By L. Renneboog
Bargains with the effectiveness of particular company governance units and alterations in capital constitution and possibility administration.
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Extra resources for Advances in Corporate Finance and Asset Pricing
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. 7: Simulation results for estimation errors in the expected returns and the (co)variances. 1: Guise measure for various products on a 1- and 5-year horizon. 1. Introduction From a financial perspective, the 1990s were a remarkable decade. It is characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), initial public offerings (IPOs), public-to-private transactions, spin-offs and divestitures, and recapitalizations.
Likewise, Italian, Spanish and Portuguese firms were more frequently involved in M&As as targets (of German, British and French bidders) than as bidders. 2. Industry Clusters and Focus versus a Diversification Strategies The differences in cross-border M&A patterns across the European countries partly result from restructuring needs in the major national industries. Processes like deregulation and privatization have led to cross-border consolidations in, amongst others, the financial sector and the utilities, by allowing former state-owned companies to acquire firms abroad and to have foreign investors participate in their equity capital.
There is strong evidence that divestitures are expected to create value for the shareholders (as the abnormal returns on the announcement of a divestitures are significantly positive). This positive effect is not limited to the expectations of the short run but excess returns are also visible up to 3 years following the restructuring. A spin-off is a special case of a divestiture whereby the shareholders receive a pro rata distribution related to part of the company or a subsidiary and hold subsequent to the transaction shares in two companies (the mother company and the subsidiary).
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