Takeovers and the Cross-Section of Returns

By K. J. Martijn, C. Vinay, B. Nair, Kose John, Andy Abel, William T. Allen, John Y. Campbell, Lauren Cohen, John E. Core, Rob Daines and 11 more. 2009

319 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/db017afe627994c93ba64f0e7fde00b071326610

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

In Strategy and Management

Citations in the corpus

How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment (2013, unknown): “Drawing on the study of Cremers, Nair, and John (2009), we estimate propensity scores based on the following ﬁrm characteristics relevant to takeovers: Tobin’s Q ( Q ), the ratio of cash to total assets ( Cash ), the log of market capitalization ( Size ), industry takeover intensity ( Industry ),…”
Is Accruals Quality a Priced Risk Factor (2008, unknown): “…and Wang, 1996), the intertemporal CAPM (Brennan, Wang, and Xia, 2004; Petkova, 2006), the two-beta model (Campbell and Vuolteenaho, 2004), and to test whether default risk or takeover risk are compensated and priced factors (e.g., Vassalou and Xing, 2004; Cremers, John, and Nair, 2007).”
... and the Cross-Section of Expected Returns (2013, unknown): “We provide recommended test thresholds from the first empirical tests in 1967 to present day. We also project minimum tstatistics through 2032, assuming the rate of “factor production” remains the same as the last ten years. We present a taxonomy of historical factors, as well as definitions.1 Our r”
What Determines the Financing Decision in Corporate Takeovers: Cost of Capital, Agency Problems, or the Means of Payment? (2008, unknown): “The set of independent variables is taken from the prior literature explaining the probability of takeovers (Hasbrouck, 1985; Palepu, 1986; Ambrose and Megginson, 1992; Cremers et al., 2005).”
Corporate governance and the information environment: Evidence from state antitakeover laws ☆ (2012, methodology): “To address this concern, we calculate the ex ante probability of takeover for each firm-year (based on Cremers et al., 2009) and rank observations into terciles according to whether they have a low, medium, or high probability of takeover.”
The role of shareholder proposals in corporate governance (2011, background): “First, the marginal control benefits of shareholder proposals are most valuable when there is a high market premium for good governance, including a high premium paid in the event of a takeover bid (Cremers et al., 2009).”