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Earnouts: A study of financial contracting in acquisition agreements

Citations

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Cited by:

  1. Jeffrey J. Reuer & Sandip Bisui & George Chondrakis, 2025. "Innovation Disclosures and the Design of Technology Acquisition Contracts: Evidence from the American Inventors Protection Act," Strategy Science, INFORMS, vol. 10(1), pages 68-92, March.
  2. Sun, Zeyu & Kong, Ningning & Wu, Lei & Bao, Yu, 2024. "Does contingent payment in M&As induce acquirers’ earnings management? Evidence from performance commitment," Research in International Business and Finance, Elsevier, vol. 69(C).
  3. Brian Cadman & Richard Carrizosa & Lucile Faurel, 2014. "Economic Determinants and Information Environment Effects of Earnouts: New Insights from SFAS 141(R)," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 52(1), pages 37-74, March.
  4. Leonidas G Barbopoulos & Jo Danbolt & Dimitris Alexakis, 2018. "The role of earnout financing on the valuation effects of global diversification," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(5), pages 523-551, July.
  5. Omri Even-Tov & Guoman She & Lynn Linghuan Wang & Detian Yang, 2025. "How government procurement shapes corporate climate disclosures, commitments, and actions," Review of Accounting Studies, Springer, vol. 30(2), pages 1968-2014, June.
  6. Reddy, Kotapati Srinivasa, 2015. "Market for Corporate Control and Contractual Buyout (CoBO): A New “Collective Ownership-and-Administrative” Strategy," MPRA Paper 63937, University Library of Munich, Germany, revised 2015.
  7. Zhou, Shaoni & Zhou, Zhitian & Yan, Yijun & Du, Qiyue, 2025. "The impact of insider-appointment on the fulfillment of M&A performance commitments: Based on the power-responsibility paradox," Research in International Business and Finance, Elsevier, vol. 79(C).
  8. Song, Di & Su, Jun & Yang, Chao & Shen, Na, 2019. "Performance commitment in acquisitions, regulatory change and market crash risk–evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
  9. Tingjun Liu & Dan Bernhardt, 2021. "Rent Extraction with Securities Plus Cash," Journal of Finance, American Finance Association, vol. 76(4), pages 1869-1912, August.
  10. Macias, Antonio J. & Moeller, Thomas, 2016. "Target signaling with material adverse change clauses in merger agreements," Journal of Empirical Finance, Elsevier, vol. 39(PA), pages 69-92.
  11. Luo, Xiang & Luo, Yi & Zhou, Jianan, 2025. "The communicative value of key audit matters in M&As: The effect of performance commitments," Journal of Contemporary Accounting and Economics, Elsevier, vol. 21(2).
  12. Andrew Ferguson & Cecilia Wei Hu & Peter Lam, 2024. "‘Know when to fold 'em’: Policy uncertainty and acquisition abandonment," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(2), pages 1277-1309, June.
  13. Erel, Isil, 2018. "Discussion: Financing acquisitions with earnouts," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 396-398.
  14. Bachmann, & Baumann, & Schuler,, 2016. "Earnout-Klauseln bei Asset Deals: Eine betriebswirtschaftliche Analyse unter bilanziellen und steuerlichen Aspekten," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 70(2), pages 77-97.
  15. Gada, Viswa Prasad & Goyal, Lakshmi & Popli, Manish, 2021. "Earnouts in M&A deal structuring: The impact of CEO prevention focus," Journal of International Management, Elsevier, vol. 27(1).
  16. Malmendier, Ulrike M. & Karsten, Christel & Sautner, Zacharias, 2020. "Lawyer Expertise and Contract Design – Evidence from M&A Negotiations," CEPR Discussion Papers 14936, Centre for Economic Policy Research.
  17. Kristian D. Allee & Daniel D. Wangerin, 2018. "Auditor monitoring and verification in financial contracts: evidence from earnouts and SFAS 141(R)," Review of Accounting Studies, Springer, vol. 23(4), pages 1629-1664, December.
