Objective
Leveraged recapitalizations involve large increases in indebtedness. While most lead to substantially improved performance, not all succeed. The research investigates how competitors are affected by
recapitalizations. Using a sample of recapitalizations and information on industry rivals, the research analyses the stock price reactions of industry rivals when one firm announces a recapitalization. We try to identify, a priori, which industries (and which firms) should have positive as opposed to negative share price reactions. We also investigate how rival firms' financial characteristics change after recapitalizations. This study should provide insights into the effects of debt on the competitiveness of firms and industries; and how the competitive position of European firms has been affected by the recent substantial increase in industry consolidation (in response to '1992').
Other research will examine how CEO decision-making changes with the length of time the CEO has been in post.
Fields of science (EuroSciVoc)
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Data not available
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Coordinator
NW1 4SA London
United Kingdom
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.