Browsing Conference Presentations by Title
Now showing items 1360-1379 of 1782
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Targeted by an activist hedge fund, do the lenders care?Do banks worry about expropriation when an activist hedge fund targets their borrowers or are they reassured that their borrowers will perform better after such targeting? We study 1,435 events from 1996-2013 in which an activist targeted a US corporation to examine what happens to loan contract terms post-targeting. We find that banks charge a higher interest rate for loans made after the activist involvement compared to a matched sample of borrowers that were not targeted. However, we find that the initial stock price reaction to the announcement of an activist intervention is a strong predictor of post-target loan rates. Banks increase the loan rates for those targets that experience a strong positive stock price reaction. These findings suggest that banks adjust their loan pricing to reflect their concerns about wealth expropriation.
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Targeted by an activist hedge fund, do the lenders care?Do banks worry about expropriation when an activist hedge fund targets their borrowers or are they reassured that their borrowers will perform better after such targeting? We study 1,435 events from 1996-2013 in which an activist targeted a US corporation to examine what happens to loan contract terms post-targeting. We find that banks charge a higher interest rate for loans made after the activist involvement compared to a matched sample of borrowers that were not targeted. However, we find that the initial stock price reaction to the announcement of an activist intervention is a strong predictor of post-target loan rates. Banks increase the loan rates for those targets that experience a strong positive stock price reaction. These findings suggest that banks adjust their loan pricing to reflect their concerns about wealth expropriation.
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Targeted by an activist hedge fund, do the lenders care?Do banks worry about expropriation when an activist hedge fund targets their borrowers or are they reassured that their borrowers will perform better after such targeting? We study 1,435 events from 1996-2013 in which an activist targeted a US corporation to examine what happens to loan contract terms post-targeting. We find that banks charge a higher interest rate for loans made after the activist involvement compared to a matched sample of borrowers that were not targeted. However, we find that the initial stock price reaction to the announcement of an activist intervention is a strong predictor of post-target loan rates. Banks increase the loan rates for those targets that experience a strong positive stock price reaction. These findings suggest that banks adjust their loan pricing to reflect their concerns about wealth expropriation.
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Task and relationship conflict in temporary and permanent groups: The critical role of emotion regulationPrivate equity firms are accused by trade unions of changing industrial relations in buyouts by demonstrating an unwillingness to recognize and work with trade unions, and by downgrading information and consultation. To explore these important policy issues, this article reports the first representative pan-European survey of managers’ perceptions of the impact of private equity on industrial relations. Managers report that private equity investment does not result in changes to union recognition, membership density or changes in management attitudes to trade union membership. Furthermore, managers in firms recognizing unions after private equity buyouts do not report reductions in the terms and conditions subject to joint regulation. Under private equity ownership more firms report consultative committees, managers regard these as more influential on their decisions, and indicate increased consultation over firm performance and future plans. Comparing industrial relations changes in different social models in Europe, the results suggest private equity firms adapt to national systems and traditional national industrial relations differences persist after buyout.
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Text mining scientific papers: A survey on FCA-based information retrieval researchFormal Concept Analysis (FCA) is an unsupervised clustering technique and many scientific papers are devoted to applying FCA in Information Retrieval (IR) research. We collected 103 papers published between 2003-2009 which mention FCA and information retrieval in the abstract, title or keywords. Using a prototype of our FCA-based toolset CORDIET, we converted the pdf-files containing the papers to plain text, indexed them with Lucene using a thesaurus containing terms related to FCA research and then created the concept lattice shown in this paper. We visualized, analyzed and explored the literature with concept lattices and discovered multiple interesting research streams in IR of which we give an extensive overview. The core contributions of this paper are the innovative application of FCA to the text mining of scientific papers and the survey of the FCA-based IR research.