Search results for "ownership decision"

Three essays on mergers and acquisitions and earnings management in Europe

2020

The general objective of the thesis is to analyze how bidders include the earnings management (EM) by target firms in M&A negotiations in Europe, particularly when setting the terms of the M&As, such as the bid premiums and the percentage to acquire. Three specific objectives are proposed to achieve that. Firstly, the thesis analyzes the context of M&As in Europe to understand better the European market of corporate control. Secondly, the research examines the relation between the EM of targets and the premiums offered by acquirers, at deal announcements, and the role of the industry relatedness between firms involved in the deal. Thirdly, the study examines the association between the EM o…