... Accruals Acquisitions and mergers Earnings Earnings quality Long‐term quality of accruals Payment method Although the choice of payment method in mergers and acquisitions (M&A) has been intensively researched since the late 1970s, a consensus theoretical framework with supporting empirical...

... that the information produced in the takeover process does not lead to liquidity improvements of the bidders. It also supplements existing literature with a more comprehensive sample and sheds light on how acquisition withdrawals affect firms' liquidity. © Emerald Group Publishing Limited 2013 Acquisitions...

... abnormal return for firm j at time t. √S²AR_jt =standard deviation of the AR for the firm j at the time t. European Union Banking Megamergers Domestic Cross border Standardized abnormal returns Acquisitions and mergers...

... where: T is the length of the active trading period in days. Thomas M. Springer can be contacted at: springe@clemson.edu © Emerald Group Publishing Limited 2013 REIT IPO REIT merger Aftermarket survival Hazard model Hazards Real estate Investments Acquisitions...

.... Carve‐outs Divestitures Acquisitions and mergers Returns Divestment Parent companies Subsidiaries Extending the Klein et al. (1991) carve‐out announcement study that observes that carve‐outs (partial IPOs) are temporary corporate revisions, we contrast reacquired carve‐out (RACO...

... if the medium of payment is acquirers own stock. Originality/value To the authors' knowledge this paper is the first to document the link between advertising prior to a merger and the method of payment used in that merger. Advertising Acquisitions and mergers Method of payment We classify...

... that as the blocking effect of target ownership increases, the target shareholders receive more of the total gains. © Emerald Group Publishing Limited 2013 Mergers Information asymmetry Division of gains Acquisitions and mergers Distribution of wealth The division of total gains between...

... United Kingdom Public companies Corporate finances Acquisitions and mergers Corporate failure is among the most well researched topics in the finance and strategic management literature. The fast‐moving business environment, the intense international competition and the significant amount...

... hypotheses: H0. A stock exchange merger does not affect the volatility of the underlying markets, nor does the increased liquidity affect the volatility of the merging markets. © Emerald Group Publishing Limited 2012 Financial risk Mergers Stock exchanges Volatility Acquisitions...

..., which does not require approval of the target's remaining shareholders [2] . Acquisitions and mergers Shareholders Merger structure Two‐step mergers Negotiated tender offers Shareholder wealth effects Securities and Exchange Commission's “best‐price” rule © Emerald Group Publishing...

... the substitution hypothesis related to windfall NDTS. We predict that the need to rebalance leverage upward (downward) will result in the firm issuing more (less) debt in the post‐acquisition period. Capital structure Acquisitions and mergers Tax havens United States of America In February 2009...

... Table I Sample description Table II Descriptive statistics Table III Correlation matrix of variables © Emerald Group Publishing Limited 2011 Corporate finances Canada Acquisitions and mergers [2] An opposing point of view is provided...

... creation or destruction and then discuss arguments regarding potential relationships between efficiency and the market‐value impact of M&As. Insurance Data analysis Acquisitions and mergers Divestment United States of America Since the introduction of econometric and mathematical...

... of the acquiring firm's shareholders[4]. Charles A. Barragato can be contacted at: charles.barragato@liu.edu © Emerald Group Publishing Limited 2008 Acquisitions and mergers Cash flow Earnings Following Markelevich (2003) and Berkovitch and Narayanan (1993) , we use the ex‐ante...

... Compensation Stock options Banking Acquisitions and mergers Equity capital Risk analysis Agency problems that arise in a publicly held corporation have been a focus of academic research for some time. One such problem has to do with optimal risk‐taking behavior. It is widely accepted (e.g. Jensen...

.... Compensation Chief executives Acquisitions and mergers Asset protection This study addresses the following research question: do compensation committees shield CEO compensation from the negative effects of restructuring charges and asset impairments that are recognized subsequent to acquisition...

... duality as its test variable. In addition, the study uses control variables based on the findings of prior studies such as firm size and performance © Emerald Group Publishing Limited 2008 Acquisitions and mergers Chief executives Corporate governance Compensation Incentives...

... diversification to enhance compensation, and report a negative correlation between changes in diversification and executive compensation. Melissa A. Williams can be contacted at: williamsmeli@uhcl.edu © Emerald Group Publishing Limited 2008 Acquisitions and mergers Company performance...

... ratio only in case there is no synergy effect. © Emerald Group Publishing Limited 2008 Acquisitions and mergers Exchange Stocks By taking expectation and equating W_AB (t + 1) and W_AB (t + 1), the expression[1] for ER is: (Equation...

... and alerts about some dangerous situations. Giulio Tagliavini can be contacted at: giulio.tagliavini@unipr.it © Emerald Group Publishing Limited 2008 Acquisitions and mergers Share capital When an entrepreneur quotes his company on the stock exchange, he discovers a secret. From...