M. S. Officer

Publications
Influence

Termination Fees in Mergers and Acquisitions

M. S. Officer
Business
1 September 2003

The paper provides evidence on the effects of including a target termination fee in a merger contract. I test the implications of the hypothesis that termination fees are used by self-interested… Expand

The price of corporate liquidity: Acquisition discounts for unlisted targets

M. S. Officer
Business
1 March 2007

This paper documents acquisition discounts for stand-alone private firms and subsidiaries of other firms (unlisted targets) of 15-30%, on average, relative to acquisition multiples for comparable… Expand

Inter-Firm Linkages and the Wealth Effects of Financial Distress Along the Supply Chain

M. Hertzel, Z. Li, M. S. Officer, K. Rodgers
Economics
1 February 2008

Extant research examines the extent to which bankruptcy has intra-industry valuation consequences. This study broadens the investigation by examining the wealth effects of distress and bankruptcy… Expand

Target-firm information asymmetry and acquirer returns

M. S. Officer, A. Poulsen, M. Stegemoller
Economics
1 July 2009

We show that acquirer returns are significantly higher in stock-swap acquisitions of difficult-to-value targets, as measured by R&D intensity and idiosyncratic return volatility. This finding… Expand

Club Deals in Leveraged Buyouts

M. S. Officer, Oguzhan Ozbas, B. Sensoy
Economics
26 August 2009

We analyze the pricing and characteristics of club deal leveraged buyouts (LBOs)--those in which two or more private equity partnerships jointly conduct an LBO. Using a comprehensive sample of… Expand

Directors’ and Officers’ Liability Insurance and Acquisition Outcomes

Chen Lin, M. S. Officer, H. Zou
Business
18 July 2010

We examine the effect of directors' and officers' liability insurance (D&O insurance) on the outcomes of merger and acquisition (M&A) decisions. We find that acquirers whose executives have a higher… Expand

Acquisitions Driven by Stock Overvaluation: Are They Good Deals?

Fangjian Fu, L. Lin, M. S. Officer
Business
1 July 2013

Theory and recent evidence suggest that overvalued firms can create value for shareholders if they exploit their overvaluation by using their stock as currency to purchase less overvalued firms. We… Expand

Directors' and officers' liability insurance and loan spreads

Chen Lin, M. S. Officer, R. Wang, H. Zou
Business
1 October 2013

We analyze the effect of directors' and officers' liability insurance (D&O insurance) on the spreads charged on bank loans. We find that higher levels of D&O insurance coverage are associated with… Expand

Collars and Renegotiation in Mergers and Acquisitions

M. S. Officer
Business
1 December 2004

I examine the motivation for, and effect of, including a collar in a merger agreement. The most important cross-sectional determinants of the bid structure (cash vs. stock, and whether to include a… Expand

Industry contagion in loan spreads

M. Hertzel, M. S. Officer
Business
1 March 2012

Spreads on new and renegotiated corporate loans are significantly higher when the loan originates (or is renegotiated) in the two years surrounding bankruptcy filings by industry rivals. This… Expand

Recommended Authors