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World Market for Mergers and Acquisitions

Erel, Isil; Liao, Rose C.; Weisbach, Michael S. - Institute for Financial Research (SIFR) - 2010

Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the … academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on … public firms, usually from the United States. Yet, the vast majority of cross-border mergers involve private firms that are …

Persistent link: https://www.econbiz.de/10008643874

The government’s role in government-owned banks

Shen, Chung-Hua; Hasan, Iftekhar; Lin, Chih-Yung - Suomen Pankki - 2013

In this study, we reinvestigate the question of whether government banks are inferior to private banks. We use cross country data from 1993 to 2007 to trace the different types of government banks. These types comprise banks that acquire distressed banks, normal banks, or no banks at all....

Persistent link: https://www.econbiz.de/10010698834

Cross-Border Performance in European Banking

Hasan, Iftekhar; Lozano-Vivas, Ana; Pastor, Jesús T. - Suomen Pankki - 2000

technical efficiency is a significant deterrence to foreign competition. …

Persistent link: https://www.econbiz.de/10005423697

The State of Corporate Governance Research

Bebchuk, Lucian; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2009

This paper, which introduces the special issue on corporate governance co-sponsored by the Review of Financial Studies and the National Bureau of Economic Research (NBER), reviews and comments on the state of corporate governance research. The special issue features seven papers on corporate...

Persistent link: https://www.econbiz.de/10008614951

The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey

Adams, Renee B.; Hermalin, Benjamin E.; Weisbach, Michael S. - In: Journal of Economic Literature 48 (2010) 1, pp. 58-107

This paper is a survey of the literature on boards of directors, with an emphasis on research done subsequent to the Benjamin E. Hermalin and Michael S. Weisbach (2003) survey. The two questions most asked about boards are what determines their makeup and what determines their actions? These...

Persistent link: https://www.econbiz.de/10008622124

Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts

Jenkinson, Tim; Stromberg, Per; Axelson, Ulf; Weisbach, … - National Bureau of Economic Research (NBER) - 2010

This paper provides an empirical analysis of the financial structure of large buyouts. We collect detailed information on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated to the leverage of matched public firms, and is largely...

Persistent link: https://www.econbiz.de/10008628420

CEO Investment Cycles

Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2013

This paper documents the existence of a CEO Investment Cycle, in which firms disinvest early in a CEO's tenure and increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO investment cycle occurs for both firings and...

Persistent link: https://www.econbiz.de/10010699944

Learning about CEO Ability and Stock Return Volatility

Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2013

When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...

Persistent link: https://www.econbiz.de/10010665134

Do Acquisitions Relieve Target Firms' Financial Constraints?

Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2013

Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance … acquisitions occurring between 2001 and 2008, for which we can observe the target's financial policies both before and after the … easing of financial frictions is a pervasive motive for acquisitions, it is consistent with the view that acquisitions ease …

Persistent link: https://www.econbiz.de/10010665137

Banking deregulation, consolidation, and corporate cash holdings: U.S. evidence

Francis, Bill; Hasan, Iftekhar; Wang, Haizhi - In: Journal of Banking & Finance 41 (2014) C, pp. 45-56

-market bank mergers is negatively related to corporate cash holdings. However, in-market bank mergers in highly concentrated …

Persistent link: https://www.econbiz.de/10010744379