M&A
Working Paper
Corporate Litigation in Specialized Business Courts
In US derivative cases, plaintiffs? lawyer fees and monetary awards have a distorting
effect on shareholder value. We evaluate the benefits of corporate litigation without
these externalities using a dataset for the Netherlands...Read more
Creditor Rights, Claims Enforcement, and Bond Returns in Mergers and Acquisitions
By means of an international sample of cross-border mergers and acquisitions (M&As)
involving firms with outstanding Eurobonds from the US, Europe, and other countries around the world, we show that bond performance around M&A...Read more
China as a "National Strategic Buyer": Towards a Multilateral Regime for Cross-Border M&A
Unlike the case of cross-border trade, there is no explicit international governance regime for cross-border M&A; rather, there is a shared understanding that publicly traded companies are generally for purchase by any bidder – domestic or...Read more
Does the Potential to Merge Reduce Competition?
We study anti-competitive mergers in a dynamic model with noisy collusion. At each instant, firms either privately choose output levels or merge, which trades off benefits of avoiding price wars against the costs of merging. There are three...Read more
The Shifting Tides of Merger Litigation
In 2015, Delaware made several important changes to its laws concerning merger litigation. These changes, which were made in response to a perception that levels of merger litigation were too high and that a substantial proportion of merger cases...Read more
Takeovers and (Excess) CEO Compensation
We study if a CEO’s equity-based compensation affects the expected value generation in takeovers. When the objectives of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value-maximizing...Read more
Corporate Employee-Engagement and Merger Outcomes
Extending the theories of employee incentives and inalienability of human capital, we investigate the link between a firm’s engagement in employee issues and the returns to shareholders around mergers and acquisitions (M&As) and analyze an...Read more
Board Changes and the Director Labor Market: The Case of Mergers
Mergers offer an ideal setting to examine motives for director selection by providing a welldefined pool of possible candidates for the post-merger board. We find that changes to boards around mergers are significant and reflect firms’ increased...Read more
Why Have M&A Contracts Grown? Evidence from Twenty Years of Deals
Over 20 years, M&A contracts have more than doubled in size ? from 35 to 88 single-spaced pages in this paper?s font. They have also grown significantly in linguistic complexity ? from post-graduate ?grade 20? to post-doctoral ?grade 30?. A...Read more
Will I Get Paid? Employee Stock Options and Mergers and Acquisitions
We analyze how rank-and-file employee compensation contracts of target firms affect the negotiations of merger terms and merger outcomes. Using unique data from merger agreements, we document that in 79.9% of all deals at least some of the target...Read more
Mergers and Acquisitions, Technological Change and Inequality
We document important shifts in occupational composition following merger and acquisition (M&A) activity as well as increases in average wages and wage inequality. We propose M&As act as a catalyst for technological change. We argue that...Read more