By L. Renneboog
Bargains with the effectiveness of particular company governance units and alterations in capital constitution and danger administration.
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Extra info for Advances in Corporate Finance and Asset Pricing
Van der Goot et al. study option grants and exercises for a sample of Dutch IPOs. At the IPO, there is substantial dilution of the managerial ownership (from 52% prior to the IPO to 35% after the IPO). While stock option grants may mitigate the negative effects of managerial ownership dilution, at the end of the second fiscal year — after the year of IPO — 86% of the stock option grants at the IPO have already been exercised. Therefore, the authors conclude that the incentives from stock options are short lived.
In these countries, many firms were acquired by West-European bidders, predominantly from neighbouring countries (Scandinavia, Austria and Germany). Likewise, Italian, Spanish and Portuguese firms were more frequently involved in M&As as targets (of German, British and French bidders) than as bidders. 2. Industry Clusters and Focus versus a Diversification Strategies The differences in cross-border M&A patterns across the European countries partly result from restructuring needs in the major national industries.
In the early part of the twentieth century, liquidity was the keyword: firms aim to optimize liquid assets and the risk of a liquidity crisis is avoided at the expense of excessive liquidity. de Jong and Röell then jump to 1958, when the consensus view on financial structure is that the maturities of debt ought to be matched with those of the assets — short debt is used for current assets, while long-debt finances fixed assets. g. some Modigliani and Miller’s irrelevance theorems, costs and benefits of debt and equity financing): the optimal debt ratio minimizes the cost of the capital.