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Salva Lopez, Carolina
Nom
Salva Lopez, Carolina
Affiliation principale
Fonction
Professeure ordinaire
Email
carolina.salva@unine.ch
Identifiants
Résultat de la recherche
Voici les éléments 1 - 10 sur 10
- PublicationAccès libreFinancial versus strategic bidders and underpricing as an acquisition motive(2022)
; AbstractWe examine the difference between financial and strategic bidders in exploiting target underpricing. To isolate underpricing from other sources of acquisition gain, we estimate the target revaluation of bids that fail to be completed. We document larger revaluations for targets of financial bidders, precisely private equity bidders than for those of strategic bidders when targets are most likely to be underpriced, that is, when they are small. This differential effect between financial and strategic bidders in target revaluation is robust after controlling for differential sorting into deal failure, future takeover activity and anticipated operational changes and therefore indicates that it is greater target underpricing before bid announcements that financial bidders reveal to the market than strategic bidders do. This suggests that financial bidders and private equity firms attempting to buy smaller firms are more likely associated with underpriced targets than strategic bidders. - PublicationAccès librePension fund board governance and asset allocation: evidence from Switzerland(2022)
; AbstractWe study whether pension fund board governance relates to asset allocation. Pension funds with well-governed boards have greater international diversification, lower cash holdings, and, when pension funds are small, invest more in risky assets. In particular, pension fund boards that establish comprehensive investment policies invest more in equities, in foreign assets, and hold less cash. We argue that a comprehensive investment policy is likely to serve as a proxy for the financial expertise available to the fund while it provides the set up to facilitate decision making. Finally, we further show that the presence of external financial experts is also associated with lower cash holdings. - PublicationAccès libre
- PublicationAccès libre
- PublicationMétadonnées seulement
- PublicationMétadonnées seulementThe Value of Analysts' Recommandations and the Organization of Financial Research(2006)
; Sonney, Frédéric - PublicationAccès libreThe economic consequences of increased disclosure: Evidence from international cross-listings☆(2006)
- PublicationMétadonnées seulementThe Economic Consequences of Increased Disclosure: Evidence from International Cross-listings(2005)
- PublicationAccès libre