To Give is to Get: The Promotional Role of Investment Bankers in Local Bond Elections

2012 ◽  
Author(s):  
Todd Ely ◽  
Thad Calabrese
Keyword(s):  
Bond Elections ◽  
Investment Bankers

scholarly journals Role Of Underwriters In Restraining Earnings Management In Initial Public Offerings

2012 ◽  
Vol 28 (4) ◽  
pp. 709 ◽  
Author(s):  
Hei Wai Lee ◽  
Yan Alice Xie ◽  
Jian Zhou
Keyword(s):  
Earnings Management ◽  
Initial Public Offerings ◽  
The Internet ◽  
Venture Capitalists ◽  
Font Size ◽  
Going Public ◽  
Public Offerings ◽  
Investment Bankers ◽  
Sarbanes Oxley

<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; mso-pagination: none;" class="MsoNormal"><span style="font-family: Times New Roman;"><span style="font-size: 10pt;">We investigate the </span><span style="font-size: 10pt; mso-fareast-language: ZH-CN;">relationship</span><span style="font-size: 10pt;"> between underwriter</span><span style="font-size: 10pt; mso-fareast-language: ZH-CN;"> reputation</span><span style="font-size: 10pt;"> and earnings management of IPO firms over the period of 1991-2005. We find that </span><span style="font-size: 10pt; mso-fareast-language: ZH-CN;">IPO firms engage in less earnings management</span><span style="font-size: 10pt;"> if </span><span style="font-size: 10pt; mso-fareast-language: ZH-CN;">they</span><span style="font-size: 10pt;"> are underwritten by prestigious investment bankers. Furthermore, the role of prestigious underwriters in restraining earnings management of IPO issuers do not change during the Internet Bubble period or after the passage of the Sarbanes-Oxley Act (SOX). The findings support the certification role of underwriters in the IPO process.<span style="mso-spacerun: yes;"> </span>We also document that</span><span style="font-size: 10pt; mso-fareast-language: ZH-CN;"> firms going public in the post-SOX period engage in less earnings management compared to firms going public in the pre-SOX period</span><span style="font-size: 10pt;">. Further findings suggest that the changing objectives of venture capitalists may explain the reduction in the level of earnings management of IPO firms following the passage of SOX.</span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>

H. J. Heinz M&A

2017 ◽  
pp. 1-25
Author(s):  
David P. Stowell ◽  
Nicholas Kawar
Keyword(s):  
Strategic Decision ◽  
Strategic Decision Making ◽  
List Type ◽  
Investment Bankers ◽  
Outstanding Debt ◽  
Future Consequences ◽  
Transaction Value ◽  
The Impact ◽  
Global Growth

During December 2012, Jorge Paulo Lemann, a co-founder and partner at 3G, proposed to Warren Buffett that 3G and Berkshire Hathaway acquire H. J. Heinz Company. Lemann and Buffett, who had known each other for years, jointly decided that the Heinz turnaround had been successful and that there was significant potential for continued global growth. 3G informed Heinz CEO William Johnson that it and Berkshire Hathaway were interested in jointly acquiring his company. Johnson then presented the investors' offer of $70.00 per share of outstanding common stock to the Heinz board.After much discussion, the Heinz board and its advisors informed 3G that without better financial terms they would not continue to discuss the possibility of an acquisition. Two days later, 3G and Berkshire Hathaway returned with a revised proposal of $72.50 per share, for a total transaction value of $28 billion (including Heinz's outstanding debt).Following a forty-day “go-shop” period, Heinz, 3G, and Berkshire Hathaway agreed to sign the deal. But was this, in fact, a fair deal? And what might be the future consequences for shareholders, management, employees, and citizens of Pittsburgh, the location of the company's headquarters? Last, what was the role of activist investors in bringing Heinz to this deal stage?After reading and analyzing the case, students will be able to: Understand the influence of investment bankers on M&A transactions Consider synergies that drive M&A Consider the role of activist investors in corporate strategic decision-making Understand the impact of M&A on key corporate stakeholders Apply core valuation techniques to support M&A valuation

Is It the Investment Bank or the Investment Banker? A Study of the Role of Investment Banker Human Capital in Acquisitions

2018 ◽  
Vol 54 (2) ◽  
pp. 587-627 ◽  
Author(s):  
Thomas J. Chemmanur ◽  
Mine Ertugrul ◽  
Karthik Krishnan
Keyword(s):  
Human Capital ◽  
Operating Performance ◽  
Investment Banking ◽  
Investment Bank ◽  
Data Set ◽  
Investment Bankers ◽  
Investment Banker

