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Financial Synergies and the Optimal Scope of the Firm: Implications for Mergers, Spinoffs, and Structured Finance

Citations

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Cited by:

  1. Zuriadah Ismail & Mohd Nazir Md Zabit & Mohamad Ali Roshidi Ahmad & Anuar Sarun & Sharul Effendy Janudin, 2017. "The Effect of Switching Business Focus on Share Returns Predictability," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(12), pages 25-38, December.
  2. Nicodano, Giovanna & Regis, Luca, 2019. "A trade-off theory of ownership and capital structure," Journal of Financial Economics, Elsevier, vol. 131(3), pages 715-735.
  3. Giovanna Nicodano & Luca Regis, 2014. "Complex organizations, tax policy and financial stability," Carlo Alberto Notebooks 359, Collegio Carlo Alberto, revised 2015.
  4. Mauricio P Fernandes & Hsia Hua Sheng & Mayra Ivanoff Lora, 2014. "Securitization, Credit Rating and Issuers’ Characteristics," Brazilian Business Review, Fucape Business School, vol. 11(6), pages 1-21, December.
  5. Rustam Ibragimov & Dwight Jaffee & Johan Walden, 2018. "Equilibrium with Monoline and Multiline Structures [Uncertainty and the welfare economics of medical care]," Review of Finance, European Finance Association, vol. 22(2), pages 595-632.
  6. Attaoui, Sami & Cao, Wenbin & Six, Pierre, 2021. "Capital structure and the optimal payment methods in acquisitions," International Review of Law and Economics, Elsevier, vol. 66(C).
  7. Zhang, Eden Quxian, 2022. "Why are distressed firms acquisitive?," Journal of Corporate Finance, Elsevier, vol. 72(C).
  8. Hackbarth, Dirk & Miao, Jianjun, 2012. "The dynamics of mergers and acquisitions in oligopolistic industries," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 585-609.
  9. Giovanna Nicodano & Luca Regis, 2015. "Ownership, Taxes and Default," Working Papers 7/2015, IMT School for Advanced Studies Lucca, revised Jul 2015.
  10. Ana Iglesias-Casal & María-Celia López-Penabad & Carmen López-Andión & José Manuel Maside-Sanfiz, 2020. "Securitization, financial stability and effective risk retention. A European analysis," PLOS ONE, Public Library of Science, vol. 15(2), pages 1-28, February.
  11. Mikel Bedayo, 2016. "Creating associations to substitute banks’direct credit. Evidence from Belgium," Working Paper Research 315, National Bank of Belgium.
  12. Kolasinski, Adam C., 2009. "Subsidiary debt, capital structure and internal capital markets," Journal of Financial Economics, Elsevier, vol. 94(2), pages 327-343, November.
  13. Kejriwal, Mohitosh & Perron, Pierre, 2008. "Data Dependent Rules For Selection Of The Number Of Leads And Lags In The Dynamic Ols Cointegrating Regression," Econometric Theory, Cambridge University Press, vol. 24(5), pages 1425-1441, October.
  14. Morellec, Erwan & Zhdanov, Alexei, 2008. "Financing and takeovers," Journal of Financial Economics, Elsevier, vol. 87(3), pages 556-581, March.
  15. Lóránth, Gyöngyi & Morrison, Alan & Zeng, Jing, 2020. "Organizational Structure and Investment Strategy," CEPR Discussion Papers 15602, C.E.P.R. Discussion Papers.
  16. Benavides-Franco, Julián & Gómez, Juan M. & Pérez-Uribe, Miguel A., 2023. "Determinants of Project Finance success for renewable energy," Renewable Energy, Elsevier, vol. 211(C), pages 188-201.
  17. Viviani, Jean-Laurent & Maurel, Carole, 2019. "Performance of impact investing: A value creation approach," Research in International Business and Finance, Elsevier, vol. 47(C), pages 31-39.
  18. Dai, Liang, 2018. "Asset bundling and information acquisition of investors with different expertise," Journal of Economic Theory, Elsevier, vol. 175(C), pages 447-490.
  19. de La Bruslerie, Hubert & Gueguen, Simon, 2021. "Creditors’ holdup, releveraging and the setting of private appropriation in a control contract between shareholders," International Review of Law and Economics, Elsevier, vol. 68(C).
  20. Norbäck, Pehr-Johan & Persson, Lars & Tåg, Joacim, 2018. "Does the debt tax shield distort ownership efficiency?," International Review of Economics & Finance, Elsevier, vol. 54(C), pages 299-310.
  21. Tarsalewska, Monika, 2018. "Buyouts under the threat of preemption," Journal of Banking & Finance, Elsevier, vol. 89(C), pages 39-58.
