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In this article, we show that only distressed firms not identified as distressed by creditors are able to transfer wealth from creditors to shareholders. Using the number of years to future bankruptcy as a proxy for genuine distress and measures based on observable firm characteristics as...
Persistent link: https://www.econbiz.de/10010719617
type="main" <p>Open-market repurchase programs provide firms with the flexibility to manage the cash and risk aspects of their operations. We examine at which stage cash and risk matter in the typical stages of a repurchase program: announcement, implementation, and withdrawal. Cash and risk...</p>
Persistent link: https://www.econbiz.de/10011086001
We find that corporate governance characteristics of acquiring firms (board ownership, board size, and block-holder control) have an economically and statistically significant impact on operating performance changes following mergers. We also show that dispersion of intra-board ownership stakes...
Persistent link: https://www.econbiz.de/10010984858
We investigate the relation between corporate governance characteristics of hostile takeover targets and the choice to employ 'harmful' resistance that is not perceived as being motivated by shareholders' interests. We find that harmful resistance is associated with firms where managers have...
Persistent link: https://www.econbiz.de/10010957207
We find that corporate governance characteristics of acquiring firms (board ownership, board size, and block-holder control) have an economically and statistically significant impact on operating performance changes following mergers. We also show that dispersion of intra-board ownership stakes...
Persistent link: https://www.econbiz.de/10005006353
Persistent link: https://www.econbiz.de/10008285697
Persistent link: https://www.econbiz.de/10008882517
This study empirically examines the impact of firm-specific and deal-specific factors on the change in industry-adjusted operating performance around corporate mergers and acquisitions. The factors investigated are offer size, bidder leverage, the size of bidder's cash resources, whether the...
Persistent link: https://www.econbiz.de/10012738063
This study empirically examines the impact of firm-specific and deal-specific factors on the change in industry-adjusted operating performance around corporate mergers and acquisitions. The factors investigated are offer size, bidder leverage, the size of bidder's cash resources, whether the...
Persistent link: https://www.econbiz.de/10012741362
For air quality dispersion models, mobile source emissions, including both link- and traffic zone-level emissions, must be disaggregated into grid cells. Current gridding methods assign all traffic analysis zone level emissions to the single grid cell containing the TAX centroid. In this study,...
Persistent link: https://www.econbiz.de/10010817916