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Shareholder Wealth Maximization as Means to an End

Bartlett, Robert P. - 2015

In several recent cases, the Delaware Chancery Court has emphasized that where a conflict of interest exists between holders of a company's common stock and holders of its preferred stock, the standard of conduct for directors requires that they strive to maximize the value of the corporation...

Persistent link: https://www.econbiz.de/10013029752

Does Cross-Listing in the US Foster Mergers and Acquisitions and Increase Target Shareholder Wealth?

Cosset, Jean-Claude - 2010

higher takeover premiums relative to their non-cross-listed peers. Moreover, shareholders of Sarbanes-Oxley-compliant targets …

Persistent link: https://www.econbiz.de/10013141528

Internal Rates of Return and Shareholder Value Creation

Magni, Carlo Alberto - 2021

We propose a genuinely internal approach to project valuation and decision based on the average Return On Investment (ROI), obtained as the ratio of total operating profit (NOPAT) to total invested capital or, equivalently, as the ratio of net cash flow to total invested capital. The approach...

Persistent link: https://www.econbiz.de/10013237114

Liquidity and returns of target shareholders in the market for corporate control : evidence from the US markets

Lee, Kaun Y.; Chung, Kee H. - In: Journal of business finance & accounting : JBFA 40 (2013) 1/2, pp. 142-171

Persistent link: https://www.econbiz.de/10009729506

Liquidity and information asymmetry considerations in corporate takeovers

Adra, Samer; Barbopoulos, Leonidas G. - In: The European journal of finance 25 (2019) 7, pp. 724-743

Persistent link: https://www.econbiz.de/10012207025

Does shareholder activism have a long-lasting impact on company value? : a meta-analysis

Bajzík, Josef - 2024

I collect 1,186 reported estimates of long-run value creation from 49 studies and present the first meta-analysis of the literature on shareholder activism and its effect on firm value in the longrun. This synthesis is necessary because shareholder activism is increasing over time and across...

Persistent link: https://www.econbiz.de/10014505919

Two-Step Acquisitions and Liquidity Spread

Baxamusa, Mufaddal H. - 2013

We hypothesize that macro-level liquidity affects the choice between tender-mergers and mergers. We employ a novel … finds that the structural breaks coincide strikingly well with major changes in macro-level liquidity. Consistent with our … hypotheses our regression analysis finds that the number of tender offers increases with liquidity and also that the acquirer …

Persistent link: https://www.econbiz.de/10013085345

Liquidity Externalities and Buyout Delisting Activity

Gaspar, Jose-Miguel - 2009

We study the impact on industry liquidity of delistings resulting from leveraged buyout activity. Using data on U ….S. LBOs during the 1985-2008 period, we uncover evidence of negative liquidity externalities. We find that the liquidity of … liquidity at the industry level …

Persistent link: https://www.econbiz.de/10013157683

Can Stock Liquidity be Transferred and Upgraded in Acquisitions? Option-Adjusted Evidence from Liquidity Synergies in US Freeze-Outs

Konstantaras, Konstantinos - 2018

hold sizeable toeholds in target shares. On one side, via liquidity transferring, acquirers can effectively transfer their … thinner liquidity discount on the valuation of their toeholds in fully acquired target assets. On the other, their long …-run stock liquidity can improve following the removal of their targets from the exchange. Using a sample of US delisted targets …

Persistent link: https://www.econbiz.de/10012936309

Financial Distress and the Value Premium

Fu, Yufen - 2014

The value premium is the empirical observation that low market/book “value” stocks have higher returns than high market/book “growth” stocks. In this paper, we report evidence that there is a value premium for firms in financial distress despite the anomalous observation that firms in...

Persistent link: https://www.econbiz.de/10013069137