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作者：Netter, Jeffry; Stegemoller, Mike; Wintoki, M. Babajide
作者单位：University System of Georgia; University of Georgia; Baylor University; University of Kansas
摘要：We analyze a comprehensive set of mergers and acquisitions from SDC data from 1992 through 2009. We do not impose common restrictions such as excluding private bidders, small targets, or deals without a deal value. We show a broader scope of mergers and acquisitions activity than that implied in the literature, which generally oversamples larger deals involving public firms. Further, some of our results differ from the extant literature. For example, the finding that mergers occur in waves is ...
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作者：Ivashina, Victoria; Kovner, Anna
作者单位：Harvard University; Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research
摘要：This article examines the impact of leveraged buyout firms' bank relationships on the terms of their syndicated loans. We examine a sample of 1,590 loans financing private equity sponsored leveraged buyouts between 1993 and 2005, and find that private equity firms' bank relationships are an important factor in cross-sectional variation in the loan interest rate and covenant structure. Our results indicate that bank relationships formed through repeated interactions reduce inefficiencies from i...
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作者：Bouwman, Christa H. S.
作者单位：University System of Ohio; Case Western Reserve University
摘要：How are governance practices propagated across firms? This article proposes, and empirically verifies, that observed governance practices are partly the outcome of network effects among firms with common directors. While firms attempt to select directors whose other directorships are at firms with similar governance practices (familiarity effect), this matching of governance practices is imperfect because other factors also affect the director choice. This generates an influence effect as dire...
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作者：Cai, Jie; Song, Moon H.; Walkling, Ralph A.
作者单位：Drexel University; California State University System; San Diego State University
摘要：We document market anticipation of merger bids and show that less anticipated bids earn significantly higher announcement returns. Subsequent bidders in the industry experience significant and positive abnormal returns around the time of initial industry bid announcements. These results suggest that announcement period returns underestimate the wealth effects of bidding. After accounting for anticipation, bidding activity is, on average, a significant wealth-creating event. Moreover, bidders p...
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作者：Bao, Jack; Edmans, Alex
作者单位：University System of Ohio; Ohio State University; University of Pennsylvania; National Bureau of Economic Research
摘要：We document a significant investment bank fixed effect in the announcement returns of M&A deals. The interquartile range of bank fixed effects is 1.26%, compared with a full-sample average return of 0.72%. The results remain significant after controlling for the component of returns attributable to the acquirer. Our findings suggest that investment banks matter for M&A outcomes, and contrast earlier studies that show no positive link between various measures of advisor quality and M&A returns....
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作者：Edmans, Alex; Manso, Gustavo
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT)
摘要：Traditional theories argue that governance is strongest under a single large blockholder, as she has high incentives to undertake value-enhancing interventions. However, most firms are held by multiple small blockholders. This article shows that, while such a structure generates free-rider problems that hinder intervention, the same coordination difficulties strengthen a second governance mechanism: disciplining the manager through trading. Since multiple blockholders cannot coordinate to limi...
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作者：Hirshleifer, David; Teoh, Siew Hong; Yu, Jeff Jiewei
作者单位：University of California System; University of California Irvine; Southern Methodist University
摘要：We find a positive association between short selling and accruals during 1988-2009, and that asymmetry between the up- and downsides of the accrual anomaly is stronger when constraints on short arbitrage are more severe (low availability of loanable shares as proxied by institutional holdings). Short arbitrage occurs primarily among firms in the top accrual decile. Asymmetry is present only on NASDAQ. Thus, there is short arbitrage of the accrual anomaly, but short-sale constraints limit its e...
