Corporate Governance and regulatory presssures have been much in the news lately. How they affect the bottom line of corporations has been difficult to quantify, and research is just beginning to be published that addresses this crucial question. This book is the first collection for new research about the impact of takeover regulation and corporate governance on M&amp;A financial results. It will be essential reading to any M&amp;A specialist, an investment banker, a hedge fund manager, a private equity director, or a venture capitalist. Also a must read for financial analysts who follow M&amp;A targets. The book presents research from around the world so it provides a global perspective on this important topic. *The first and only book of research on takeover regulation and corporate governance affecting M&amp;A results *Stands out from all the "How to" books on M&amp;A and M&amp;A disaster books because it provides solid high-quality research on what works and how different decisions affect company and shareholder value *Research provides a guideline for decisionmakers in investment banks, private equity companies, and for financial analysts

Corporate Governance and Regulatory Impact on Mergers and Acquisitions: Research and Analysis on Activity Worldwide Since 1990 (Quantitative Finance)

Business & Money

Gregoriou, Greg N.

Renneboog, Luc

Economics

Academic Press

Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis, the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators and legal advisors.

Dividend Policy and Corporate Governance

Goergen, Marc

Correia da Silva, Luis

Finance

Oxford University Press

It is now a well-know fact that mergers and acquisitions activity comes in waves. The most recent wave, the 5th takeover wave of the 1990s, was characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), public-to-private transactions, spin-offs and divestitures, and leveraged recapitalizations. Following the collapse of the stock market in March 2000, M&A activity slumped dramatically, but this pause ended in the second half of 2004 when takeover deals occurred again quite frequently. Indeed, some observers wonder whether the 6th takeover wave has started. The takeover wave in the 1990s was particularly remarkable in terms of size and geographical dispersion. For the first time, Continental European firms were as eager to participate as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the US. Due to its financial impact and the unprecedented activity in Continental Europe, the 5th takeover wave of the 1990s and recent takeover activity (in biotech, utilities, pharmaceuticals) have triggered a great deal of interesting academic research. This volume brings together a selection of insightful papers. An impressive group of international authors address the following themes: takeover regulation; the cyclical pattern of the M&A markets and probable causes and effects; methods to determine the performance of success of M&A actions; cross border deals; means of payment and its effects; studies of hostile bids; high leverage takeovers and delistings. *A selection of the best and latest quantitative research on M&A activity worldwide*Impressive collection of international authors*Provides important insights and implications for practitioners

International Mergers and Acquisitions Activity Since 1990: Recent Research and Quantitative Analysis (Quantitative Finance)

The Family Firm provides a comprehensive literature review of the heterogeneous characteristics of family firms based on over 400 recent and relevant academic articles. The review of the literature is organized around five main topics: business and family values, succession, family firm strategies, family ownership and governance, and financial policies. The literature review is supplemented with the analysis of a detailed survey of more than 900 Dutch family firms. This empirical analysis serves to illustrate that family firms indeed exhibit substantial heterogeneity along the five main topics considered in the review. In addition, the empirical analysis also highlights that different dimensions of heterogeneity are often strongly correlated. This monograph advances our understanding of family firms by taking stock of extant work and highlighting important research gaps. There are important practical implications in that the heterogeneous nature of family firms might make overly broad regulatory actions ineffective. Policymakers should take an interest in this work as it allows them to accommodate specific regulations to the intended subset of family firms. The findings should also interest family entrepreneurs and investors in family firms by providing a general theoretical and practical overview of how family firms differ from each other and under which circumstances specific actions, organizational strategies, and corporate behavior might have heterogeneous effects.

The Family Firm: A Synthesis, Stylized Facts, and Future Research Directions (Annals of Corporate Governance)

Kárpáti, Daniel

Verbouw, Jeroen

Management & Leadership

Now Publishers

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