By L. Renneboog
Offers with the effectiveness of particular company governance units and adjustments in capital constitution and threat administration.
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Extra resources for Advances in Corporate Finance and Asset Pricing
9 depicts that the percentage of total M&A related to divestitures increased (both in terms of number of deals and of takeover value) until 1993 but this effect clearly decreased over the fifth takeover wave. Thus, the steady decline in the relative number of divestitures is in line with the fact that the main incentive for European firms in the 1990s boiled down to business expansion in order to address the challenges of the new European market. 6: Total number of cross-border M&As during 1993–2001 by primary industry.
In Chapter 8, de Jong, DeJong, Mertens and Wasley study the unique corporate governance system of the Netherlands and assess the effectiveness of the self-regulation initiative in the Netherlands as outlined by the Committee on Corporate Governance in 1997. A key element of the report was its reliance on self-enforcement, through market forces, to implement and enforce its recommendations. When domestic Dutch firms reach a certain size, they are legally required to organize as a structured regime, which removes numerous powers from shareholders.
The market response to the issue of equity-like convertible debt is similar to the market reaction to equity issues, which is consistent with the Myers-Majluf adverse selection model. Loncarski et al. argue that convertible debt is generally regarded as a delayed-equity instrument. In contrast, little support is found for the usage of convertible debt to shift corporate risk. g the tax motivation). To the authors’ surprise, surveys reveal that managers still find a lower coupon rate of convertible debt as an important argument for its issuance: given that convertibles include a conversion feature, the view that convertibles are a cheaper source of financing than straight debt is deceptive.