3 research outputs found
Family Firms & Diversification Through M&A: Evidence From Norway
No full textMasteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2019This study examines the behavior of family firms on whether they are more
inclined to engage in diversifying M&As than non-family firms due to their high
value of control. To analyse this theory, data has been manually collected where
ownership, deal, and financial data were available, for completed M&A
transactions in Norway from 2000 through 2018. First, we find evidence that
family firms are more inclined to pursue diversifying acquisitions. However, we
find no significant evidence that family firms with a high value of control, proxied
by their leverage, are more inclined to undertake diversifying M&As. Second,
when restricting the transactions to only cash financing, it is clear that family
firms are still willing to engage in diversifying acquisitions, and significant ly
more inclined when the value of control increases. Third, we find no significant
proof that family firms have a higher preference to issue long-term debt than
short-term debt. Finally, we implement additional robustness regression, with an
alternative family firm definition. Based on these results, the study shows an
increase in significance for most of the findings, which provides a better
understanding of family firm’s behavior in terms of their value of control.
Keywords: Family firms, M&A, acquisitions, leverage, diversification, control
motives, method of payment.
JEL classification: G32, G34
Family Firms & Diversification Through M&A: Evidence From Norway
No full textThis study examines the behavior of family firms on whether they are more
inclined to engage in diversifying M&As than non-family firms due to their high
value of control. To analyse this theory, data has been manually collected where
ownership, deal, and financial data were available, for completed M&A
transactions in Norway from 2000 through 2018. First, we find evidence that
family firms are more inclined to pursue diversifying acquisitions. However, we
find no significant evidence that family firms with a high value of control, proxied
by their leverage, are more inclined to undertake diversifying M&As. Second,
when restricting the transactions to only cash financing, it is clear that family
firms are still willing to engage in diversifying acquisitions, and significant ly
more inclined when the value of control increases. Third, we find no significant
proof that family firms have a higher preference to issue long-term debt than
short-term debt. Finally, we implement additional robustness regression, with an
alternative family firm definition. Based on these results, the study shows an
increase in significance for most of the findings, which provides a better
understanding of family firm’s behavior in terms of their value of control.
Keywords: Family firms, M&A, acquisitions, leverage, diversification, control
motives, method of payment.
JEL classification: G32, G34
A search for an unexpected asymmetry in the production of and pairs in proton-proton collisions recorded by the ATLAS detector at TeV
No full textThis search, a type not previously performed at ATLAS, uses a comparison of
the production cross sections for and pairs to
constrain physics processes beyond the Standard Model. It uses of protonproton collision data recorded at
TeV at the LHC. Targeting sources of new physics which prefer final states
containing to , the search contains two broad
signal regions which are used to provide model-independent constraints on the
ratio of cross sections at the 2% level. The search also has two special
selections targeting supersymmetric models and leptoquark signatures.
Observations using one of these selections are able to exclude, at 95%
confidence level, singly produced smuons with masses up to 640 GeV in a model
in which the only other light sparticle is a neutralino when the
-parity-violating coupling is close to unity. Observations
using the other selection exclude scalar leptoquarks with masses below 1880 GeV
when , at 95% confidence level. The
limit on the coupling reduces to for a mass of 1420 GeV.Comment: 38 pages in total, author list starting page 22, 8 figures, 1 table,
submitted to Physics Letters B. All figures including auxiliary figures are
available at
https://atlas.web.cern.ch/Atlas/GROUPS/PHYSICS/PAPERS/EXOT-2018-29
