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Equities of scope as merger incentives under capital regulation : narrow versus synergy banking valuation

Chen, Shi; Tsai, Jeng-Yan; Jou, Rosemary - In: Applied economics 48 (2016) 37/39, pp. 3508-3525

Persistent link: https://www.econbiz.de/10011620787

Ownership structure and firm exit routes

Peljhan, Darja; Zajc Kejžar, Katja; Ponikvar, Nina - In: Applied economics 52 (2020) 15, pp. 1671-1686

Persistent link: https://www.econbiz.de/10012197582

Concentration-based merger tests and vertical market structure

Gans, Joshua - In: The journal of law & economics 50 (2007), pp. 661-680

Persistent link: https://www.econbiz.de/10003727870

The Opportunity Cost of Capital of Us Buyouts

Groh, Alexander Peter - 2010

This paper measures the risk-adjusted performance of US buyouts. It draws on a unique and proprietary set of data on 133 US buyouts between 1984 and 2004. For each of them we determine a public market equivalent that matches it with respect to its timing and its systematic risk. After a...

Persistent link: https://www.econbiz.de/10012759102

Executive Compensation and Incentives : the Impact of Takeover Legislation

Bertrand, Marianne - 2010

We investigate the impact of changes in states' anti-takeover legislation on executive compensation. We find both pay … which reduced takeover fears allow CEO's to skim more. We compute lower bounds on the relative risk aversion coefficients … increased pay for performance offsets some of the incentive reduction caused by lower takeover threats …

Persistent link: https://www.econbiz.de/10012763822

The Investment Behavior of Buyout Funds : Theory and Evidence

Ljungqvist, Alexander - 2014

This paper analyzes the determinants of buyout funds' investment decisions. In a model in which the supply of capital is quot;stickyquot; in the short run, we link the timing of funds' investment decisions, their risk-taking behavior, and the returns they subsequently earn on their buyouts to...

Persistent link: https://www.econbiz.de/10012751383

Extending Industry Specialization Through Cross-Border Acquisitions

Frésard, Laurent - 2016

We investigate the role of industry specialization in horizontal cross-border mergers and acquisitions. We find that acquirers from more specialized industries in a country are more likely to buy foreign targets in countries that are less specialized in these same industries. The role of...

Persistent link: https://www.econbiz.de/10012978843

Evidence for the Effects of Mergers on Market Power and Efficiency

Blonigen, Bruce A. - 2016

Study of the impact of mergers and acquisitions (M&As) on productivity and market power has been complicated by the difficulty of separating these two effects. We use newly-developed techniques to separately estimate productivity and markups across a wide range of industries using detailed...

Persistent link: https://www.econbiz.de/10012980667

Blockholder Identity, Equity Ownership Structures, and Hostile Takeovers

Kahl, Matthias - 2006

-cost free' capital is scarce. We investigate the allocation of this scarce resource. A hostile takeover is the consequence of a … investors. Even though all firms are ex ante identical, some may rely on the takeover mechanism while others rely on permanent …

Persistent link: https://www.econbiz.de/10012783983

The Q-Theory of Mergers

Jovanovic, Boyan - 2002

The Q-theory of investment says that a firm's investment rate should rise with its Q. We argue here that this theory also explains why some firms buy other firms. We find that 1. A firm's merger and acquisition (Mamp;A) investment responds to its Q more -- by a factor of 2.6 -- than its direct...

Persistent link: https://www.econbiz.de/10012787364

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