26th Australasian Finance & Banking Conference 2013 (Archive)最新文献

The Effect of Debt Market Imperfection on Capital Structure and Investment: Evidence from the 2008 Global Financial Crisis in Japan 债务市场不完善对资本结构和投资的影响:来自2008年日本金融危机的证据

26th Australasian Finance & Banking Conference 2013 (Archive) Pub Date : 2018-12-08 DOI: 10.2139/ssrn.2311628

Hiromichi Iwaki

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引用次数: 11

Trade Relationships, Indirect Economic Links, and Mergers 贸易关系、间接经济联系和合并

26th Australasian Finance & Banking Conference 2013 (Archive) Pub Date : 2017-05-16 DOI: 10.2139/ssrn.2177692

J. Harford, Robert J. Schonlau, J. Stanfield

引用次数: 34

Deregulation, Competition and Merger Activity in the U.S. Telecommunications Industry 美国电信业的放松管制、竞争和合并活动

26th Australasian Finance & Banking Conference 2013 (Archive) Pub Date : 2015-06-30 DOI: 10.2139/ssrn.2049491

Kevin Okoeguale

{"title":"Deregulation, Competition and Merger Activity in the U.S. Telecommunications Industry","authors":"Kevin Okoeguale","doi":"10.2139/ssrn.2049491","DOIUrl":"https://doi.org/10.2139/ssrn.2049491","url":null,"abstract":"Using the 1996 Telecommunications Act as a natural experiment, I examine the role of competition in “how” economic shocks drive industry-level clustering of merger activity and “who buys whom?” In the telecom industry, deregulation opened both the local and long-distance markets to competition from new communication technologies, driving significant increases in IPO and merger activity. My findings support the view that the increase in merger activity following the 1996 deregulation was an efficiency-improving restructuring response to increased competition from deregulation and technological change, and not to increased misvaluation. The economic shocks from deregulation and technological change drive merger activity by increasing industry competition. I find no significant relationship between the level of merger activity and stock market misvaluation. I find evidence systematically relating telecom firms’ performance and merger characteristics; pre-1996 deregulation levels of efficiency and leverage show up as important determinants of an incumbents’ survival and/or merger fate; the more efficient and less leveraged incumbents are more likely to be the acquirers than the targets in mergers involving two incumbents.","PeriodicalId":375382,"journal":{"name":"26th Australasian Finance & Banking Conference 2013 (Archive)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125675773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

The Information Content of the Amihud Ratio for Intraday Liquidity Forecasting 预测盘中流动性的阿米哈德比率的信息量

26th Australasian Finance & Banking Conference 2013 (Archive) Pub Date : 2013-10-21 DOI: 10.2139/ssrn.2130486

Thibaut Moyaert

引用次数: 0

Robustness of Distance-to-Default Distance-to-Default的鲁棒性

26th Australasian Finance & Banking Conference 2013 (Archive) Pub Date : 2013-08-16 DOI: 10.2139/ssrn.2311228

Cathrine Jessen, D. Lando

引用次数: 68

Credible Reforms and Stock Return Volatility: Evidence from Privatization 可信改革与股票收益波动:来自私有化的证据

26th Australasian Finance & Banking Conference 2013 (Archive) Pub Date : 2013-08-16 DOI: 10.2139/ssrn.2312499

J. Cosset, Hyacinthe Y. Somé, Pascale Valéry

引用次数: 6

Managerial Replacements in Mutual Fund Families 共同基金家族的管理层更替

26th Australasian Finance & Banking Conference 2013 (Archive) Pub Date : 2013-08-01 DOI: 10.2139/ssrn.2304585

J. Parwada, Eric K. M. Tan

引用次数: 0