Publications
Value Creation and Value Distribution in Chinese Listed Firms: The Role of Ownership Structure, Board Characteristics, and Control KU Leuven
© 2017, © 2017 Informa UK Limited, trading as Taylor & Francis Group. We investigate how ownership structure and board characteristics affect the value creation and value distribution in Chinese listed firms. Our results reveal that value creation–captured by firm profitability, labor productivity, and asset utilization efficiency–is superior when the firm’s largest ultimate shareholder controls a larger fraction of voting rights. Ownership ...
Bias in the post-IPO earnings forecasts of affiliated analysts. Evidence from a Chinese natural experiment KU Leuven
Investment banks and issuers of Chinese domestic IPOs became fully responsible for IPO offer prices only on June 10, 2009. Before this regulatory reform, the optimistic bias in post-IPO earnings forecasts is highly comparable across affiliated and unaffiliated analysts. Afterward, the forecasts of affiliated analysts are 33 percentage points more positively distorted on average. In the first 90 days after an IPO, this relative forecast bias even ...
Large shareholders and value creation through corporate acquisitions in Europe. The identity of the controlling shareholders matters KU Leuven
© 2014 Elsevier Ltd. We investigate whether and how major shareholders influence M&A wealth effects for listed acquirers in Europe. To that end, we examine 342 intra-European takeovers of listed target firms announced between 1997 and 2007. We find that family-controlled acquiring firms on average engage in deals with substantially larger value creation, particularly in Continental Europe. However, this positive family effect disappears in ...
How do lead financiers select their partners in buyout syndicates? Empirical results from buyout syndicates in Europe KU Leuven
© 2015 European Academy of Management. Relying on a unique dataset covering 366 buyout syndicates in Europe over the period 1999-2009, we empirically investigate the partnering decisions of lead financiers. We find that lead financiers select investors with whom they developed a prior relationship, either directly or indirectly. Also, lead financiers prefer partners with expertise in the target industry and partners with knowledge about ...