| 1. |
- Abor, J, et al.
(författare)
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Corporate Governance and Restructuring Activities following Completed Bids
- 2011
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Ingår i: Corporate governance. - : Wiley. - 0964-8410 .- 1467-8683. ; 19:1, s. 61-76
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Tidskriftsartikel (refereegranskat)abstract
- Research Question/Issue: We examine the extent to which effective corporate governance impacts three restructuring choices following completed acquisitions – significant adjustment to workforce; sale of subsidiaries; and further acquisitions. We also investigate the relative firm performance in the post-restructuring period for the three respective options examined. Research Findings/Insights: Based on a sample of 649 US firms between the period 1991 and 2009, we find support for the assertion that corporate governance impacts layoffs and further acquisitions. We, however, find no evidence to support a measurable governance effect on divestiture likelihood. In examining the post-acquisition performance following restructuring, we find no significant difference in performance between acquirers that made further acquisitions and those that did not. There is evidence, however, suggesting that acquirers who laid off workers and those that divested assets performed significantly poorer relative to a comparable group of acquirers. Theoretical/Academic Implications: This study adds to the empirical literature on the relation between governance and restructuring choices. We provide evidence on the impact of governance on restructuring choices that has not been documented in the academic literature. An implication of this study is that performance in post-restructuring period would not necessarily be enhanced even when governance exerts positive influences on restructuring choice. Practitioner/Policy Implications: Our empirical results demonstrate the relative importance of corporate governance in organizational strategic choices. This study offers insights to stakeholders interested in enhancing governance structures to influence restructuring decisions following completed bids.
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| 2. |
- Farrugia, D, et al.
(författare)
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Economic Conditions and the Motives for Multiple Open-Market Share Buybacks
- 2011
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Ingår i: Research in International Business and Finance. - : Elsevier BV. - 0275-5319. ; 25:2, s. 156-168
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Tidskriftsartikel (refereegranskat)abstract
- We examine the impact of business conditions on the frequency of share repurchases. The results generally indicate that share repurchase programs are positive and statistically significant in HIGH economic states relative to the other economic states. Segmenting the data into frequency of repurchases, we find evidence suggesting different economic states exert influence on frequent and infrequent but not occasional repurchase programs. Further, we show that firms that institute frequent share repurchasing programs experience stronger returns across different business cycles compared to infrequent and occasional share repurchasers.
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| 3. |
- Graham, Michael, et al.
(författare)
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Co-movement of Finnish and International Stock Markets : A Wavelet Analysis
- 2011
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Ingår i: European Journal of Finance. - 1351-847X .- 1466-4364. ; 17:5-6, s. 409-425
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Tidskriftsartikel (refereegranskat)abstract
- We use wavelet analysis to examine the short-term and long-term co-movement of international stock markets from a European perspective. First, we assess the co-movement of the Finnish stock market with stock markets in both developed and emerging economies. Second, the co-movement of five major European markets and a global equity portfolio is analysed. Our results show that the co-movement of Finland and the emerging market regions is confined to long-term fluctuations. We also find evidence of co-movement between Finland and the developed regions in Europe, the Pacific, and North America across all frequencies, with higher levels of co-movement in higher frequencies toward the end of the return series. Furthermore, the results suggest that little may be gained by diversifying from a country stock portfolio from the perspective of investors in France, Germany, Switzerland, and the UK into a global stock portfolio, whereas diversifying into the Finnish market would be advantageous.
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