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Download Advances in Corporate Finance and Asset Pricing by L. Renneboog PDF

By L. Renneboog

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

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Finally, Martynova and Renneboog demonstrate that takeovers occurring at a later stage of the takeover wave trigger lower gains to shareholders than M&As at the beginning of the wave. For both bidding and target firms, the lowest 6-month CAARs are realized in M&As that occur at the end of the wave (2000–2001) and many M&A deals undertaken in the late 1990s destroy bidder shareholders’ value. Unprofitable takeovers at the later stages of the wave result from limited information processing, hubris and managerial self-interest.

Soenen concentrates in Chapter 17 on the relentless search for growth. He gives a few examples of firms for which this quest for growth has turned into a disaster. He argues that the search for growth is not new but symptomatic for many companies with disappointing consequences for the shareholders. While the fastest way to grow is through takeovers, this is significantly different for organic growth strategies. According to Soenen, real growth Introduction: Corporate Restructuring and Governance, Valuation and Asset Pricing 9 depends on innovations.

In contrast, little support is found for the usage of convertible debt to shift corporate risk. g the tax motivation). To the authors’ surprise, surveys reveal that managers still find a lower coupon rate of convertible debt as an important argument for its issuance: given that convertibles include a conversion feature, the view that convertibles are a cheaper source of financing than straight debt is deceptive. They conclude that there is a large discrepancy between the theoretical and practical reasons of why companies issue convertible bonds.

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