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Does the Stock Market Expect Upcoming Merger Activity?

Saidiev, Ulugbek - 2014

The study introduces empirical evidence that there are statistically significant relationships between intensity of upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of assets pricing

Persistent link: https://www.econbiz.de/10013065679

Control Corporativo Y Riqueza De Los Accionistas En El Sector Eléctrico Europeo, 2000-2007 (Corporate Control and Shareholder Wealth in the European Power Sector 2000-2007)

Garcia, John - 2014

This paper analyzes how announce changes in the corporate control (takeover) of Endesa, Hidrocantábrico and Scottish … MCO models. Also, the results suggest the announcement of the launching of a takeover positively and significantly affects …

Persistent link: https://www.econbiz.de/10013066666

Investor Conferences and Institutional Trading in Takeover Targets

Subasi, Musa - 2014

I examine whether access to the management of takeover targets at investor conferences is associated with informed … trading before these firms' takeover announcements. I find that during the one year preceding takeover announcements … investors, targets' conference presentations benefit large investors and have no impact on small investors' pre-takeover trades …

Persistent link: https://www.econbiz.de/10013066937

Informed Options Trading Prior to Takeovers – Does the Regulatory Environment Matter?

Podolski, Edward - 2014

We investigate the prevalence of informed options trading prior to takeover announcements, when the legal prohibition … detectable. We find that privately informed investors trade in the options market prior to takeover announcements; however, their … takeover announcements, informed investors trade on their private information in the options market only when a SEC …

Persistent link: https://www.econbiz.de/10013068795

Value Creation When Acquiring Public vs Private Firms. Spanish Evidence

Farinós Viñas, José Emilio - 2013

We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2011. Similar to foreign markets, acquirers of listed targets earn insignificant...

Persistent link: https://www.econbiz.de/10013074089

Do Private Equity Target Firms Exhibit Less Effectual Governance Structures?

Tellam, Andrew John - 2013

We investigate the unique corporate governance structure of Australian private equity target firms to establish the disciplinary motive underpinning a corporate buy-out. We test our expectations using a sample of 43 publicly listed private equity target firms and a control sample of 182...

Persistent link: https://www.econbiz.de/10013074585

Director Networks and Takeovers

Renneboog, Luc - 2013

We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …

Persistent link: https://www.econbiz.de/10013074605

Acquisition Finance and Market Timing

Vermaelen, Theo - 2013

Bidders have an incentive to pay with stock when their shares are overvalued, but target firms should be reluctant to accept such overvalued payment. In a sample of 2,978 acquisitions, we find that stock payment is readily accepted only when the bidder can justify the financing decision in terms...

Persistent link: https://www.econbiz.de/10013075043

Stapled Financing, Value Certification, and Lending Efficiency

Aslan, Hadiye - 2015

We examine whether financing commitments from a target firm's financial advisor, in the form of stapled financing, provide certification of target value. Using a dataset of leveraged buyouts spanning 2002-2011, and addressing endogeneity issues, we find that stapled financing has significantly...

Persistent link: https://www.econbiz.de/10013014437

Newly Adopted Corporate Governance Mechanism Impact on the Performance of Public Japanese Overseas Acquirers

Alzaidi, Faisal - 2017

This paper investigates relationships between two main corporate governance components namely the AntiTakeover Provisions (ATPs) as external component and Ownership Concentration as internal component and the short/long term performance of the Nikkei-listed Japanese cross-border acquirers during...

Persistent link: https://www.econbiz.de/10012963554