Advances in Corporate Finance and Asset Pricing by L. Renneboog

By L. Renneboog

Offers with the effectiveness of particular company governance units and adjustments in capital constitution and probability administration.

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We examine how the estimated shareholder wealth effects vary depending on the different types of takeovers (merger or tender offer), bid attitude (friendly or hostile), payment method (all-cash, all-equity, or mixed), legal status of the target firm (public or private), takeover strategy (focus or diversification) and the legal origin of bidder and target. As all these bid-specific characteristics reflect the bidders’ motives (shareholder value-maximization objective, managers’ personal utility or managerial hubris), we expect them to explain a significant part of variation in the shareholder wealth effects across the takeover deals.

However, Angenendt et al. observe that most firms apply voluntary lock-in contracts (which may differ across shareholder types) and contracts which are more stringent than the minimum requirement. The authors study the price and volume effects at the expiry of the lock-in agreements and find that the abnormal returns and the trading volume increase at the lock-in. These effects are especially pronounced at the expiry dates of insider lock-in contracts. Angenendt et al. do not find significant abnormal 6 Luc Renneboog returns at the expiries of the lock-in contracts with venture capitalists, even though trading volume increases at their lock-in expiry.

5: Parameter restrictions of alternative models for the short-term interest rate. 6: Descriptive statistics for the 1-month discount bond yield. 7: Estimates of alternative models for the short-term interest rate. 1: Summary statistics. 2: Efficient portfolios of the G5 countries, incorporating estimation risk. 459 Estimation risk for the G5 countries plus emerging markets. 4: Estimation risk with short sales constraints. 5: Estimation risk for the G5 countries using conditioning information. 6: Out-of-sample results.

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Advances in Corporate Finance and Asset Pricing by L. Renneboog
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