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Burkart, Mike; Gromb, Denis; Panunzi, Fausto - C.E.P.R. Discussion Papers - 2005

This paper analyses takeovers of companies owned by atomistic shareholders and by one minority blockholder, all of whom can only decide to tender or retain their shares. As private benefit extraction is inefficient, the post-takeover share value increases with the bidder's shareholdings. In a...

Persistent link: https://www.econbiz.de/10005497773

The impact of merger legislation on bank mergers

Carletti, Elena; Ongena, Steven; Siedlarek, Jan-Peter; … - 2016

We find that stricter merger control legislation increases abnormal announcement returns of targets in bank mergers by 7 percentage points. Analyzing potential explanations for this result, we document an increase in the pre-merger profitability of targets, a decrease in the size of acquirers...

Persistent link: https://www.econbiz.de/10011518760

Corporate restructuring, financial deregulation, and firm value: Evidence from Japanese “spin-ins”

Choi, Yoon K.; Han, Seung Hun - In: Pacific-Basin Finance Journal 22 (2013) C, pp. 1-13

's deregulation. We focus on unique internal restructuring transactions called “spin-ins” that are triggered by the Amendment of the … argument that the keiretsu system has transformed itself into a more efficient organization through the recent deregulation in …

Persistent link: https://www.econbiz.de/10011043177

Arbeit – Politik – Recht: Das Recht(ssystem) als Forschungsdesiderat in den Arbeitsbeziehungen – Einleitung zum Schwerpunktheft

Rehder, Britta; Vogel, Berthold - In: Industrielle Beziehungen - Zeitschrift fuer Arbeit, … 22 (2015) 1, pp. 8-12

Das deutsche System der industriellen Beziehungen weist im internationalen Vergleich gemeinhin ein hohes Mass an Verrechtlichung auf. Umso ueberraschender ist der Umstand, dass das Recht und seine Akteure, Institutionen und Verfahren in der Forschung ueber Arbeitsbeziehungen seit Jahrzehnten...

Persistent link: https://www.econbiz.de/10011152604

Firms Merge in Response to Constraints

Boone, Jan - C.E.P.R. Discussion Papers - 2006

Theoretical IO models of horizontal mergers and acquisitions make the critical assumption of efficiency gains. Without efficiency gains, these models predict either that mergers are not profitable or that mergers are welfare reducing. A problem here is the empirical observation that on average...

Persistent link: https://www.econbiz.de/10005789008

Economics and Politics of Alternative Institutional Reforms

Caselli, Francesco; Gennaioli, Nicola - C.E.P.R. Discussion Papers - 2007

(deregulation) and improving contractual enforcement (legal reform). Deregulation fosters entry, thereby increasing the number of … deregulation, as it preserves incumbents' rents, while at the same time allowing the less efficient among them to transfer control …

Persistent link: https://www.econbiz.de/10005124360

Merger waves following industry deregulation

Ovtchinnikov, Alexei V. - In: Journal of Corporate Finance 21 (2013) C, pp. 51-76

Deregulation is endogenous. It is preceded by poor industry performance and is predictable with performance variables …. These results imply that merger activity following deregulation should be systematically related to poor pre-deregulation … industry performance. Consistent with this hypothesis, I find that post-deregulation mergers serve a contractionary role …

Persistent link: https://www.econbiz.de/10010664738

M&As Performance in the European Financial Industry

Campa, José Manuel; Hernando, Ignacio - C.E.P.R. Discussion Papers - 2005

This paper looks at the performance record of M&As that took place in the European Union financial industry in the period 1998-2002. First, the paper reports evidence on shareholder returns from the merger. Merger announcements implied positive excess returns to the shareholders of the target...

Persistent link: https://www.econbiz.de/10005504600

Cross-Border Acquisitions and Greenfield Entry: Profitability and Stock Market Value

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2003

This Paper studies cross-border acquisitions and greenfield entry in a multi-firm setting. Acquisition entry is more likely when the acquirer gains a strong position in the product market, relative to greenfield entrants. We also show that such acquisitions might have a low profitability,...

Persistent link: https://www.econbiz.de/10005504733

Globalization and Profitability of Cross-border Mergers & Acquisitions

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2007

This paper studies how the surplus generated by the globalization process is divided between MNEs and owners of domestic assets. We construct an oligopoly model where the equilibrium acquisition pattern, the acquisition price and firms' greenfield investments are endogenously determined....

Persistent link: https://www.econbiz.de/10005498033