  22. Salama, Feras M. & Samet, Anis, 2022. "The impact of CEO inside debt on the coinsurance effect and excess value of diversification," International Review of Economics & Finance, Elsevier, vol. 81(C), pages 58-74.
  23. Miriam Sinn, 2013. "Sequential Group Lending: A Mechanism to Raise the Repayment Rate in Microfinance," Economica, London School of Economics and Political Science, vol. 80(318), pages 326-344, April.
  24. Jean-Paul Décamps & Bertrand Djembissi, 2007. "Switching to a poor business activity: optimal capital structure, agency costs and covenant rules," Annals of Finance, Springer, vol. 3(3), pages 389-409, July.
  25. Viswanathan Nagarajan & Pitabas Mohanty & Apalak Khatua, 2023. "Financing effects of corporate diversification: A review," Review of Managerial Science, Springer, vol. 17(7), pages 2555-2585, October.
  26. A. Garcia-Bernabeu & F. Mayor-Vitoria & F. Mas-Verdu, 2015. "Project Finance Recent Applications and Future Trends: The State of the Art," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 14(2), pages 159-178, December.
  27. Luciano, Elisa & Wihlborg, Clas, 2018. "Financial synergies and systemic risk in the organization of bank affiliates," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 208-224.
  28. Paulo P. Alves & M. Ricardo Cunha & Luís K. Pacheco & João M. Pinto, 2022. "How Banks Price Loans for LBOs: an Empirical Analysis of Spread Determinants ," Journal of Financial Services Research, Springer;Western Finance Association, vol. 62(3), pages 163-200, December.
  29. Tarsalewska, Monika, 2015. "The timing of mergers along the production chain, capital structure, and risk dynamics," Journal of Banking & Finance, Elsevier, vol. 57(C), pages 51-64.
  30. Uhde, André, 2021. "Tax avoidance through securitization," The Quarterly Review of Economics and Finance, Elsevier, vol. 79(C), pages 411-421.
  31. Tatsuo Ushijima, 2016. "Diversification, Organization, and Value of the Firm," Financial Management, Financial Management Association International, vol. 45(2), pages 467-499, May.
  32. Francesco Corielli & Stefano Gatti & Alessandro Steffanoni, 2010. "Risk Shifting through Nonfinancial Contracts: Effects on Loan Spreads and Capital Structure of Project Finance Deals," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(7), pages 1295-1320, October.
  33. Albert Banal-Estañol & Marco Ottaviani, 2009. "Conglomeration with bankruptcy costs: Separate or joint financing?," Economics Working Papers 1191, Department of Economics and Business, Universitat Pompeu Fabra, revised Jul 2010.
  34. González, Luís Otero & Rodríguez Gil, Luís Ignacio & Martorell Cunill, Onofre & Merigó Lindahl, José M., 2016. "The effect of financial innovation on European banks' risk," Journal of Business Research, Elsevier, vol. 69(11), pages 4781-4786.
  35. Singhal, Rajeev & Zhu, Yun (Ellen), 2013. "Bankruptcy risk, costs and corporate diversification," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1475-1489.
  36. Liu, Laura Xiaolei & Mao, Mike Qinghao & Nini, Greg, 2018. "Customer risk and corporate financial policy: Evidence from receivables securitization," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 453-467.
  37. Alessandra Mainini & Enrico Moretto & Daniela Visetti, 2024. "Displaying risk in mergers: a diagrammatic approach for exchange ratio determination," Working Papers 529, University of Milano-Bicocca, Department of Economics.
  38. Dirk Hackbarth & Jianjun Miao, "undated". "The Timing and Returns of Mergers and Acquisitions in Oligopolistic Industries," Boston University - Department of Economics - Working Papers Series wp2008-022, Boston University - Department of Economics.
  39. Sikochi, Anywhere, 2020. "Corporate legal structure and bank loan spread," Journal of Corporate Finance, Elsevier, vol. 64(C).
  40. Hickey, Conor & O'Brien, John & Caldecott, Ben & McInerney, Celine & Ó Gallachóir, Brian, 2021. "Can European electric utilities manage asset impairments arising from net zero carbon targets?," Journal of Corporate Finance, Elsevier, vol. 70(C).
  41. Albert Banal-Estañol & Marco Ottaviani & Andrew Winton, 2013. "The Flip Side of Financial Synergies: Coinsurance Versus Risk Contamination," The Review of Financial Studies, Society for Financial Studies, vol. 26(12), pages 3142-3181.
  42. Michela Altieri & Giovanna Nicodano, 2020. "Survival and Pricing Puzzles," Carlo Alberto Notebooks 604, Collegio Carlo Alberto.
