Fairness opinions in Germany: an empirical investigation of their determinants, disclosure characteristics and wealth implications
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| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Hamburg
Kovač
2010
|
| Series: | Schriftenreihe Finanzmanagement
68 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXVI, 362 S. graph. Darst. |
| ISBN: | 9783830047759 |
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| adam_text | Titel: Fairness opinions in Germany
Autor: Westphal, Nikolas
Jahr: 2010
Fairness Opinions in Germany
Table of Contents
Provisional Index of Tables»»«...........»..»»...».»....»».»·..·...........»»...».................».».^
Provisional Index of Figures.........___...................................___...................______.xix
Index of Abbreviations»»........»»»¦....·..........¦»¦¦...........» »¦»¦¦¦¦. ..........··¦»»»»¦¦.¦..¦..···xxii
1. Introduction and Overview.............................................................................»..........!
1.1. Motivation and Objectives.»·»..................».·..................................«...........!
1.2. Structure of the Thesis and Methodological Overview_______________4
2. The Role of Fairness Opinions on the Market for Corporate Transactions_____9
2.1. Definition, Content and Function of Fairness Opinions______________.9
2.1.1. Definition, Provider and Addressees...............................................9
2.1.2. Content, Form and Process...........................................................11
2.1.3. Functions.......................................................................................12
2.1.3.1. Starting Point: TheFairness Opinion Provider as a
Gatekeeper ......................................................................12
2.1.3.2. Information Function........................................................13
2.1.3.3. Legal Protection Function................................................13
2.1.3.4. Other Functions................................................................14
2.1.4. Financial Fairness.........................................................................15
2.1.4.1. Conceptual Standards of Fairness....................................15
2.1.4.2. Assessment of Financial Fairness.....................................18
2.2. The German Market for Corporate Transactions..................................20
2.2.1. Introduction: Long-Term Evolution Since the Mid-Nineties.........20
2.2.2. Development During the Time-Frame of the Data Set: 2005 to
2008................................................................................................23
23. Fairness Opinions and Conflicts of Interest.»-»»».»--------------..—27
i
Fairness Opinions in Germany
2.3.1. Agency Conflicts and Corporate Transactions.............................27
2.3.2. Conflicts of Interest of the Fairness Opinion Provider.................30
2.3.3. Potential Solutions.........................................................................31
2.4. The Regulatory Environment for Fairness Opinions in Germany and
2.4.1. United States..................................................................................33
2.4.1.1. Case vs. Federal and State Law........................................33
2.4.1.2. SEC Disclosure Regulations.............................................55
2.4.1.3. Disclosure and Procedure Requirements ofFINRA Rule
5150....................................................................................37
2.4.2. Selected European Jurisdictions...................................................39
2.4.2.1. United Kingdom................................................................39
2.4.2.2. France...............................................................................40
2.4.2.3. Switzerland........................................................................41
2.4.2.4. Austria...............................................................................42
2.4.3. Germany........................................................................................42
2.4.3.1. German Takeover Law......................................................42
2.4.3.2. Management Liability and the Regulation of Fairness
Opinions.............................................................................45
2.4.3.3. DVFA Standards for Fairness Opinions...........................47
2.5. Summary and Intermediate Results.....»»..»...».......».......».»»................5O
3. Current State of Research into Fairness Opinions.................................................53
3.1. Theoretical Foundations____.________.___________.___________53
3.1. l.Ohta and Yee (2006): The Fairness Opinion Puzzle.....................55
3.1.2. Wilms (2008): A Model of Acquirer-Side Fairness Opinions.......55
3.1.3. LaMura, Schwetzler et al. (2009): Certification Effect of Fairness
Opinions.........................................................................................57
3.1.4. Summary........................................................................................58
3.2. Factors Determining the Likelihood of a Target-Side Fairness
Fairness Opinions in Germany
3.2.1. Bowers (2002): Fairness Opinions and the Business Judgement
Rule................................................................................................59
