Business Commons^™

Tacit Knowledge Transfer And Firm Growth: An Experience-Based Approach, Rory Eckardt

Doctoral Dissertations

Scholars frequently suggest that since tacit knowledge is valuable, heterogeneous among firms, and difficult to imitate, it has the potential to provide firms with a sustained competitive advantage. However, the nature of such knowledge can make it difficult for firms to expand and fully exploit its potential. Specifically, the individual orientation of tacit knowledge requires that such knowledge be transferred and replicated internally to achieve scale. This process is difficult and time intensive due to the articulation challenges associated with tacit knowledge. Thus, while tacit knowledge offers the potential for sustained advantage, the ability to realize such an advantage is …

Essays On Corporate Finance, Hari Prasad Adhikari

USF Tampa Graduate Theses and Dissertations

We compare acquisition activity, method of payment choice, and the long-run value implications of acquisitions by newly public single-class and dual-class US companies. Our results show that dual-class IPO firms make relatively more acquisitions in innovative industries and are less likely to pay with stock as compared to single-class IPO firms. We provide evidence that the reluctance of dual-class firms to pay with stock is not related to the insiders' cash-flow rights but it is significantly positively related to the insiders' voting rights and wedge between the insiders' voting rights and cash-flow rights. We also find that acquiring dual-class IPOs …

Deal Innovations In Mergers And Acquisitions: Do Go-Shop Provisions Create Real Benefits?, Chenguang Shang

Wayne State University Dissertations

Along with the private equity boom in the mid-2000s emerged a new M&A deal technology - the "go-shop" provision. In this paper, I address the question whether go-shop provisions are utilized by target managers to pursue private benefits or are used to protect the fiduciary interests of the target shareholder. I investigate the effectiveness of go-shop provisions by empirically testing two competing hypotheses: (a) the window-dressing hypothesis, and (b) the shareholder interest hypothesis.

This is the first study to shed light on the impact of go-shop provisions on the wealth of both the target and the bidder shareholders, and thereby …

Two Essays On Nonbank Financial Institutions, Di Kang

Theses and Dissertations--Finance and Quantitative Methods

Evidence shows that nonbanks, which are now significant participants in the corporate loan market, exploit information gained from lending to trade in public securities. In the first essay, I examine whether these institutions use loan-based information to facilitate merger and acquisition (M&A) deals. I find that firms are more likely to become targets if they borrow from nonbanks rather than banks. Borrowing from a larger number of nonbanks or from those with a sizeable client network also enhances a firm’s acquisition prospects. When nonbanks gain more information about borrowers through loan amendments or multiple loans, the impact of nonbank lending …