Advances in Corporate Finance and Asset Pricing by L. Renneboog

By L. Renneboog

Offers with the effectiveness of particular company governance units and alterations in capital constitution and hazard administration.

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Van der Goot, Mertens and Roosenboom explain in Chapter 10 that the agency problems which arise at the flotation of a firm can be reduced by mean of stock options. This way, managers bear the wealth consequences of their decisions and may, hence, be incentivized to act in the interest of outside shareholders. While this sounds theoretically plausible, the reality is different. In numerous recent academic studies, it is shown that the granting of stock options does not lead to value maximization.

Source: Thomson Financial Securities Data. 6). 7 illustrates the amounts invested through cross-border acquisitions by industry. Although small in terms of the number of deals, the takeovers in the telecommunication sector represented a total value of US$ 470 billion over the period 1993–2001. This accounts for a one-third of the total value of cross-border acquisitions. Another 30% of such foreign investments went to the banking, natural resources and utilities sectors (for a not insignificant extent through the reorganization of former state-owned firms).

These returns imply that the bids are anticipated, and result from rumours, information leakages, or insider trading. There is a considerable contrast between the large share price returns of target firms and the frequently negligible returns of bidding firms. Empirical evidence suggests that bidder shareholders realize abnormal returns immediately around the announcement day which are insignificantly different from zero. For the bidding firms, there is little consensus in the literature about the sign of the price reaction to the announcement of an M&A.

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