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- Publications
- Influence
Firm size and the gains from acquisitions
- S. Moeller, Frederik P. Schlingemann, René M. Stulz
- Business
- 1 August 2004
Abstract We examine a sample of 12,023 acquisitions by public firms from 1980 to 2001. The equally weighted abnormal announcement return is 1.1%, but acquiring-firm shareholders lose $25.2 million on… Expand
Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave
- S. Moeller, Frederik P. Schlingemann, René M. Stulz
- Business, Economics
- 1 January 2004
Acquiring-firm shareholders lost 12 cents at the announcement of acquisitions for every dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7… Expand
Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions
- S. Moeller, Frederik P. Schlingemann
- Business, Chemistry
- 1 March 2005
Abstract We provide empirical evidence on how cross-border acquisitions from the perspective of an US acquirer differ from domestic transactions based on stock and operating performance measures. For… Expand
How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns
- S. Moeller, Frederik P. Schlingemann, René M. Stulz
- Economics
- 1 November 2007
We examine the theoretical predictions that link acquirer returns to diversity of opinion and information asymmetry. Theory suggests that acquirer abnormal returns should be negatively related to… Expand
The Value of Corporate Risk Management
- P. Mačkay, S. Moeller
- Economics
- 1 June 2007
We model and estimate the value of corporate risk management. We show how risk management can add value when revenues and costs are nonlinearly related to prices and estimate the model by regressing… Expand
Ownership structure and target returns
- Scott W. Bauguess, Scott W. Bauguess, S. Moeller, Frederik P. Schlingemann, Chad J. Zutter
- Business
- 1 February 2009
Contrary to past literature, ownership defined as "all officers and directors" of the target firm has no association with target returns. Rather, we find that inside (managerial) ownership has a… Expand
Do Shareholders of Acquiring Firms Gain from Acquisitions?
- S. Moeller, Frederik P. Schlingemann, René Stulz
- Business
- 1 March 2003
We examine a sample of 12,023 acquisitions by public firms from 1980 to 2001. Shareholders of these firms lost a total of $218 billion when acquisitions were announced. Though shareholders lose… Expand
The effects of Six Sigma on corporate performance: An empirical investigation
- S. Shafer, S. Moeller
- Business
- 1 November 2012
Abstract The purpose of this study is to investigate the impact of adopting Six Sigma on corporate performance. Although there is a fairly large and growing body of anecdotal evidence associated with… Expand
Are Cross-Border Acquisitions Different from Domestic Acquisitions? Evidence on Stock and Operating Performance for U.S. Acquirers
- S. Moeller, Frederik P. Schlingemann, Frederik P. Schlingemann
- Business
- 6 February 2006
We provide empirical evidence on how cross-border acquisitions from the perspective of an U.S. acquirer differ from domestic transactions, based on stock and operating performance measures. The… Expand
Globalization, Governance, and the Returns to Cross-Border Acquisitions
- Jesse Ellis, S. Moeller, Frederik P. Schlingemann, René Stulz
- Business
- 1 January 2011
Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains… Expand