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作者：Braun, Reiner; Dorau, Nils; Jenkinson, Tim; Urban, Daniel
作者单位：Technical University of Munich; University of Oxford; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Using a novel data set linking private equity (PE) deals to individual managers, we document evidence of manager skill in terms of generating net present value (NPV), a performance measure that captures both scale and returns. PE firms have strong economic incentives to raise larger funds and execute larger deals. While relative returns decline with scale, NPV persists and even increases. Skilled managers are entrusted with more capital and achieve better career outcomes, and approximately 40%...
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作者：Cicero, David; Shen, Mo; Shenoy, Jaideep
作者单位：Auburn University System; Auburn University; University of Connecticut
摘要：Mergers of firms that share labor markets increase labor market concentration which can lead to labor efficiency gains and/or create labor market power for the merged firms. Using a novel measure based on establishment-level employment data, we find that merger-induced increases in labor market concentration explain value creation in a sample of completed U.S. public firm mergers from 1991 to 2016. Analysis of the stock market reactions of rival, supplier, and customer firms, as well as firm- ...
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作者：Kepler, John D.; Mcclure, Charles G.; Stewart, Christopher R.
作者单位：Stanford University; University of Chicago
摘要：Antitrust laws mandate review of mergers and acquisitions (M&As) that exceed an asset size threshold based on accounting standards that exclude most intangible capital. We show that this exclusion leads to thousands of intangible-intensive M&As being nonreportable. Acquirers in nonreportable deals achieve higher equity values and price markups, especially when consolidating product markets. Furthermore, nonreportable pharmaceutical deals are three times more likely to involve overlapping drug ...
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作者：Ben-David, Itzhak; Bhattacharya, Utpal; Huang, Ruidi; Jacobsen, Stacey
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; Hong Kong University of Science & Technology; Southern Methodist University
摘要：Cumulative abnormal returns (CARs) computed around acquisition announcements are widely considered to be market-based assessments of expected value creation. We show, however, that announcement returns do not correlate with commonly used and new measures of ex post outcomes. A simple characteristics-based model using standard information known at the announcement date can predict these outcomes reasonably well, yet CAR even fails to capture the predictions from this model. Evidence suggests th...
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作者：Oh, Sangmin S.; Sen, Ishita; Tenekedjieva, Ana-Maria
作者单位：Columbia University; Harvard University; Centre for Economic Policy Research - UK; Arizona State University; Arizona State University-Tempe
摘要：Homeowners insurance is central to managing the rising losses from climate-related disasters. We show that insurance premiums are subject to starkly different regulations across states, creating persistent cross-subsidies and price distortions. We employ states' regulatory rules in an instrumental variable estimation and a border discontinuity design to show insurers do not adjust rates in highly regulated states and compensate by raising rates in less regulated states. Rates and risks diverge...
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作者：Levit, Doron; Malenko, Nadya; Maug, Ernst
作者单位：University of Washington; University of Washington Seattle; Boston College; University of Mannheim
摘要：We develop a unified theory of blockholder governance and the voting premium in a setting without takeovers or controlling shareholders. A voting premium emerges when a minority blockholder can influence shareholder composition by accumulating votes and buying shares from dissenting shareholders. Our theory reconciles conflicting empirical findings by showing that standard measures of the voting premium often misrepresent the true value of voting rights, increased conflicts between the blockho...