Using a novel data set that links individual investment bankers to the acquisition deals they advise on, we find that individual investment bankers with greater deal experience are associated with higher acquisition returns and post-acquisition operating performance, particularly for acquirers in complex and more opaque industries. The advisory fee on acquisitions is also positively associated with the investment banking team’s experience. Finally, when more experienced investment bankers switch to a new bank, acquirers are more likely to move with them. Overall, our results suggest that the human capital of individual investment bankers is valuable to acquirers.

scholarly journals Syndicate Size In Global IPO Underwriting

2011 ◽  
Vol 6 (3) ◽  
Author(s):  
Demissew Diro Ejara
Keyword(s):  
Growth Stage ◽  
Dilution Effect ◽  
Information Gathering ◽  
Ownership Concentration ◽  
Significant Relation ◽  
Investment Bankers ◽  
Underwriter Reputation ◽  
Offering Size ◽  
Over Time

This study analyzes factors that determine syndicate size in ADR IPO underwriting. The information gathering role of investment bankers, complexity and risk of issue, corporate governance and transparency environment factors, and potential business relations are the basis for the analyses. Empirical results indicate decreasing syndicate size over time. No significant relation is found between syndicate size and initial day return of IPOs. The transparency environment, dilution effect of the issue, growth stage of the issuer, lead underwriter reputation, offering size and ownership concentration are found to have significant effects on syndicate size.

scholarly journals The role of investment bankers in M&As: New evidence on Acquirers’ financial conditions

2020 ◽  
Vol 119 ◽  
pp. 105298 ◽  
Author(s):  
Jie (Michael) Guo ◽  
Yichen Li ◽  
Changyun Wang ◽  
Xiaofei Xing
Keyword(s):  
Investment Bankers ◽  
Financial Conditions ◽  
New Evidence

Kmart, Sears, and ESL: How a Hedge Fund Became One of the World's Largest Retailers

2017 ◽  
pp. 1-22 ◽  
Author(s):  
David P. Stowell ◽  
Paul Stowell
Keyword(s):  
Decision Making ◽  
Real Estate ◽  
Hedge Funds ◽  
Hedge Fund ◽  
Trading Strategies ◽  
Decision Making Process ◽  
Investment Bankers ◽  
Strategic Acquisition ◽  
Important Position

Within 18 months of exiting bankruptcy, Kmart's position was sufficiently strong to launch an acquisition of Sears, once the nation's largest retailer and also a core holding of ESL. Looks at a number of compelling issues related to Kmart's bankruptcy, restructuring, and rebirth under the control of ESL, a large hedge fund. Presents some of the key metrics that Eddie Lampert, head of ESL, had available to him as he made two decisions: first, in 2002, to amass a controlling stake in Kmart's defaulted debt during the restructuring; and second, in 2004, to launch a takeover of Sears. The first deal illustrates the decision-making process for a financial buyer, including the downside protection of Kmart's real estate holdings, whereas the second deal represents a traditional strategic acquisition. Illustrates the innovative use of real estate as a “hedge” for ESL in the event that the retail combination does not produce the required financial results. Also focuses on the role of investment bankers and the increasingly important position that hedge funds and LBO funds have carved out in the M&A market.To outline the explosive growth in assets and influence of alternative investment managers, particularly LBO funds and hedge funds, and the transition of some larger hedge funds from shorter term trading strategies to longer term plays on distressed debt, restructurings, and turnarounds.

Perspective: The Role Of Investment Bankers

1997 ◽  
Vol 16 (2) ◽  
pp. 144-147 ◽  
Author(s):  
Gerard F. Anderson
Keyword(s):  
Investment Bankers

Role of dactinomycin in the improved survival of children with Wilms' tumor

JAMA ◽  
1966 ◽  
Vol 195 (12) ◽  
pp. 1005-1009 ◽  
Author(s):  
D. J. Fernbach
Keyword(s):  
Wilms Tumor

Role of the allergist in diagnosis and management of patients with uveitis

JAMA ◽  
1966 ◽  
Vol 195 (3) ◽  
pp. 167-172 ◽  
Author(s):  
T. E. Van Metre
Keyword(s):  
Diagnosis And Management

The power of norms to sway fused group members

2018 ◽  
Vol 41 ◽  
Author(s):  
Winnifred R. Louis ◽  
Craig McGarty ◽  
Emma F. Thomas ◽  
Catherine E. Amiot ◽  
Fathali M. Moghaddam
Keyword(s):  
Evolutionary Anthropology ◽  
Normative Systems ◽  
Violent Extremism ◽  
Identity Fusion ◽  
Group Members

AbstractWhitehouse adapts insights from evolutionary anthropology to interpret extreme self-sacrifice through the concept of identity fusion. The model neglects the role of normative systems in shaping behaviors, especially in relation to violent extremism. In peaceful groups, increasing fusion will actually decrease extremism. Groups collectively appraise threats and opportunities, actively debate action options, and rarely choose violence toward self or others.

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