  18. Aintablian, Sebouh & Khoury, Wissam El, 2017. "A simulation on the presence of competing bidders in mergers and acquisitions," Finance Research Letters, Elsevier, vol. 22(C), pages 233-243.
  19. Christian Toll & Jan-Phillipp Rolinck, 2017. "Earn-outs to bridge gap between negotiation parties – curse or blessing?," Managerial Economics, AGH University of Science and Technology, Faculty of Management, vol. 18(1), pages 103-116.
  20. Ferguson, Andrew & Hu, Wei & Lam, Peter, 2022. "Political uncertainty and deal structure: Evidence from Australian mining project acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  21. Dimitris Alexakis & Leonidas G. Barbopoulos, 2020. "Incentive‐compatible contracts in merger negotiations: The role of acquirer idiosyncratic stock return volatility," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 29(1), pages 3-40, February.
  22. Parola, Heather R. & Ellis, Kimberly M. & Jarvis, Lee C. & Nazrul, Toufiq, 2025. "Trust and corporate governance in interfirm negotiations," Journal of Business Research, Elsevier, vol. 194(C).
  23. Barbopoulos, Leonidas & Sudarsanam, Sudi, 2012. "Determinants of earnout as acquisition payment currency and bidder’s value gains," Journal of Banking & Finance, Elsevier, vol. 36(3), pages 678-694.
  24. Leonidas G. Barbopoulos & Jo Danbolt, 2021. "The real effects of earnout contracts in M&As," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(3), pages 607-639, September.
  25. K.S. Reddy & En Xie & Yuanyuan Huang, 2016. "Contractual buyout - a legitimate growth model in the enterprise development: foundations and implications," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 15(1), pages 1-23.
  26. Na Qin & Yiping Liu, 2022. "Performance Compensation Commitment in Mergers and Acquisitions," Sustainability, MDPI, vol. 14(23), pages 1-14, December.
  27. Nils Patschureck & Friedrich Sommer & Arnt Wöhrmann, 2015. "Contract design as a risk management tool in corporate acquisitions: theoretical foundations and empirical evidence," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 26(4), pages 279-316, October.
  28. Zhong Chen & Yi Liu & Stefano Rossi, 2025. "The Role of Lockups in Stock Mergers," Management Science, INFORMS, vol. 71(9), pages 7286-7311, September.
  29. Mittal, Amit & Garg, Ajay Kumar, 2017. "Private information implications for acquirers and targets in horizontal mergers," MPRA Paper 85355, University Library of Munich, Germany.
  30. Jiyoon Lee, 2023. "CEO prior uncertainty and pay–performance sensitivity," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(4), pages 1021-1045, December.
  31. Omri Even-Tov & James Ryans & Steven Davidoff Solomon, 2024. "Representations and warranties insurance in mergers and acquisitions," Review of Accounting Studies, Springer, vol. 29(1), pages 423-450, March.
  32. Corinna Ewelt-Knauer & Thorsten Knauer & Simon Pex, 2011. "Ausgestaltung und Einsatzbereiche von Earn-Outs in Unternehmenskaufverträgen," Schmalenbach Journal of Business Research, Springer, vol. 63(4), pages 371-400, June.
  33. Mittal, Amit & Garg, Ajay Kumar, 2017. "Why do acquirers prefer M&A? Evidence from Banks in India," MPRA Paper 85354, University Library of Munich, Germany.
  34. Mei Cheng & Jacob Jaggi & Spencer Young, 2022. "Customer concentration of targets in mergers and acquisitions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1314-1355, July.
  35. Niklas Dahlen, 2025. "Earnouts in mergers and acquisitions: a systematic literature review of a contingent payment mechanism," Management Review Quarterly, Springer, vol. 75(3), pages 2107-2146, September.
  36. Barbopoulos, Leonidas G. & Adra, Samer, 2016. "The earnout structure matters: Takeover premia and acquirer gains in earnout financed M&As," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 283-294.
