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Full-Text Articles in Finance and Financial Management
Waves And Persistence In Merger And Acquisition Activity, Atreya Chakraborty
Waves And Persistence In Merger And Acquisition Activity, Atreya Chakraborty
Atreya Chakraborty
Markov regime-switching and sine-wave models have been used to capture the apparent wave-like behavior in aggregate U.S. merger and acquisition (M and A) activity. In this paper we offer an alternative characterization of the dynamic structure in M and A activity as a strongly dependent or long-memory process.
Takeover Defenses And Dilution: A Welfare Analysis, Atreya Chakraborty
Takeover Defenses And Dilution: A Welfare Analysis, Atreya Chakraborty
Atreya Chakraborty
Existing theory suggests that, in an unregulated market for corporate control, the level of takeovers is suboptimal because shareholders do not receive the full benefit from them. However, existing theory neglects that the threat of takeover may divert managerial effort from productive to defensive activities. This paper shows that, when this is considered, takeovers may, in fact, be excessive.
An Evaluation Of Financial Globalisation Under Fund-Manager Capitalism: The Case Of The Uk Unit Trust Industry', Colin C. Williams
An Evaluation Of Financial Globalisation Under Fund-Manager Capitalism: The Case Of The Uk Unit Trust Industry', Colin C. Williams
Colin C Williams
Drawing upon evidence from the UK unit trust industry, this paper evaluates the extent and nature of financial globalisation. It finds that despite this rapidly growing and prominent form of fund-manager capitalism operating with increasingly mobile capital in a more inter-connected de-regulated world, this does not signal the advent of homeless capital and the end of geography.