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Gärtner, Dennis (contributor); … - 2007

profitability of the merged entity and to stand-alone profits, and we investigate the extent to which this private information makes …

Persistent link: https://www.econbiz.de/10003387546

Are there waves in merger activity after all?

Gärtner, Dennis (contributor); Halbheer, Daniel (contributor) - 2004 - September 2004, revised February 2006

This paper investigates the merger wave hypothesis for the US and the UK employing a Markov regime switching model. Using quarterly data covering the last thirty years, for the US, we identify the beginning of a merger wave in the mid 1990s but not the much-discussed 1980s merger wave. We argue...

Persistent link: https://www.econbiz.de/10002521615

What is different about government-controlled acquirers in cross-border acquisitions?

Karolyi, G. Andrew; Liao, Rose C. - 2010

We examine the motives for and consequences of 5,317 failed and completed cross-border acquisitions constituting $619 billion of total activity that were led by government-controlled acquirers over the period from 1990 to 2008. We benchmark this activity at the aggregate country level and also...

Persistent link: https://www.econbiz.de/10008702754

European takeover law : the case for a neutral approach

Enriques, Luca - 2010

This paper argues that in revising the Takeover Bid Directive, EU policymakers should adopt a neutral approach toward … kind. Unfortunately, takeover rules cannot be crafted so as to hinder all the bad takeovers while at the same time … current EC legal framework for takeovers overall hinders takeover activity in the EU, the paper identifies three rationales …

Persistent link: https://www.econbiz.de/10008728815

Disentangling the effect of private and public cash flows on firm value

Scherrer, Cristina Mabel; Fernandes, Marcelo - 2016

This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class...

Persistent link: https://www.econbiz.de/10011523988

Business groups as hierarchies of firms : determinants of vertical integration and performance

Altomonte, Carlo; Rungi, Armando - 2013

We explore the nature of Business Groups, that is network-like forms of hierarchical organization between legally autonomous firms spanning both within and across national borders. Exploiting a unique dataset of 270,474 headquarters controlling more than 1,500,000 (domestic and foreign)...

Persistent link: https://www.econbiz.de/10009737190

On the real effects of bank bailouts : micro-evidence from Japan

Giannetti, Mariassunta; Simonov, Andrei - 2009

Exploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank bailouts. Government recapitalizations result in positive abnormal returns for the clients of recapitalized banks. After recapitalizations, banks extend larger loans to their...

Persistent link: https://www.econbiz.de/10008824507

Management and firm dynamism

Sadun, Raffaella; Schuh, Rachel; Hartley, Jonathan S.; … - 2025

performance of the plants they acquire. To explain these findings we build a model with two key elements. First, management is a … combination of firm-level management ability (e.g. CEO quality), which can be transferred to all plants, and plant …-level management practices, which can be changed through intangible investment (e.g. consulting or training). Second, management both …

Persistent link: https://www.econbiz.de/10015434084

Firm profits and government activity : an empirical investigation

Jolakoski, Petar; Jovanovic, Branimir; Madjoska, Joana; … - 2021

If firm profits rise to a level far above than what would have been earned in a competitive economy, this might give the firms market power, which might in turn influence the activity of the government. In this paper, we perform a detailed empirical study on the potential effects of firm profits...

Persistent link: https://www.econbiz.de/10012432332

Post-acquisition performance in the short and long-run : evidence from the Copenhagen Stock Exchange 1993 - 1997

Jakobsen, Jan Bo; Voetmann, Torben - 2000

Persistent link: https://www.econbiz.de/10001453567