M&A

Corporate Acquisitions, Diversification, and the Firm's Lifecycle

Law Firm Reputation and Merger and Acquisition Outcomes

Litigation in Mergers and Acquisitions

A Breakdown of the Valuation Effects of International Cross-Listing

It is well known that cross-listing domestic stocks in foreign exchanges has significant valuation effects on the listed company's shares. Using a sample of firms with dual shares, we explore the differential effects of cross-listing...

A Theory of Optimal Expropriation, Mergers and Industry Competition

We model a competitive industry where managers choose quantities and costs to maximize a combination of firm profits and benefits from expropriation. Expropriation is possible because of corporate governance ‘slack’ permitted...

Takeover Waves: Triggers, Performance and Motives

Merger Negotiations and the Toehold Puzzle

Surprisingly, bidders rarely acquire a target stake (toehold) prior to launching control bids, despite paying large takeover premiums. At the same time, toeholds are large when they occur, and toehold bidding is the norm in hostile...

How Preussag became TUI: Kissing too many toads can make you a toad

Corporate Governance Convergence Through Cross-Border Mergers: The Case of Aventis

In this paper we illustrate the role of cross-border mergers in the process of corporate governance convergence. We explore in detail the corporate governance provisions in Rhone-Poulenc, a French company, and Hoechst, a German firm,...

Cross-Country Determinants of Mergers and Acquisitions

Shareholder wealth effects of European domestic and cross-border takeover bids

International Corporate Governance

We survey two generations of research on corporate governance systems around the world, concentrating on countries other than the United States. The first generation of international corporate governance research is patterned...