  43. Fabian Homberg & Katja Rost & Margit Osterloh, 2009. "Do synergies exist in related acquisitions? A meta-analysis of acquisition studies," Review of Managerial Science, Springer, vol. 3(2), pages 75-116, July.
  44. Joseph J. French & Juxin Yan & Yukihiro Yasuda, 2019. "Relationships Matter: the Impact of Bank-Firm Relationships on Mergers and Acquisitions in Japan," Journal of Financial Services Research, Springer;Western Finance Association, vol. 56(3), pages 259-305, December.
  45. Michalak, Tobias C. & Uhde, André, 2012. "Credit risk securitization and bank soundness in Europe," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(3), pages 272-285.
  46. Simshauser, P., 2020. "Merchant utilities and boundaries of the firm: vertical integration in energy-only markets," Cambridge Working Papers in Economics 2039, Faculty of Economics, University of Cambridge.
  47. Wang, Kun Tracy & Wu, Yue & Sun, Aonan, 2021. "Acquisitions and the cost of debt: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 78(C).
  48. Maryjane R. Rabier, 2017. "Acquisition Motives and the Distribution of Acquisition Performance," Strategic Management Journal, Wiley Blackwell, vol. 38(13), pages 2666-2681, December.
  49. Chiara Fumagalli & Massimo Motta & Emanuele Tarantino, 2020. "Shelving or developing? The acquisition of potential competitors under financial constraints," Economics Working Papers 1735, Department of Economics and Business, Universitat Pompeu Fabra.
  50. João M. Pinto & Mário C. Santos, 2018. "The Choice Between Corporate And Structured Financing: Evidence From New Corporate Borrowings," Working Papers de Gestão (Management Working Papers) 01, Católica Porto Business School, Universidade Católica Portuguesa.
  51. López-Penabad, Mª Celia & López-Andión, Carmen & Iglesias-Casal, Ana & Maside-Sanfiz, Jose Manuel, 2015. "Securitization in Spain and the wealth effect for shareholders," International Review of Economics & Finance, Elsevier, vol. 37(C), pages 308-323.
  52. Marc Martos-Vila & Matthew Rhodes-Kropf & Jarrad Harford, 2013. "Financial vs. Strategic Buyers," NBER Working Papers 19378, National Bureau of Economic Research, Inc.
  53. Zhu, Bing & Xia, Xiaoxue & Zheng, Xiaojia, 2021. "One way out of the share pledging quagmire: Evidence from mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 71(C).
  54. Adrian C. H. Lei & Martin H. Y. Yick & Keith S. K. Lam, 2014. "The effects of tax convexity on default and investment decisions," Applied Economics, Taylor & Francis Journals, vol. 46(11), pages 1267-1278, April.
  55. Fabio Panetta & Alberto Franco Pozzolo, 2018. "Why do banks securitise their assets? Bank-level evidence from over one hundred countries in the pre-crisis period," Temi di discussione (Economic working papers) 1183, Bank of Italy, Economic Research and International Relations Area.
  56. Jieying Hong & Rui Zhang, 2023. "Manager‐specific shocks, financial constraints and conglomerate merger," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 56(1), pages 46-59, February.
  57. Habib, Michel A. & Mella-Barral, Pierre, 2013. "Skills, core capabilities, and the choice between merging, allying, and trading assets," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 31-48.
  58. Murray, Benjamin & Svec, Jiri & Wright, Danika, 2017. "Wealth transfer, signaling and leverage in M&A," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 203-212.
  59. Wang, Qian & Shen, Jianghua & Ngai, Eric W.T., 2023. "Does corporate diversification strategy affect stock price crash risk?," International Journal of Production Economics, Elsevier, vol. 258(C).
  60. Mikel Bedayo, 2017. "Creating associations as a substitute for direct bank credit. Evidence from Belgium," Working Papers 1704, Banco de España.
  61. Hornstein, Abigail S. & Nguyen, Zachary, 2014. "Is more less? Propensity to diversify via M&A and market reactions," International Review of Financial Analysis, Elsevier, vol. 34(C), pages 76-88.
  62. Dan Luo & Dragon Yongjun Tang & Sarah Qian Wang, 2018. "Model specification and collateralized debt obligation (mis)pricing," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 38(11), pages 1284-1312, November.
  63. Furfine, Craig H. & Rosen, Richard J., 2011. "Mergers increase default risk," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 832-849, September.
  64. Dirk Hackbarth & Richmond Mathews & David Robinson, 2014. "Capital Structure, Product Market Dynamics, and the Boundaries of the Firm," Management Science, INFORMS, vol. 60(12), pages 2971-2993, December.
