective bargaining and mergers and acquisitions activity in 46 countries from the early 1990s. We find that the frequency and volume of mergers and acquisitions within industries increase in countries with powerful labor unions and high coverage of...

Persistent link: https://www.econbiz.de/10012856158

Co-opted boards and bidder performance

Shams, Syed; Luong, Hoa; Ovi, Nafisa Zabeen - In: China Accounting and Finance Review 27 (2025) 2, pp. 237-274

Purpose - Defining co-opted directors as those who join a company's board after an incumbent chief executive officer assumes office, this study aims to investigate the influence of co-opted boards on bidder performance. Design/methodology/approach - This study applies ordinary least squares...

Persistent link: https://www.econbiz.de/10015397416

The 'Seller's Put' and Deal Terms in Corporate Mergers and Acquisitions

Bhagwat, Vineet - 2017

We provide novel evidence of an economically significant “seller's put” implied in M&A deals. Sellers maintain extensive legal rights to walk away from an initial deal – presumably when their value increases – while bidders are more constrained in their ability to withdraw. We model M&A...

Persistent link: https://www.econbiz.de/10012975615

Do Merges and Acquisitions Create Value for Shareholders?

S. Alkhalaf, Abdulmuhsen - 2020

This paper investigates whether M&A create value for the firm and its shareholders. Using data on M&A announcement made by publicly listed firms in the United States in 2003, it conducts a standard event study by calculating the cumulative abnormal return around [-1, 0, +1], where -1 is the one...

Persistent link: https://www.econbiz.de/10012823920

Common Ownership and ESG Performance : Evidence from Institutional Mergers

Khoo, Kenneth - 2022

“Common Ownership” is a phenomenon where shareholders hold substantial stakes in firms that impose externalities on each other. The “Common Ownership” hypothesis suggests that these shareholders may internalize some of these externalities amongst their portfolio firms. While most of the...

Persistent link: https://www.econbiz.de/10013292827