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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

Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market

Siougle, Georgia - 2011

This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and options market. The analysis suggests that in about 25%-33% of events there is abnormal option trading volume during the month that precedes the announcement. Such evidence is...

Persistent link: https://www.econbiz.de/10013133655

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

Insider Trading in Takeover Targets

Agrawal, Anup - 2011

insider trading measures, we find no evidence that insiders increase their purchases before takeover announcements; instead … three measures of net purchases, and is more pronounced in certain sub-samples with less uncertainty about takeover … by target insiders during takeover negotiations points to the limits of insider trading regulation. Finally, our finding …

Persistent link: https://www.econbiz.de/10013134111

Institutional Trades around Takeover Announcements : Skill Vs. Inside Information

Jegadeesh, Narasimhan - 2011

This paper examines the pattern and profitability of institutional trades around takeover announcements. We find that … the trades of funds as a group, either before or after takeover announcements, are not profitable. However, funds whose …

Persistent link: https://www.econbiz.de/10013134118

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

NOL Poison Pills : Selectica v. Versata

Erickson, Merle - 2010

In late 2008 Selectica's net operating loss poison pill was triggered by Trilogy/Versata. Litigation ensued in Delaware Court of Chancery over the propriety of the poison pill, which Selectica instituted to protect its $167 million of NOLs from the limitations of Internal Revene Code (I.R.C.)...

Persistent link: https://www.econbiz.de/10013140082