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Corporate takeovers : modern empirical developments
Eckbo, B. Espen - 2011
a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …
Persistent link: https://www.econbiz.de/10008906523
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Merger Deal Stage Fright and the Use of Earn-Outs
Nyombi, Andrew - 2017
Contingent future payments have gained a solid reputation as fundamental ingredients of business acquisition transactions. Earn-outs specifically are a species of contingent future payments that have proved helpful in a plethora of recent merger deals. An earn-out is payment for performance...
Persistent link: https://www.econbiz.de/10012973363
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Acquisition Decisions of Zero-Leverage Firms
Bae, Chang Suk - 2014
We provide evidence on whether zero-leverage firms make unique acquisition decisions in line with their unique leverage policies. We show that zero-leverage firms are more likely to acquire targets with low or zero leverage than they are to acquire other targets in order to maintain zero...
Persistent link: https://www.econbiz.de/10013046919
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Cash Windfalls and Acquisitions
von Beschwitz, Bastian - 2016
This article studies the effect of cash windfalls on the acquisition policy of companies. As identification I use a German tax reform that permitted firms to sell their equity stakes tax-free. Companies that could realize a cash windfall by selling equity stakes see an increase in the...
Persistent link: https://www.econbiz.de/10012997602
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Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders
Nguyen, Pascal - 2014
We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …
Persistent link: https://www.econbiz.de/10013048623
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Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders
Nguyen, Pascal - 2014
We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …
Persistent link: https://www.econbiz.de/10013048624
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Horse Picker or Right Jockey? An Examination of Private Equity Value Creation Through the Lens of Withdrawn Leveraged Buyouts
Liu, Ping - 2014
This paper examines the consequences of leveraged buyout (LBO) transactions through the lens of subsequently withdrawn transactions. Using the reason for LBO withdrawal and the unfavorable credit market movements during the period when the deal is in play to address the endogenous withdrawal...
Persistent link: https://www.econbiz.de/10013054181
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Why are Cash-Rich Firms More Likely to Pay for Acquisitions with Stock?
Pinkowitz, Lee - 2012
We examine why cash-rich firms prefer to use stock to make acquisitions. Consistent with prior literature, we find that cash-rich firms are more likely to attempt acquisitions than other firms. However, cash-rich acquirers are more likely to employ stock as the method of payment. We investigate...
Persistent link: https://www.econbiz.de/10013115768
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Do Firms Set Free Cash Free? Misallocation vs. Opportunism in Acquisitions
Sturgess, Jason - 2012
We examine the impact of excess cash on the decision and method of payment in acquisitions. Consistent with prior literature, we find that firms that have excess cash do make more acquisitions. However, those acquisitions frequently use stock as the method of payment. We investigate this finding...
Persistent link: https://www.econbiz.de/10013116318
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The Post-Merger Performance of the European M&As : Does Pre-Merger Earnings Management Matter?
Alsharairi, Malek - 2016
This paper empirically examines the post-merger performance of a sample of 1,320 European mergers and acquisitions deals. Specifically, we investigate the impact of pre-merger earnings management of acquirers on both the short-term and long-term post-merger performance, for M&A deals completed...
Persistent link: https://www.econbiz.de/10013002518