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Oler, Derek; Olson, Bradley; Skousen, Christopher J. - 2009

We examine whether governance matters for acquisitions. Acquisitions are frequently beneficial to the CEO of the acquiring firm, but can often be value-destructive to acquirer shareholders and other stakeholders such as employees. We find that corporate governance does not appear to influence...

Persistent link: https://www.econbiz.de/10014049776

Anatolia Kimya – A Cross-Border Acquisition in the Turkish Chemical Industry

Pereiro, Luis E. - 2011

Persistent link: https://www.econbiz.de/10013123127

The Change in Information Uncertainty and Acquirer Wealth Losses

Erickson, Merle - 2011

A large body of literature demonstrates that acquisitions are on average value-destroying for the acquirer. We investigate whether the change in the acquirer's information uncertainty contributes to acquirer wealth losses. Information uncertainty affects the discount rate (the cost of capital),...

Persistent link: https://www.econbiz.de/10013124334

The Effects of LBO Events on Industry Rivals

Oxman, Jeffrey - 2011

The rivals of LBO targets experience an abnormal return on equity of 1.2% in the seven day window surrounding the LBO announcement. There are three hypotheses that may explain the wealth effects: the Pure Acquisition Hypothesis, the Competition Dynamics Hypothesis, and the Private Information...

Persistent link: https://www.econbiz.de/10013129981

Reverse Takeover and Firm Survivability

Jambal, Khishigjargal - 2012

that took place during the 2000–2009 period in the U.S., we find that firms with reverse takeover are more likely to … before the reverse takeover and the new firm is relatively smaller than the public shell. In addition, firms with new CEOs ….Practitioner/Policy Implications: Conventionally, firms try to improve the financial conditions of the merging firms to survive in the reverse takeover …

Persistent link: https://www.econbiz.de/10013103846

Cross-Border Asset Sales : Shareholder Returns and Liquidity

Borisova, Ginka - 2013

We examine a sample of 1,458 divestitures of domestic assets by U.S. firms to foreign and domestic buyers over the period 1998-2008. Cross-border asset sales yield higher abnormal returns to the seller than domestic sales. This incremental return is driven by liquidity-constrained sellers...

Persistent link: https://www.econbiz.de/10013094994

Cross-Border Asset Sales : Shareholder Returns and Liquidity

Borisova, Ginka - 2013

We examine a sample of 1458 divestitures of domestic assets by U.S. firms to foreign and domestic buyers over the period 1998-2008. Cross-border asset sales yield higher abnormal returns to the seller than domestic sales. This incremental return is driven by liquidity-seeking sellers engaging in...

Persistent link: https://www.econbiz.de/10013077622

Antitakeover Provisions, Managerial Entrenchment and Firm Innovation

Chakraborty, Atreya - 2014

number of citations to patents. Thus managers who are protected from takeover market perform worse on innovation. However …

Persistent link: https://www.econbiz.de/10013060331

The Synergy Valuation Models : Towards the Real Value of Mergers and Acquisitions

Fiorentino, Raffaele - 2014

The purpose of this paper is to examine the use and effectiveness of synergy valuation models in mergers and acquisitions (M&A). This paper advances the current debate on synergy and valuation models in accounting and finance studies. In particular, it answers the call for a detailed...

Persistent link: https://www.econbiz.de/10013064815

Quos Custodiunt Custodes? Sponsor Reputation and Capital Structure Dynamics in Leveraged Buyouts

Shive, Sophie; Forster, Margaret - 2021

Leveraged buyouts allow for a separate identification of sponsor reputation and underlying firm quality and their effects on capital structure choices. In 616 U.S. LBOs for which we can reconstruct financing activity, we find that the average LBO issues an average of 1.16 additional debt...

Persistent link: https://www.econbiz.de/10013241555