Browsing NHH Brage by Author "Thorburn, Karin S."
Now showing items 1-20 of 37
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Are stock-financed takeovers opportunistic?
Eckbo, B. Espen; Makaew, Tanakorn; Thorburn, Karin S. (Working paper;2013:4, Working paper, 2013)We find that the probability of all-stock financed takeovers increases with measures of bidder overvaluation. However, when we instrument the bidder's pricing error using aggregate mutual fund flows, the reverse happens: ... -
Bidding in mandatory bankruptcy auctions : theory and evidence
Eckbo, B. Espen; Thorburn, Karin S. (Discussion paper, Working paper, 2004-07)We analyze bidding incentives and present evidence on takeover premiums in mandatory Swedish bankruptcy auctions, where three-quarters of the firms are sold as going concerns. The bankrupt firms’ main creditors (banks) ... -
Boyan Jovanovic: recipient of the 2019 Global Award for Entrepreneurship Research
Minniti, Maria; Andersson, Martin; Braunerhjelm, Pontus; Delmar, Frédéric; Rickne, Annika; Thorburn, Karin S.; Wennberg, Karl; Stenkula, Mikael (Journal article; Peer reviewed, 2019)The 2019 Global Award for Entrepreneurship Research has been awarded to Professor Boyan Jovanovic at New York University in the USA. Boyan Jovanovic has developed pioneering research that advances our understanding of the ... -
Control benefits and CEO discipline in automatic bankruptcy auctions
Eckbo, B. Espen; Thorburn, Karin S. (Discussion paper, Working paper, 2002-11)In Sweden, a bankruptcy filing automatically terminates CEO employment and places the firm in an open auction. This has prompted warnings of strong shareholder risk-shifting incentives to delay filing ("go for broke"). ... -
Corporate financial distress and reorganization : an empirical analysis of pre- and post chapter 11 leverage
Mørck, Mads-Håkon J.; Ødegaard, Ola (Master thesis, 2017)In this thesis our objective is to expand current knowledge on determinants of Chapter 11 outcomes. We do this by investigating pre- and post-reorganization leverage from a sample of 103 large public U.S. firms filing ... -
Corporate restructuring
Thorburn, Karin S.; Eckbo, B. Espen (Working paper;2013:3, Working paper, 2013)We survey the empirical literature on corporate nancial restructuring, including breakup transactions (divestitures, spin-o s, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). ... -
Do Earnouts Sweeten the SPAC Deal? An empirical study on the effect earnouts have on SPAC deals
Aarli, Kristian Filip; Bjørsvik, Jenny Aase (Master thesis, 2021)The purpose of this research is to explore contractual agreements related to Special Purpose Acquisition Companies (SPACs). Even though this backdoor to the public market has been around for decades, the SPAC market has ... -
Governance in financial distress and bankruptcy
Thorburn, Karin S.; Ayotte, Kenneth M.; Hotchkiss, Edith S. (Working paper;2013:1, Working paper, 2013)This chapter provides a survey of law, economics, and finance scholarship at the intersection of corporate governance and financial distress. In financial distress, both inside and outside of bankruptcy court, formal and ... -
The Impact of Corporate Governance and Excess Cash Reserves on Acquisition Performance : An empirical analysis of acquirer returns during the last decade in the Nordics
Hansteen, Tor Henrik; Foldal, Rasmus (Master thesis, 2021)This thesis researches the effect of agency costs on abnormal stock returns of bidders during the M&A-announcement period. According to agency theory, principal-agency costs may be mitigated if the shareholders (the ... -
Investor protection's effect on the method of payment in M&A : an empirical study on how the method of payment in corporate acquisitions is affected by the level of investor protection in the country of the acquiror
Solberg, Simen; Solberg, Simen Elstrøm (Master thesis, 2021)When shareholders of target companies get paid with stock, they may face an increased risk of expropriation by becoming minority shareholders in a new company. Thus, when target shareholders receive ... -
Left at the altar? : termination provisions in M&A transactions : an empirical study of the rationales and premium effects of target and reverse termination fees among strategic and financial acquirers
Aaheim, Henrik; Amundsen, Espen Franzon (Master thesis, 2020)This thesis examines rationales behind, and premium implications of, target and reverse termination fees (TTFs and RTFs) in M&A transactions. Our main innovation is to distinguish between strategic and financial acquirers ... -
Market reaction to M&A announcements by state-owned enterprises : an empirical analysis of the market’s reaction when state-owned enterprises announce a merger or acquisition.
Viktil, Øystein; Winsnes, Håkon Bough (Master thesis, 2018)In this thesis, we analyse implications of corporate state ownership. We use the Norwegian corporate state ownership as a basis for this analysis. One of the main problems regarding corporate state ownership is that the ... -
Merger negotiations with stock market feedback
Betton, Sandra; Eckbo, B. Espen; Thompson, Rex; Thorburn, Karin S. (Discussion paper, Working paper, 2011-05) -
Neoclassical evidence on merger waves : an empirical analysis of the drivers of M&A waves, the influence of private equity, and evolution of takeover premiums
Jørgensen, Fredrik; Lynnebakken, Herman (Master thesis, 2020)Harford’s (2005) methods -
No News is Good News? An empirical analysis of the Scandinavian stock market reaction to negative environmental news
Kverne and Astrid By Raadim, Martine Emilie Skogland; Skogland, Martine Emilie (Master thesis, 2022)This thesis exammes the market reaction to negative environmental news in the Scandinavian stock market. As leading markets within ESC practices, these countries provide an interesting insight into the incorporations of ... -
Overbidding vs fire-sales in bankruptcy auctions
Eckbo, B. Espen; Thorburn, Karin S. (Discussion paper, Working paper, 2002-06)We analyze bidding incentives of the main creditor (bank) in Swedish bankruptcy auctions. Absent a direct mechanism for enforcing its seller reservation price, the bank offers financing to a potential bidder in return for ... -
Ownership concentration & acquiring firm M&A returns : an empirical analysis of acquirer returns in Norway
Anwar, Ali-Hassan (Master thesis, 2020)This thesis studies the relationship between ownership concentration and acquiring firm M&A announcement returns. In agency literature, ownership concentration has been proposed as an effective governance mechanism. ... -
Partial Adjustment to Public Information in the Pricing of IPOs
Bakke, Einar; Leite, Tore E.; Thorburn, Karin S. (Working paper, 2016-01)Extant literature shows that IPO first-day returns are correlated with market returns preceding the issue. We propose a new explanation for this puzzling predictability by adding a public signal to Benveniste and Spindt ... -
Performance of Nordic public family firms : comparable analysis of Nordic public family firm’s performance against the Fama and french five-factor model
Ulland, Arne Magnus Lorentzen; Upsaker, Thomas (Master thesis, 2020)This thesis examines the stock market performance of family firms in the Nordic region. Specifically, we investigate whether an investor would have earned higher returns by investing in Nordic family firms than being ... -
The Performance of SPACs : An empirical study of the performance of SPAC stocks and warrants in the deSPAC period.
Fridriksson, Gardar; Solbakken, Erik (Master thesis, 2021)In this master thesis, we examine the performance of 130 SPAC stocks and warrants in the deSPAC period from 2012 to 2021. We find buy-and-hold returns for stocks and warrants coherent with current ...