Browsing NHH Brage by Author "Thorburn, Karin S."
Now showing items 1-20 of 24
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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). ... -
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 ... -
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) -
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 ... -
Predicting Norwegian takeover targets : an empirical analysis of the Norwegian M&A market
Khan, Naveed; Myrholt, Thomas (Master thesis, 2018)The prediction of takeover targets has been covered in several studies. However, it tends to be the same major stock exchanges that are subject to analysis. Based on 153 Norwegian public targets from 1995 to 2012, ... -
Predicting success in early-stage venture capital investment
Falck, Hans Jacques Lindahl (Master thesis, 2019)In this thesis, I examine predictors of early-stage success (ESS) for early-stage venture capital (ESVC) investments, observable at the point of initial investment. I use a self-collected sample of 30 Norwegian portfolio ... -
Public information and IPO underpricing
Bakke, Einar; Leite, Tore; Thorburn, Karin S. (Discussion paper, Working paper, 2010-08)We analyze the effect of public information on rational investors' incentives to reveal private information during the bookbuilding process and their demand for allocations in the IPO. Our model generates several new ... -
Strategic vs. financial acquirers : an empirical study of differences in premium payments and target company preferences between strategic and financial acquirers in M&A
Jæger, Katerina; Ramsnes, Ole Berge (Master thesis, 2019)This master thesis examines differences in the takeover strategies between strategic and financial buyers. By using SEC merger filings, we study the phase of transactions that occur before deals are made public. The ... -
The boardroom quota: Spillover effects on the corporate executive committee: An event study of Norway’s boardroom quota and its spillover effects on the gender wage gap and female representation in the corporate executive committee
Flaa, Ingvild (Master thesis, 2016)In 2006, Norway introduced a boardroom quota requiring a minimum of 40 percent of each gender in the boardroom of public limited liability companies (ASA). Companies were given until January 2008 to comply. This paper ... -
The effect of ownership concentration on deal probability in corporate takeovers : an empirical study of ownership concentration, with new evidence consistent with the free-rider proposition
Lien, Jonas Bru; Vugdalic, Suad (Master thesis, 2017)The main purpose of this thesis is to empirically examine the relationship between the target firm’s ownership concentration and deal probability, conditional on a bid having been made. To examine this relationship in a ... -
The material effects of CEO compensation : an empirical study of CEO compensation-effects and their relation to company fundamentals and turnover
Vangdal, Fredrik (Master thesis, 2018)This thesis suggests that CEOs take actions to increase the short-term share price to improve conditions for equity sales and maximize their payout upon vesting. Vesting equity, my measure of short-term incentive, seems ...