German Abstract: Mehr als die Hälfte aller mittelständischen Anleihen erzielte bei ihrer Erstplatzierung nicht die angestrebten Mittel. Das Phänomen nicht ausgeschöpfter Platzie-rungsvolumina ist auf entwickelten Kapitalmärkten nahezu unbekannt. Im klassi-schen Markt für...

This paper analyzes the degree and type of private equity firm activism in portfolio companies. Using hand-collected data on 211 private equity investments over the period 1997-2009, we are able to distinguish between different kinds of activism of private equity firms such as board and...

This paper shows that acquirers have a strong and consistent preference for spatially close target companies. We measure proximity preference against benchmark portfolios of hypothetical targets for each deal, using data from US domestic mergers and acquisitions transactions. With increasing...

This paper analyzes capital market reactions to international bank M&A. We investigate combined stock return patterns of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M&A hypotheses and relate characteristic and mutually...

National borders are still strong barriers for mergers and acquisitions in Europe. We estimate a gravity equation model based on NUTS 2-regions and find that the restraining impact of national borders decreased by about a third between 1990 and 2007. However, there has been no significant change...

This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies' direct competitors. A unique and hand-collected data set on LBOs in the United States in the period 1985-2009 allows us to analyze the effects different restructuring...

Using data of US domestic mergers and acquisitions transactions, this paper shows that acquirers have a preference for geographically proximate target companies. We measure the 'home bias' against benchmark portfolios of hypothetical deals where the potential targets consist of firms of similar...