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  • 2009
  • Other Unpublished Work

Bridge Building in Venture Capital-Backed Acquisitions

By: Paul A. Gompers and Yuhai Xuan
We study the role of common venture capital investors in alleviating asymmetric information between public acquirers and private venture capital-backed targets. We find that acquisition announcement returns are more positive for acquisitions in which both the target... View Details
Keywords: Mergers and Acquisitions; Venture Capital; Private Equity; Knowledge Sharing; Market Transactions
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  • April 2014
  • Article

Golden Parachutes and the Wealth of Shareholders

By: Lucian A. Bebchuk, Alma Cohen and Charles C.Y. Wang
Golden parachutes (GPs) have attracted substantial attention from investors and public officials for more than two decades. We find that GPs are associated with higher expected acquisition premiums and that this association is at least partly due to the effect of GPs... View Details
Keywords: Golden Parachute; Acquisitions; Takeovers; Acquisition Takeover; Acquisition Likelihood; Acquisition Premiums; Agency Costs; Managerial Slack; Dodd-Frank; Executive Compensation; Acquisition; Corporate Governance; Business and Shareholder Relations
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  • 2023
  • Working Paper

Firm Visibility and Acquisition Likelihood: Evidence from Seeking Alpha Coverage

By: Pu Gu, Benjamin Yost and Yuan Zou
This study investigates whether social media coverage influences a firm’s likelihood of being acquired. Specifically, we hypothesize that coverage of a firm on the Seeking Alpha platform raises its visibility to potential acquirers and M&A advisers (i.e., investment... View Details
Keywords: Social Media; Mergers and Acquisitions; Marketplace Matching; Investment Banking
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  • June 2014
  • Article

Acquirer-Target Social Ties and Merger Outcomes

By: Joy Ishii and Yuhai Xuan
This paper investigates the effect of social ties between acquirers and targets on merger performance. Using data on educational background and past employment, we construct a measure of the extent of cross-firm social connection between directors and senior executives... View Details
Keywords: Mergers; Acquisitions; Social Ties; Social Connections; Mergers and Acquisitions; Relationships; Outcome or Result
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  • 14 Aug 2013
  • Working Paper Summaries

Firm Competitiveness and Detection of Bribery

Keywords: by George Serafeim
  • 2008
  • Article

Governance and Merger Accounting: Evidence from Stock Price Reactions to Purchase versus Pooling

By: Francisco de Asis Martinez-Jerez
This paper examines the effect of corporate governance on investor reactions to accounting choice in the context of accounting for business combinations. Using a sample of 324 recent stock swap acquisitions I find that, contrary to practitioners' belief that capital... View Details
Keywords: Financial Reporting; Financial Statements; Mergers and Acquisitions; Capital Markets; Stocks; Price; Corporate Governance
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  • September 2022
  • Article

Find and Replace: R&D Investment Following the Erosion of Existing Products

By: Joshua L. Krieger, Xuelin Li and Richard T. Thakor
How do innovative firms react when existing products experience negative shocks? We explore this question with detailed project-level data from drug development firms. Using FDA Public Health Advisories as idiosyncratic negative shocks to approved drugs, we first... View Details
Keywords: R＆D Investments; Drug Development; Product Shocks; M＆A; Biopharmaceutical Industry; FDA; System Shocks; Research and Development; Investment; Decision Making; Pharmaceutical Industry
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  • 02 Apr 2001
  • Research & Ideas

Not All M&As Are Alike—and That Matters

however. The thousands of deals that academics, consultants, and businesspeople lump together as mergers and acquisitions actually represent very different strategic activities. Acquisitions occur for five... View Details
Keywords: by Joseph L. Bower

    Acquirer-Target Social Ties and Merger Outcomes

    This paper investigates the effect of social ties between acquirers and targets on merger performance.  We find that the extent of cross-firm social connection between directors and senior executives at the acquiring and the target firms has a significantly negative... View Details
    • Research Summary

    Corporate Governance

    By: Charles C.Y. Wang

    The characteristics and structure of boards of directors have important implications for firm performance. Professor Wang has found that firms with well-connected boards whose members have strong network connections provide economic benefits that are not immediately... View Details

