Showing 1 - 10 of 23
Using a large sample of option granting firms, some of which were investigated for option grant backdating, we develop a predictive model for such investigations and examine how the capital market responded as the backdating scandal unfolded. Firms that were investigated experienced significant...
Persistent link: https://www.econbiz.de/10008484730
This study investigates the relation between the method of payment in acquisitions, earnings management, and operating performance for a large sample of firms that conducted acquisitions between 1985 and 1997. Prior to their acquisitions, acquirers exhibit levels of operating performance that...
Persistent link: https://www.econbiz.de/10005139253
Persistent link: https://www.econbiz.de/10005492371
Persistent link: https://www.econbiz.de/10005372356
Persistent link: https://www.econbiz.de/10005376608
Persistent link: https://www.econbiz.de/10005376863
We examine the time trends and determinants of the method of payment in M&As spanning four decades. The fraction of mixed payments tripled from about 10% before the turn of the century to 30% in the new century, while the fraction of stock (cash) payments peaked (bottomed out) in the late 1990s...
Persistent link: https://www.econbiz.de/10010906824
Using a large sample of unsolicited takeover attempts, we examine the determinants and effects of targets' choice to adopt poison pills either before or after unsolicited offers and to initiate defensive payouts. The probability of poison pill adoptions decreases with insider ownership, whereas...
Persistent link: https://www.econbiz.de/10005076271
This study investigates capital structure around 286 self-tender offers from 1980 to 1997. Firms that undertake self-tender offers generally have debt ratios below their predicted levels before the offers. The debt ratios following nondefensive self-tender offers are close to predicted levels,...
Persistent link: https://www.econbiz.de/10005781508
We examine the choice of equity offering type and the accompanying information content using a sample of 4,708 equity offerings announced between 1980 and 1998. We find evidence that announcements of regular equity offerings involving primary shares convey unfavorable information about future...
Persistent link: https://www.econbiz.de/10005607978