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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
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Mergers and Managers : Manager-Specific Wage Premiums and Rent Extraction in M&As
He, Alex Xi - 2020
This paper shows that some managers systematically pay higher wages to rank-and-file workers and these managers are targets of M&As. We use a manager-firm-worker matched dataset covering the entire population of Denmark from 1995 to 2011, and develop a novel framework to identify manager fixed...
Persistent link: https://www.econbiz.de/10012846952
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Mergers, Product Prices, and Innovation : Evidence from the Pharmaceutical Industry
Bonaime, Alice A. - 2020
Using novel data from the pharmaceutical industry, we study the impact of mergers on product prices and innovation. Exploiting within-deal variation in product market consolidation, we show prices increase 2.4–3.5% more within drugs belonging to consolidating markets than within matched...
Persistent link: https://www.econbiz.de/10012847955
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
. Therefore, this study aims to close this gap by exploring the effect of merger announcements on CDS spreads empirically. A …
Persistent link: https://www.econbiz.de/10012852376
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Tournament-Based Incentives and Mergers and Acquisitions
Nguyen, Nam - 2020
This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm...
Persistent link: https://www.econbiz.de/10012853326
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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
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The Dark Side of Shareholder Litigation : Evidence from Corporate Takeovers
Chu, Yongqiang - 2020
shareholder derivative litigations more difficult, we show that reduced litigation threats improve corporate takeover efficiency … postmerger operating performance after the UD laws. Further analysis suggests that acquirers make suboptimal merger decisions to …
Persistent link: https://www.econbiz.de/10012856265
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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
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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
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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