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acquisition target based on its productivity level, profitability and other characteristics and whether the performance of … acquisitions improved target firms%u2019 productivity and profitability significantly more and quicker than acquisitions by … domestic firms.Moreover, we find that there is no positive impact on target firms%u2019 profitability in the case of both …
Persistent link: https://www.econbiz.de/10012760742
From 1973 to 2014, the common stock of U.S. banks with loan growth in the top quartile of banks over a three-year period significantly underperforms the common stock of banks with loan growth in the bottom quartile over the next three years. The benchmark-adjusted cumulative difference in...
Persistent link: https://www.econbiz.de/10012996390
What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long-run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new...
Persistent link: https://www.econbiz.de/10012931594
We study a model where firms accumulate data as a valuable intangible asset. Data accumulation affects firms' dynamics. It increases the skewness of the firm size distribution as large firms generate more data and invest more in active experimentation. On the other hand, small data- savvy firms...
Persistent link: https://www.econbiz.de/10012893591
not with higher productivity or profitability. The evidence suggests that intangible investment is associated with growth … and 'soft' performance objectives, but not with productivity or profitability …
Persistent link: https://www.econbiz.de/10012925908
Profitability, as measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the …, despite having, on average, lower book-to-markets and higher market capitalizations. Controlling for profitability also … profitability explains most earnings related anomalies, as well as a wide range of seemingly unrelated profitable trading strategies …
Persistent link: https://www.econbiz.de/10013144171
Do acquirors profit from acquisitions, or do CEOs overbid and destroy shareholder value? We propose a novel approach to measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to construct the counterfactual performance of...
Persistent link: https://www.econbiz.de/10013107194
There is considerable evidence that producer-level churning contributes substantially to aggregate (industry) productivity growth, as more productive businesses displace less productive ones. However, this research has been limited by the fact that producer-level prices are typically unobserved;...
Persistent link: https://www.econbiz.de/10013249707
answering one of three questions: 1) How are board characteristics such as composition or size related to profitability? 2) How …
Persistent link: https://www.econbiz.de/10013232428
-- implying that top executives in Germany have longer tenures than their counterparts in the U.S. and Japan. Turnover of the …
Persistent link: https://www.econbiz.de/10013218102