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Luciano, Elisa; Nicodano, Giovanna - Collegio Carlo Alberto, Università degli Studi di Torino - 2012

This paper analyzes how combining firms into either groups or conglomerates affects their credit standing, as measured by their de- fault probabilities, recovery rates and credit spreads. Each combina- tion offers protection against default to its affiliates, and issues debt to optimize the...

Persistent link: https://www.econbiz.de/10011148610

The Political Economy of Dominant Investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Instituut - 2004

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

Persistent link: https://www.econbiz.de/10011255534

The Flip Side of Financial Synergies: Coinsurance versus Risk Contamination

Banal-Estañol, Albert; Ottaviani, Marco; Winton, Andrew - Barcelona Graduate School of Economics (Barcelona GSE) - 2013

. These predictions are broadly consistent with existing evidence on conglomerate mergers, spin-offs, project finance, and …

Persistent link: https://www.econbiz.de/10010851458

The appeal of private targets in international acquisitions

Madura, Jeff; Susnjara, Jurica - In: Journal of International Financial Markets, … 24 (2013) C, pp. 198-222

Using a sample of 8000 targets in the US and Western Europe over the 1997–2009 period, we find that private targets receive significantly higher payments from bidders than public targets. We find that the private valuation premium is inversely related to the size of the target. We also find...

Persistent link: https://www.econbiz.de/10010747594

NEW OPPORTUNITIES ON THE MARKET OF MERGERS AND ACQUISITIONS FOR 2014

MOLDOVAN-MADAN, Alina - In: ECONOMY AND SOCIOLOGY: Theoretical and Scientifical Journal (2013) 4, pp. 182-186

Mergers and acquisitions activity at global level could begin during 2014. Confidence in the economic environment, the … on mergers and acquisitions market. However, caution still dominate this area and this is understandable, given the … diminishing returns, mergers and acquisitions activity may be the only practical way of increasing for companies. …

Persistent link: https://www.econbiz.de/10010814391

Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2002

price reactions than friendly mergers and acquisitions.When a UK target or bidder is involved, the abnormal returns are … match their core business.Surprisingly, domestic bids create larger short-term wealth effects than cross-border mergers and … mergers and acquisitions is synergies, agency problems or managerial hubris. We find a significant positive correlation …

Persistent link: https://www.econbiz.de/10011091588

Convertible securities in merger transactions

Finnerty, John D.; Jiao, Jie; Yan, An - In: Journal of Banking & Finance 36 (2012) 1, pp. 275-289

This paper provides a rationale for the use of convertible securities as the medium of exchange in corporate change-of-control transactions. We argue that convertible securities can resolve the information asymmetry about the bidder’s value while at the same time mitigating the information...

Persistent link: https://www.econbiz.de/10010582653

The sources of value destruction in acquisitions by entrenched managers

Harford, Jarrad; Humphery-Jenner, Mark; Powell, Ronan - In: Journal of Financial Economics 106 (2012) 2, pp. 247-261

Prior work has established that entrenched managers make value-decreasing acquisitions. In this study, we determine how they destroy that value. Overall, we find that value destruction by entrenched managers comes from a combination of factors. First, they disproportionately avoid private...

Persistent link: https://www.econbiz.de/10010593843

What happens in acquisitions?

Fee, C. Edward; Hadlock, Charles J.; Pierce, Joshua R. - In: Journal of Corporate Finance 18 (2012) 3, pp. 584-597

We study advertising at the brand level in a sample of corporate acquisitions. New owners display an elevated propensity to sharply cut advertising in acquired brands. This behavior is most pronounced in private equity transactions. When a buyer's existing brands overlap with the acquired...

Persistent link: https://www.econbiz.de/10010574234

SPACs in Shipping

Shachmurove, Yochanan; Vulanovic, Milos - Deutsche Zentralbibliothek für … - 2013

In this study we examine how Specified Purpose Acquisition Companies (SPACs) were used as a financing tool for companies in the shipping industry in period 2004-2011. We confirm that SPACs focused on acquisitions in the shipping industry have similar characteristics as the population of SPACs...

Persistent link: https://www.econbiz.de/10010957811

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