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We investigate the effects of target initiation in mergers and acquisitions. We find target-initiated deals are common and that important motives for these deals are target economic weakness, financial constraints, and negative economy-wide shocks. We determine that average takeover premia,...
Persistent link: https://www.econbiz.de/10012938413
that sectoral shocks are at the root of merger waves. Deregulation and globalization are identified as the shocks …
Persistent link: https://www.econbiz.de/10011490438
shocks drive industry-level clustering of merger activity and “who buys whom?” In the telecom industry, deregulation opened … deregulation was an efficiency-improving restructuring response to increased competition from deregulation and technological change …, and not to increased misvaluation. The economic shocks from deregulation and technological change drive merger activity by …
Persistent link: https://www.econbiz.de/10013036940
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The international tendency towards the deregulation of restrictions and administrative settlements has suppressed the …
Persistent link: https://www.econbiz.de/10011470954
passage of the Telecommunications Act of 1996. The evidence that mergers after telecommunications deregulation generate …
Persistent link: https://www.econbiz.de/10014170109
In this paper we investigate the performance of the Austrian banks which have, either actively or passively, participated in a domestic intra-banking merger or acquisition operation since 1995. For this purpose we apply the DEA methodology in combination with a Tobit regression approach to...
Persistent link: https://www.econbiz.de/10011494585
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We examine how organizational structure affects corporate payout policies. Conglomerates (multi-segment firms) pay out more than pure plays (single-segment firms) in both cash dividends and total payouts (defined as cash dividends plus share repurchases). Further, corporate payouts increase as...
Persistent link: https://www.econbiz.de/10013061825