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Merger Deal Stage Fright and the Use of Earn-Outs

Nyombi, Andrew - 2017

accounting methods to be used and how they would be used, allocation of costs and expenses, dispute resolution mechanisms …

Persistent link: https://www.econbiz.de/10012973363

Corporate takeovers : modern empirical developments

Eckbo, B. Espen - 2011

a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …

Persistent link: https://www.econbiz.de/10008906523

SPAC IPOs

Shachmurove, Yochanan - 2017

Specified Purpose Acquisition Companies (SPACs) are a special type of public companies currently available to investors in financial markets. As an investment vehicle, modern SPACs are traced back to 18th century England where blank checks were first mentioned as blind pools during the infamous...

Persistent link: https://www.econbiz.de/10012965649

Golden Parachutes, Takeover Incentive, and Risk-Taking

Chen, Dong - 2014

-taking. These results are consistent with the “takeover incentive hypothesis,” an original proposition stating that GPs influence … risk-taking through the incentive of a CEO with a GP to accept a takeover, as well as delta's role in affecting the weight … of the CEO's incentive to maximize the expected takeover-associated equity portfolio wealth. The findings do not support …

Persistent link: https://www.econbiz.de/10013065544

Fairness Opinions and SPAC Reform

Tuch, Andrew F. - 2023

This paper assesses the emerging regulatory framework for special purpose acquisition companies (SPACs). According to this framework, mergers of SPACs, known as de-SPACs, must be “fair” to public (or unaffiliated) SPAC shareholders, and transaction participants face heightened liability risk...

Persistent link: https://www.econbiz.de/10014356687

Tournament-Based Incentives and Mergers and Acquisitions

Nguyen, Nam - 2020

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm...

Persistent link: https://www.econbiz.de/10012853326

When Do CEOs Delegate Authority? Evidence from Mergers and Acquisitions

Greene, Daniel - 2018

We test theoretical predictions on when CEOs delegate authority to senior managers in mergers and acquisitions. Using a novel proxy for delegation, we find that CEOs are more likely to delegate when the firm is larger or more complex and are less likely to delegate when they have an...

Persistent link: https://www.econbiz.de/10012935934

Global SPACs

Adami, Roberta; Mathew, Sudha; Sivaprasad, Sheeja - 2022

SPACs or Special Purpose Acquisition Companies are shell companies, created to raise capital and used by private firms to access capital markets. Using a global sample of SPAC firms, this study assesses their performance and finds evidence of significant positive abnormal returns for SPAC firms...

Persistent link: https://www.econbiz.de/10013403903

Review of the literature on merger waves

Cho, Sangjun; Chung, Chune Young - In: Journal of risk and financial management : JRFM 15 (2022) 10, pp. 1-21

Over the past few decades, the rapid growth of mergers and acquisitions (M&As) has received interest from academics and practitioners. While M&As continue to be the subject of thorough investigation from a corporate governance standpoint, comparatively less effort has been made to organize and...

Persistent link: https://www.econbiz.de/10013471479

SPACs

Gahng, Minmo; Ritter, Jay; Zhang, Donghang - 2021

Special Purpose Acquisition Company (SPAC) IPOs boomed starting in 2020. While SPAC IPO investors have earned 12.0% per year, returns for investors in merged companies are more complex. They have earned -7.3% in the first year on common shares but 64.4% on warrants. We rationalize why certain...

Persistent link: https://www.econbiz.de/10013244517