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Shareholder Value Creation in European M&As

Campa, José Manuel; Hernando, Ignacio - C.E.P.R. Discussion Papers - 2004

merger reflect a revision of the expected value resulting from future synergies or wealth redistribution among stakeholders … terms of the geographical and sectoral dimensions of the merger deals, our main finding is that mergers in industries that … merger involves two firms from different countries and is primarily due to the lower positive return that shareholders of the …

Persistent link: https://www.econbiz.de/10005136651

Weddings with Uncertain Prospects - Mergers under Asymmetric Information

Borek, Thomas; Bühler, Stefan; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2003

the respective mono-tonicity properties. If the profit differential between post-merger and pre-merger profits satisfies … equilibria of merger games with simultaneous and sequential moves. The application of our framework to specific oligopoly models … illustrates that the introduction of two-sided asymmetric information may lead to considerable changes in the predicted merger …

Persistent link: https://www.econbiz.de/10005788984

Learning From Stock Prices and Economic Growth

Peress, Joël - C.E.P.R. Discussion Papers - 2011

A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation and income. The stock market allows investors to share their costly private...

Persistent link: https://www.econbiz.de/10009293661

Japan's Banking Crisis: Who Has the Most to Lose?

Miyajima, Hideaki; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2004

Japan experienced a deep and prolonged banking crisis in the 1990s. In this Paper we attempt to identify the characteristics of companies which have the most to lose from the banks’ malaise. Using stock price data, we calculate abnormal returns of non-financial companies around significant...

Persistent link: https://www.econbiz.de/10005789176

Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change

Hau, Harald; Massa, Massimo; Peress, Joël - C.E.P.R. Discussion Papers - 2005

Do exchange rates react to exogenous capital movements? We explore this issue based on the redefinition of the MSCI international equity indices announced on 10 December 2000 and implemented in two steps on 30 November 2001 and 31 May 2002. The index changes implied major changes in the...

Persistent link: https://www.econbiz.de/10005497725

Exclusive Contracts and Market Power: Evidence from Ocean Shipping

Uribe, Marín; Luis, Pedro - C.E.P.R. Discussion Papers - 2001

There is a substantial theoretical literature on the potential effects of loyalty contracts, but a relative paucity of empirical work. This Paper employs the event study methodology to examine the effect of exclusionary contracts on firm performance in the ocean shipping industry. Shipping...

Persistent link: https://www.econbiz.de/10005497855

Partisan Impacts on the Economy: Evidence from Prediction Markets and Close Elections

Snowberg, Erik; Wolfers, Justin; Zitzewitz, Eric - C.E.P.R. Discussion Papers - 2006

Political economists interested in discerning the effects of election outcomes on the economy have been hampered by the problem that economic outcomes also influence elections. We sidestep these problems by analyzing movements in economic indicators caused by clearly exogenous changes in...

Persistent link: https://www.econbiz.de/10005124061

Who Benefits from Regional Trade Agreements? The View from the Stock Market

Moser, Christoph; Rose, Andrew K - C.E.P.R. Discussion Papers - 2011

The effects of Regional Trade Agreements (RTAs) are disputed. In this paper, we assess these effects using capital market data and an event-study approach, using a daily data set covering a thousand announcements spanning over eighty economies and a hundred RTAs over twenty recent years. We...

Persistent link: https://www.econbiz.de/10009293663

Informational Efficiency of Credit Default Swap and Stock Markets: The Impact of Credit Rating Announcements

Norden, Lars; Weber, Martin - C.E.P.R. Discussion Papers - 2004

This Paper analyses the response of stock and credit default swap (CDS) markets to rating announcements by the three major rating agencies during 2000-02. Applying event study methodology, we examine whether and how strongly these markets respond to rating announcements in terms of abnormal...

Persistent link: https://www.econbiz.de/10005656462

Diagnosing Discrimination: Stock Returns and CEO Gender

Wolfers, Justin - C.E.P.R. Discussion Papers - 2006

A vast labour literature has found evidence of a 'glass ceiling', whereby women are under-represented among senior management. A key question remains the extent to which this reflects unobserved differences in productivity, preferences, prejudice, or systematically biased beliefs about the...

Persistent link: https://www.econbiz.de/10005661539