Corporate Pension Funding Status and the Market for Corporate Control: The Disciplinary Role of Pension Deficits in Mergers and Acquisitions

2012 ◽  
Author(s):  
Xin Chang ◽  
Jun-Koo Kang ◽  
Wenrui Zhang
Keyword(s):  
Mergers And Acquisitions ◽  
Corporate Control ◽  
Pension Funding ◽  
Market For Corporate Control ◽  
Corporate Pension

Raiders Activity on the Market for Corporate Control as a Product of Coercive Entrepreneurship Evolution

2007 ◽  
pp. 80-92
Author(s):  
A. Kireev
Keyword(s):  
Corporate Control ◽  
Role Of Government ◽  
Market For Corporate Control ◽  
Basic Characteristics

The paper studies the problem of raiders activity on the market for corporate control. This activity is considered as a product of coercive entrepreneurship evolution. Their similarities and sharp distinctions are shown. The article presents the classification of raiders activity, discribes its basic characteristics and tendencies, defines the role of government in the process of its transformation.

Russia’s Market of Mergers and Acquisitions: Stages, Features and Prospects

2009 ◽  
pp. 23-45 ◽  
Author(s):  
A. Radygin
Keyword(s):  
Open Access ◽  
Mergers And Acquisitions ◽  
Corporate Control ◽  
Active Role ◽  
Data Bases ◽  
2008 Financial Crisis ◽  
Legal Norms ◽  
Role Of The State ◽  
Access Data

The article deals with key tendencies in the development of Russia’s market of mergers and acquisitions in the first decade of the 21st century. Quantitative parameters are analyzed by using available in the open access data bases for the years 2003-2008 taking into consideration new tendencies relating to 2008 financial crisis. An active role of the state played in the market of corporate control represents an important factor. Special attention is given to issues of development of Russia’s system of legal norms regulating the market of mergers and acquisitions.

scholarly journals Towards an Indian Market for Corporate Control

1993 ◽  
Vol 18 (1) ◽  
pp. 27-38 ◽  
Author(s):  
N Venkiteswaran
Keyword(s):  
Corporate Governance ◽  
Mergers And Acquisitions ◽  
Corporate Control ◽  
Wide Area ◽  
Market Forces ◽  
Indian Market ◽  
Indian Economy ◽  
Significant Growth ◽  
Indian Industry ◽  
Market For Corporate Control

As the Indian economy is being modernized through dismantling of rigid controls and greater reliance on market forces, the Indian industry is likely to witness major restructuring through a spate of mergers and acquisitions. This paper by N Venkiteswaran examines the historical impediments against corporate restructuring through mergers and takeovers in India. The author is of the view that given the economic compulsions, India is also about to witness significant growth in mergers and acquisitions in the coming years. In this emerging scenario, the importance of regulatory reforms covering a wide area such as competition, investor protection, taxation, corporate governance, etc. is underscored so that the Indian market for corporate control is developed along orderly lines.

Hedge Fund Activism and Corporate M&A Decisions

2021 ◽  
Author(s):  
Szu-Yin (Jennifer) Wu ◽  
Kee H. Chung
Keyword(s):  
Mergers And Acquisitions ◽  
Selection Bias ◽  
Hedge Funds ◽  
Operating Performance ◽  
Hedge Fund ◽  
Corporate Control ◽  
Market For Corporate Control ◽  
Target Firms ◽  
Governance Practices ◽  
Hedge Fund Activism

This paper shows that hedge fund activism is associated with a decrease in mergers and acquisitions (M&A) and offer premiums and an increase in stock and operating performance. Activist hedge funds improve target firms’ M&A performance by reducing poor M&A, diversifying M&A, and the M&A of firms with multiple business segments. Activist hedge funds improve target firms’ M&A decisions by influencing their governance practices. We show that our results are unlikely driven by selection bias. Overall, activist hedge funds play an important role in the market for corporate control by increasing the efficiency of target firms’ M&A activities through interventions. This paper was accepted by Gustavo Manso, finance.

scholarly journals The impact of pre-merger earnings management on non-cash acquisition premia: Evidence from the European market for corporate control

2015 ◽  
Vol 12 (4) ◽  
pp. 587-601 ◽  
Author(s):  
Malek Alsharairi ◽  
Emma L. Black ◽  
Christoph Hofer
Keyword(s):  
Mergers And Acquisitions ◽  
Earnings Management ◽  
Information Asymmetry ◽  
Cash Flow ◽  
Corporate Control ◽  
Free Cash Flow ◽  
Market For Corporate Control ◽  
Management Procedure ◽  
Investment Opportunities ◽  
The Impact

Using 1320 European mergers and acquisitions (M&As) completed between 2003 and 2012, this paper investigates patterns of earnings management and the implications for non-cash acquisition premia considering both the form of payment and the target firm’s listing status. The empirical evidence documented in this study suggests that management teams engage in pre-merger upward earnings management and that it is more evident for private rather than for publicly listed targets in order to compensate for the higher information asymmetry. This earnings management procedure leads to higher takeover premia even after controlling for variables such as the acquirer’s internal investment opportunities, profitability or available free cash flow.

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