  65. Simshauser, Paul & Tian, Yuan & Whish-Wilson, Patrick, 2015. "Vertical integration in energy-only electricity markets," Economic Analysis and Policy, Elsevier, vol. 48(C), pages 35-56.
  66. Agliardi, Elettra & Amel-Zadeh, Amir & Koussis, Nicos, 2016. "Leverage changes and growth options in mergers and acquisitions," Journal of Empirical Finance, Elsevier, vol. 37(C), pages 37-58.
  67. Massa, Massimo & Manconi, Alberto & Altieri, Michela, 2017. "Corporate Bond Guarantees and The Value of Financial Flexibility," CEPR Discussion Papers 11992, C.E.P.R. Discussion Papers.
  68. Higgins, Huong N., 2013. "Conflicts of interest between banks and firms: Evidence from Japanese mergers," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 156-178.
  69. João Pinto & Mário Coutinho dos Santos, 2014. "Corporate Financing Choices after the 2007-2008 Financial Crisis," Working Papers de Economia (Economics Working Papers) 03, Católica Porto Business School, Universidade Católica Portuguesa.
  70. Larkin, Yelena & Lyandres, Evgeny, 2019. "Inefficient mergers," Journal of Banking & Finance, Elsevier, vol. 108(C).
  71. Djembissi, Bertrand, 2011. "Excessive risk taking and the maturity structure of debt," Journal of Economic Dynamics and Control, Elsevier, vol. 35(10), pages 1800-1816, October.
  72. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim & Rino Vieira, Pedro, 2022. "M&A activity as a driver for better ESG performance," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
  73. Huong N. Higgins, 2018. "Banks and Corporate Decisions: Evidence from Business Groups," Financial Management, Financial Management Association International, vol. 47(3), pages 679-713, September.
  74. Masson, Robert & Tookes, Heather & Um, Taejong, 2009. "Firm diversification and equilibrium risk pooling: The Korean financial crisis as a natural experiment," Emerging Markets Review, Elsevier, vol. 10(1), pages 1-22, March.
  75. Pinto, João M. & Alves, Paulo P., 2016. "Project finance in Europe: An overview and discussion of key drivers," EIB Working Papers 2016/04, European Investment Bank (EIB).
  76. Marques, Manuel O. & Pinto, João M., 2020. "A comparative analysis of ex ante credit spreads: Structured finance versus straight debt finance," Journal of Corporate Finance, Elsevier, vol. 62(C).
  77. Benjamin Hippert, 2019. "The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS spread changes," Working Papers Dissertations 52, Paderborn University, Faculty of Business Administration and Economics.
  78. Zuriadah Ismail & Rohaila Yusof & Hazianti Abdul Halim & Anis Suriati Ahmad, 2019. "Stock Returns Volatility around Sector Redefinitions: An Event Case Study of Malaysia Listed Companies," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 9(3), pages 300-304, July.
  79. Elisa Luciano & Clas Wihlborg, 2013. "Financial synergies and the Organization of Bank Affiliates; A Theoretical Perspective on Risk and Efficiency," Carlo Alberto Notebooks 322, Collegio Carlo Alberto, revised 2014.
  80. Sergey Tsyplakov, 2019. "Can Post-Merger Integration Costs and Synergy Delays Explain Leverage Dynamics of Mergers?," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(04), pages 1-36, December.
  81. Uhde, André & Michalak, Tobias C., 2010. "Securitization and systematic risk in European banking: Empirical evidence," Journal of Banking & Finance, Elsevier, vol. 34(12), pages 3061-3077, December.
  82. Wengerek, Sascha Tobias & Hippert, Benjamin & Uhde, André, 2022. "Risk allocation through securitization: Evidence from non-performing loans," The Quarterly Review of Economics and Finance, Elsevier, vol. 86(C), pages 48-64.
  83. Steffen, Bjarne, 2018. "The importance of project finance for renewable energy projects," Energy Economics, Elsevier, vol. 69(C), pages 280-294.
  84. Michela Altieri & Giovanna Nicodano, 2016. "The Apparent Diversification Discount," Carlo Alberto Notebooks 465, Collegio Carlo Alberto.
  85. Löffler, Clemens & Pfeiffer, Thomas, 2013. "Centralized versus Decentralized External Financing, Winner Picking and Corporate Socialism," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79902, Verein für Socialpolitik / German Economic Association.
  86. Jakob Müllner, 2017. "International project finance: review and implications for international finance and international business," Management Review Quarterly, Springer, vol. 67(2), pages 97-133, April.
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