    • September 2024
    • Article

    Activist Directors: Determinants and Consequences

    By: Ian D. Gow, Sa-Pyung Sean Shin and Suraj Srinivasan
    This paper examines determinants and consequences of hedge fund activism, focusing on activist directors, i.e., directors appointed in response to activist demands. Using a sample of 3,259 activism events from 2004 to 2016, we identify 1,623 activist directors.... View Details
    Keywords: Governing and Advisory Boards; Investment Activism; Business and Shareholder Relations
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    • July 2021
    • Article

    Information Transparency, Multihoming, and Platform Competition: A Natural Experiment in the Daily Deals Market

    By: Hui Li and Feng Zhu
    Platform competition is shaped by the likelihood of multi-homing (i.e., complementors or consumers adopt more than one platform). To take advantage of multi-homing, platform firms often attempt to motivate their rivals’ high-performing complementors to adopt their own... View Details
    Keywords: Platform Competition; Multi-homing; Information Transparency; Daily Deals; Groupon; LivingSocial; Digital Platforms; Information; Competition
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    • June 2021
    • Article

    Engineering Serendipity: When Does Knowledge Sharing Lead to Knowledge Production?

    By: Jacqueline N. Lane, Ina Ganguli, Patrick Gaule, Eva C. Guinan and Karim R. Lakhani
    We investigate how knowledge similarity between two individuals is systematically related to the likelihood that a serendipitous encounter results in knowledge production. We conduct a natural field experiment at a medical research symposium, where we exogenously... View Details
    Keywords: Cognitive Similarity; Innovation; Knowledge Production; Natural Field Experiment; Knowledge Acquisition; Knowledge Sharing; Relationships
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    • 2020
    • Working Paper

    Pioneer (Dis-)advantages in Markets for Technology

    By: Moritz Fischer, Joachim Henkel and Ariel Dora Stern
    This study sheds new light on first- and early-mover advantages in the context of product innovation. Research on this classic topic often assumes that each firm participates in the entirety of the innovation and commercialization process. However, a division of labor... View Details
    Keywords: First-mover Advantage; Product; Innovation Strategy; Market Entry and Exit; Acquisition; Technology
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    • 07 Aug 2012
    • Working Paper Summaries

    Financial vs. Strategic Buyers

    Keywords: by Marc Martos-Vila, Matthew Rhodes-Kropf & Jarrad Harford
    • 23 Mar 2010
    • First Look

    First Look: March 23

    Publication: Management Science (forthcoming) Abstract We examine whether the likelihood of entrepreneurial activity is related to the prior career experiences of an individual's co-workers, using a unique matched employer-employee panel... View Details
    Keywords: Martha Lagace
    • 27 Aug 2013
    • First Look

    First Look: August 27

    participants who were hired before the Roth introduction. In essence, once an employee joins a 401(k) she becomes passive/inattentive, thereby reducing the likelihood of reacting to the introduction of a new Roth option. Conditional on... View Details
    Keywords: Sean Silverthorne
    • 03 Aug 2010
    • First Look

    First Look: August 3

    explaining entrepreneurial phenomena by discussing three primary questions for entrepreneurship researchers: Under what conditions are individuals likely to found new organizations? What are key influences on the kinds of organizations they found? And what factors... View Details
    Keywords: Martha Lagace
    • 25 Jan 2016
    • Research & Ideas

    When Negotiating a Price, Never Bid with a Round Number

    to be bargained down. The same holds true for salary negotiations. Hukkanen and Keloharju wanted to find out whether these social psychology findings held true in the financial market, focusing on mergers and acquisitions for a few... View Details
    Keywords: by Carmen Nobel
    • 28 Jun 2011
    • First Look

    First Look: June 28

    externally hired CEOs increase the likelihood of providing guidance. Complicated Firms Authors:Lauren Cohen and Dong Lou Publication:Journal of Financial Economics (forthcoming) Abstract We exploit a novel setting in which the same piece... View Details
    Keywords: Sean Silverthorne