Creat membership Creat membership
Sign in

Forgot password?

Confirm
  • Forgot password?
    Sign Up
  • Confirm
    Sign In
home > search

Now showing items 1 - 16 of 13737

  • Coarse Ricci Curvature as a Function on M x M

    Ache, Antonio G.   Warren, Micah W.  

    We use the framework used by Bakry and Emery in their work on logarithmic Sobolev inequalities to define a notion of coarse Ricci curvature on smooth metric measure spaces alternative to the notion proposed by Y. Ollivier. This function can be used to recover the Ricci tensor on smooth Riemannian manifolds by the formula for any curve .
    Download Collect
  • M&As, Investment and Financing Constraints

    Stiebale, Joel   Woessner, Nicole  

    We use a panel data set of European firms to analyse the effects of domestic and international M&As on target firms' investment, growth and financial constraints. Combining propensity score matching with a difference-in-differences estimator, our results indicate that upon acquisition, target firms obtain better access to external finance, are characterized by higher levels of tangible and intangible assets, and display lower dependence of investments and cash savings on the availability of internal funds. We also provide evidence that these effects are driven by acquisitions during the 2007-2009 financial crisis and relatively small target firms.
    Download Collect
  • Dual-class firms, M&As and SOX

    Chourou, Lamia   Hossain, Ashrafee T.   Kryzanowski, Lawrence  

    By analyzing a large sample of M&A deals undertaken by domestic dual-class acquirers in the United States (1996-2009), this study finds that deals were more value-enhancing for acquiring firm shareholders, both in the short- and long-term, in the aftermath of the passage of the Sarbanes-Oxley Act (SOX). This study provides evidence that the transparency measures mandated by SOX had positive and tangible incremental benefits evidenced by enhanced performance by supposedly 'poorly governed' dual-class acquirers relative to their single-class counterparts. (C) 2018 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.
    Download Collect
  • Informed trading around biotech M&As

    Kryzanowski, Lawrence   Trang Phuong Tran  

    Purpose This paper aims to test the extent to which downward bias due to a floating-point exception in probability of informed trading (PIN) estimates obtained using the Easley, Hvidkjaer and O'Hara (EHO; 2002) method is remedied using the Yan and Zhang (YZ; 2012) method. The paper also aims to test the sample-size sensitivity of EHO PIN and identify PIN determinants for acquirers and targets in the biotech sector. Design/methodology/approach EHO and YZ PIN performances are compared for US biotech acquirers and targets around their mergers and acquisition (M&A) announcements. The sampling method of Kryzanowski and Lazrak (2007) is used to assess sample-size sensitivity of announcement window EHO PIN estimates. Cross-sectional regressions are estimated to identify PIN determinants. Findings EHO and YZ PIN are not significantly different. EHO PIN exhibits significant sample-size sensitivity. Information leakage prior to M&A announcements is strongly affected by some firm characteristics. Significant determinants of PIN behavior around M&A announcements include insider and institutional holdings and research and development (R&D) expense. Research limitations/implications Findings imply that PIN partially reflects the activities of insiders and other informed investors about takeover intentions. Subsequent research can examine PIN behavior around pre-announcement rumors for M&As in the same or other industries and for potential targets that are peers of the M&A targets. Originality/value This paper contributes to the ongoing debate in the empirical finance literature on whether PIN measures informed trading by examining its behavior and the importance of some methodological issues associated with its use in examining market behavior around M&A announcements.
    Download Collect
  • CROSS-BORDER M&As AND FIRM VALUE: A COMPARISON OF CHINA- AND US-JAPAN M&As

    Chikamoto, Keisuke; Takeda, Fumiko; Yokoyama, Ai  

    We examine the effect of M&As conducted by U.S. and Chinese bidders (US-Japan and China-Japan M&As) on the stock prices of Japanese targets. We find that both types of M&As tend to increase the stock prices of the Japanese targets and that market reactions are significantly greater for US-Japan M&As than for China-Japan M&As. Additionally, capital participation produces greater market reactions to China-Japan M&As than other structures, while acquisition produces this effect in US-Japan M&As. Our results are consistent with previous research indicating that market reactions increase for bidders operating in a developed country with high-quality institutions and corporate governance. (JEL G32, G34)
    Download Collect
  • Chinese Overseas M&As in Pakistan

    Gnomblerou, Edna  

    Download Collect
  • Dual-class firms, M&As and SOX

    Chourou, Lamia   Hossain, Ashrafee T.   Kryzanowski, Lawrence  

    Download Collect
  • Antecedents of Successful IT M&As

    Qi, Kangkang  

    Download Collect
  • Corporate Culture and M&As

    Alexandridis, George; Huang, Zhenyi; Hoepner, Andreas G. F.; Oikonomou, Ioannis  

    Download Collect
  • Antecedents of Successful IT M&As

    Qi, Kangkang  

    Download Collect
  • What Goes Wrong in M&As? On the Long-Run Success Factors in M&As

    Renneboog, Luc; Vansteenkiste, Cara  

    Download Collect
  • CROSS-BORDER M&As AND FIRM VALUE: A COMPARISON OF CHINA- AND US-JAPAN M&As

    Chikamoto, Keisuke   Takeda, Fumiko   Yokoyama, Ai  

    Download Collect
  • Repatriation taxes and outbound M&As

    Lars P. Feld   Martin Ruf   Uwe Scheuering   Ulrich Schreiber   Johannes Voget  

    Abstract Repatriation taxes reduce the competitiveness of multinational firms from tax credit countries when bidding for targets in low tax countries. This comparative disadvantage with respect to bidders from exemption countries violates ownership neutrality, which results in production inefficiencies due to second-best ownership structures. This paper empirically estimates the magnitude of these effects. The abolishment of repatriation taxes in Japan and in the U.K. in 2009 has increased the number of acquisitions abroad by Japanese and British firms by 16.1% and 1.6%, respectively. A similar policy switch in the U.S. is simulated to increase the number of U.S. cross-border acquisition by 11.0%. The yearly gain in efficiency is estimated to be 108.9 million dollar due to the Japanese reform and 3.9 million dollar due to the U.K. reform. Simulating such a reform for the U.S. results in a yearly efficiency gain of 537.0 million dollar. Highlights • Empirical analysis of the effect of repatriation taxes on cross-border acquisitions • Abolishing repatriation taxes increases the likelihood of acquiring foreign firms. • Identification of the effect is based on bilateral variation in the abolished tax. • Market for corporate control is distorted by differences in international taxation. • U.S. repatriation tax implies yearly loss of 537 million $ due to inefficient ownership.
    Download Collect
  • Three high profile airline M&As

    Thomas, Mark; Vaillant, Guillaume  

    Download Collect
  • Three high profile airline M&As

    Thomas, Mark   Vaillant, Guillaume  

    Download Collect
  • Repatriation taxes and outbound M&As

    Feld, Lars P.   Ruf, Martin   Scheuering, Uwe   Schreiber, Ulrich   Voget, Johannes  

    Download Collect
1 2 3 4 5 6 7 8 9 10

Contact

If you have any feedback, Please follow the official account to submit feedback.

Turn on your phone and scan

Submit Feedback