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Cash Acquirers : Can Free Cash Flow, Debt and Institutional Ownership Explain Long Run Performance?

Gregory, Alan - 2011

Cash acquirers are an interesting sub-group of acquirers. Whereas the overall evidence seems to suggest the majority of mergers and acquisitions destroy shareholder value in the long term, cash-financed acquisitions do not appear to do so. Yet this seems at variance with the prediction from...

Persistent link: https://www.econbiz.de/10013128076

What Factors Drive Takeovers in Australia?

Porter, Joshua - 2011

We examine the relationships between the wealth changes associated with a takeover announcement to distinguish between …

Persistent link: https://www.econbiz.de/10013129946

Sources of Gains in Corporate Mergers : Refined Tests from a Neglected Industry

Becher, David - 2011

Our work provides refined tests of the existence and source of merger gains in a neglected industry: utilities. While excluded from traditional analyses, utilities offer fertile ground for a detailed analysis of the traditional theories of synergy, collusion, hubris and anticipation. The...

Persistent link: https://www.econbiz.de/10013132623

Rumors of Mergers and Acquisitions : Market Efficiency and Markup Pricing

Chou, Hsin-I - 2011

analysis of takeover rumors of publically traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …

Persistent link: https://www.econbiz.de/10013133068

Directors’ and Officers’ Liability Insurance and Acquisition Outcomes

Lin, Chen - 2011

We examine the effect of directors' and officers' liability insurance (D&O insurance) on the outcomes of merger and acquisition (M&A) decisions. We find that acquirers whose executives have a higher level of D&O insurance coverage experience significantly lower announcement-period abnormal stock...

Persistent link: https://www.econbiz.de/10013133289

A Reexamination of Corporate Governance and Equity Prices

Johnson, Shane A. - 2011

We reexamine long-term abnormal returns for portfolios sorted on governance characteristics. Firms with strong shareholder rights and firms with weak shareholder rights differ from the population of firms and from each other in how they cluster across industries. Using well-specified tests under...

Persistent link: https://www.econbiz.de/10013134103

A Reexamination of Corporate Governance and Equity Prices with Updated and Supplemental Results

Johnson, Shane A. - 2011

Persistent link: https://www.econbiz.de/10013134363

Risk Allocation in Acquisitions : The Uses and Value of MAE-Exclusions

Macias, Antonio J. - 2011

Acquirers and targets define and allocate interim risk through Material-Adverse-Event (MAE) exclusions in merger agreements. I examine why MAE-exclusions exist based on the risk they address and assess whether such risk allocation affects the gains in the acquisition. Targets and acquirers seem...

Persistent link: https://www.econbiz.de/10013134784

Acquisition Profitability and Timely Loss Recognition

Francis, Jere R. - 2010

We investigate if timely loss recognition is associated with acquisition-investment decisions. Using a Basu (1997) piece-wise linear regression model, we find that firms with more timely incorporation of economic losses into earnings make more profitable acquisitions, measured by the bidder's...

Persistent link: https://www.econbiz.de/10013136659

Tata Motors Dual Capitalization

Singh, Kulbir - 2010

Persistent link: https://www.econbiz.de/10013137361