  37. Adesoji O. Adelaja & Ramyani Mukhopadhyay, 2022. "Time‐to‐completion for mergers and acquisitions in the food and agribusiness industry," Agribusiness, John Wiley & Sons, Ltd., vol. 38(3), pages 579-607, July.
  38. Bhagat, Sanjai & Klasa, Sandy & Litov, Lubomir P., 2014. "The Use of Escrow Contracts in Acquisition Agreements," Working Papers 13-19, University of Pennsylvania, Wharton School, Weiss Center.
  39. Ye, Xiaojie & Yang, Dan & Yu, Ling, 2025. "Does venture capitalists’ monitoring role have spillover effect? — Evidence from valuation adjustment mechanism in mergers and acquisitions," Finance Research Letters, Elsevier, vol. 82(C).
  40. Merkoulova, Yulia & Zivanovic, Branislav, 2022. "Financial constraints and financing sources in mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
  41. Barbopoulos, Leonidas G. & Molyneux, Phil & Wilson, John O.S., 2016. "Earnout financing in the financial services industry," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 119-132.
  42. Fan, Cunbin & Zou, Guohao & Wang, Jiawen, 2024. "M&A performance commitments and insider trading: ‘Listen to their words’ or ‘watch their actions’?," International Review of Financial Analysis, Elsevier, vol. 91(C).
  43. Hong Zhu & Qi Zhu, 2016. "Mergers and acquisitions by Chinese firms: A review and comparison with other mergers and acquisitions research in the leading journals," Asia Pacific Journal of Management, Springer, vol. 33(4), pages 1107-1149, December.
  44. Monaco, Eleonora & Ibikunle, Gbenga & Palumbo, Riccardo & Zhang, Zeyu, 2022. "The liquidity and trading activity effects of acquisition payment methods: Evidence from the announcements of private firms' acquisitions," International Review of Financial Analysis, Elsevier, vol. 82(C).
  45. Dari-Mattiacci, Giuseppe & Onderstal, Sander & Parisi, Francesco, 2021. "Asymmetric solutions to asymmetric information problems," International Review of Law and Economics, Elsevier, vol. 66(C).
  46. Bates, Thomas W. & Neyland, Jordan B. & Wang, Yolanda Yulong, 2018. "Financing acquisitions with earnouts," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 374-395.
  47. Dahlen, Niklas & Lahmann, Alexander & Schreiter, Maximilian, 2024. "Panacea for M&A dealmaking? Investor perceptions of earnouts," Finance Research Letters, Elsevier, vol. 60(C).
  48. Elnahas, Ahmed M. & Kabir Hassan, M. & Ismail, Ghada M., 2017. "Religion and mergers and acquisitions contracting: The case of earnout agreements," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 221-246.
  49. Wu, Kai & Lu, Yufei & Li, Donghui, 2025. "Contingent cash crunch: How do performance commitments affect acquirer liquidity?," Research in International Business and Finance, Elsevier, vol. 73(PA).
  50. Leonidas G. Barbopoulos & Krishna Paudyal & Sudi Sudarsanam, 2018. "Earnout deals: Method of initial payment and acquirers’ gains," European Financial Management, European Financial Management Association, vol. 24(5), pages 792-828, November.
  51. E. Lukas & C. Heimann, 2014. "Technological-induced information asymmetry, M&As and earnouts: stock market evidence from Germany," Applied Financial Economics, Taylor & Francis Journals, vol. 24(7), pages 481-493, April.
  52. Mehmet E. Akbulut & Emily Jian Huang & Qingzhong Ma & Athena Wei Zhang, 2024. "New blockholder and investor limited attention: Evidence from private acquisitions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 4393-4427, December.
  53. Jeffrey J. Reuer & Arkadiy V. Sakhartov, 2021. "Economies of Scope and Optimal Due Diligence in Corporate Acquisitions," Organization Science, INFORMS, vol. 32(4), pages 1100-1119, July.
  54. Kohli, Reena & Mann, Bikram Jit Singh, 2013. "Analyzing the likelihood and the impact of earnout offers on acquiring company wealth gains in India," Emerging Markets Review, Elsevier, vol. 16(C), pages 203-222.
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