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Dasgupta, Sudipto - 2020

Announcements of mergers where the target is offered stock very often discuss the impact of the deal on the acquirer's earnings per share (EPS), especially when the deal is EPS-accretive for the acquirer. In this paper, we document that the acquirer's EPS-sensitivity affects how deals are...

Persistent link: https://www.econbiz.de/10012850391

The Market Value Spillovers of Mergers and Acquisitions : Revaluing Technological Capabilities and Product Market Positioning

Testoni, Marco - 2020

merger. The more dynamic the product market environment, the more technological revaluation effects dominate product market …

Persistent link: https://www.econbiz.de/10012851650

The Probability of Informed Trading and Mergers and Acquisitions

Bugeja, Martin - 2020

This paper investigates the role of the probability of informed trading (PIN) in mergers and acquisitions. We show that acquirers with higher PINs use more cash to finance their deals due to their higher cost of equity, and acquirers use more equity financing when acquiring targets with higher...

Persistent link: https://www.econbiz.de/10012853027

Creditor Control of Corporate Acquisitions

Becher, David - 2020

We examine the impact of creditor control rights on corporate acquisitions. Nearly 75% of loan agreements include restrictions that limit borrower acquisition decisions throughout the life of the contract. Following a financial covenant violation, creditors use their bargaining power to tighten...

Persistent link: https://www.econbiz.de/10012853662

Bank Mergers : Private Benefit at Public Cost

Scida, Daniela - 2020

This paper explores the link between systemic risk and firm value gain in the context of bank acquisitions. We find that bank acquisitions on average lead to an increase in acquires' systemic risk (a public cost), which is in turn associated with an increase in firm value (a private benefit) for...

Persistent link: https://www.econbiz.de/10012854064

Merger Rhetoric and the Credibility of Managerial Synergy Forecasts

Pély, Désirée-Jessica - 2020

Managers frequently project high synergistic gains when announcing M&As. This paper analyzes when promised synergies are value-relevant. Using text analytical methods, we only find a positive relationship between synergy projections and announcement returns when promised numerical projections...

Persistent link: https://www.econbiz.de/10012826457

Data Security and Merger Waves

Sun, Yuan - 2020

We examine whether data security affects the merger waves in the era of big data. Exploiting the staggered adoption of …

Persistent link: https://www.econbiz.de/10012828869

Quantitative Methods for Evaluating the Unilateral Effects of Mergers

Miller, Nathan - 2020

We describe the quantitative modeling techniques that are used in horizontal merger review for the evaluation of … unilateral effects, and discuss how the 2010 Horizontal Merger Guidelines helped legitimize these methods and motivate scholarly …

Persistent link: https://www.econbiz.de/10012830097

Modeling the Effects of Mergers in Procurement : Comment

Waehrer, Keith - 2020

Miller (2014, 2017) proposes an approach to the analysis of merger effects in markets involving procurement where one … number of actual merger cases, eliminating one of the two product lines will not be more profitable than retaining both … product lines from the merger, and therefore, applying this approach will likely overstate the anti-competitive effects of …

Persistent link: https://www.econbiz.de/10012830371

Merger and Acquisition - Income Tax Perspective

KS, Prabhakar - 2019

Persistent link: https://www.econbiz.de/10012864518