3.2.2. Bowers and Latham (2005): Information Asymmetries vs.
Litigation Risk...............................................................................59
3.2.3. Lobe (2007): Evidence on Germany..............................................60
3.1.4. Own Confirmatory Regressions.....................................................61
3.2.5. Summary........................................................................................66
33. Wealth Effects of Fairness Opinions_____________________________66
3.3.1. Kisgen et al. (2006).......................................................................66
3.3.2. Chen and Sami (2006)...................................................................69
3.3.3. Wang and Tan (2006)....................................................................70
3.3.4. Lobe (2007)....................................................................................72
3.3.5. Summary........................................................................................73
3.4. Research into Governance and Other Aspects of Fairness Opinions....73
3.4.1. Bowers etal. (2008): Moral Hazard and Abnormal Returns........73
3.4.2. Chen (2006) andMakhija andNaranyan (2007): Independence of
Fairness Opinion Providers...........................................................75
3.4.3. Allen et al. (2004): Net Certification Effect of Commercial
Banks..............................................................................................76
3.4.4. Cain (2007): The Information Content of Fairness Opinions......77
3.4.5. Summary........................................................................................79
3.5. Closely Related Other Research on Corporate Transactions-------------79
5.5./. Bugeja (2005): Credibility of Adviser with Regular Business
Relationships..................................................................................79
3.5.2. Calomiris and Hitscherich (2005): Impact of Contingent Fees on
Transaction Outcome....................................................................SO
3.5.3. Clarke et al. (2006): Conflicts of Interest in Analyst
Recommendations..........................................................................82
3.5.4. Summary..........................................................................·.............55
3.6. Summary and Intermediate Results...............................................-.......^
4. Indicator Selection and Descriptive Analysis of Data Set.»»»..»»------------------87
iii
Fairness Opinions in Germany
4.1. Introduction and Objectives_____________.........................................87
4.2. Data Set and Collection____________________________________88
4.2.1. Included Transactions...................................................................88
4.2.2. Selection of Indicators...................................................................90
4.2.2.1. Offer and Transaction Characteristics.............................91
4.2.2.2. Price Premia and Development........................................93
4.2.2.3. Offer Background..............................................................94
4.2.2.4. Fairness Opinion Disclosure Characteristics...................96
4.2.2.5. Fairness Opinion Quality and Usability Characteristics. 100
4.2.2.6. Statement Disclosure, Quality and Usability
Characteristics.................................................................102
4.2.3. Data Collection and Sources.......................................................103
43. Offer Characteristics and Management Statement______________104
4.3.1. Basic Offer Characteristics.........................................................104
4.3.2. Aggregated Price Premia and Development...............................107
4.3.2.1. Price Premia...................................................................107
4.3.2.2. Post-Offer Performance..................................................112
4.3.2.3. Announcement Effects of Offer Letter and Statement.....114
4.3.3. Offer Background and Appraisal................................................116
4.3.4. Statement: Quality and Usability Criteria..................................121
4.4. Condensed Characteristics of Fairness Opinions____________.........124
4.4.1. Provider and Basic Disclosure Characteristics..........................124
4.4.2. Valuation Methods and Quality Criteria.....................................752
4.5. Time-Series Development of Selected Indicators________________137
4.5.1. Transaction Characteristics........................................................137
4.5.2. Fairness Opinion Disclosure Indicators.....................................142
4.5.3. Fairness Opinion Quality Indicators...........................................145
4.6. Summary and Implications....».».».........»...»............»............................!47
4.6.1. Transaction Characteristics and Bidding Dynamics..................147
4.6.2. Post-Offer Drift and Announcement Effect for Offer Letter and
Statement......................................................................................¡47
iv
Fairness Opinions in Germany
4.6.3. Transaction Commitment............................................................148
4.6.4. Management A ttitude and Fairness Opinion Disclosure............148
4.6.5. Differences in Provider Types.....................................................149
4.6.6. Increasing Sophistication............................................................149
5. Selected Case Studies___.......................................___._____............................151
5.1. Introduction, Motivation and Methodology...........................................l51
5.2. The Un-Fairness Opinion: Schaeffler and Continental_____________156
5.2.1. Offer Background and Introductory Description of the Offer. ....156
5.2.2. Offer Process, Reaction of the Target and Statement.................160
5.2.3. Fairness Opinion Disclosure and Quality...................................164
5.2.4. Capital Market Reaction and Transaction Outcome...................167
5.2.5. Summary and Assessment............................................................170
S3. The Politically Motivated Statement: Porsche and Volkswagen_____173
5.5.7. Offer Background and Introductory Description of the Offer.....173
5.3.2. Offer Process, Reaction of the Target and Statement.................775
5.3.3. Fairness Opinion Disclosure and Quality...................................182
5.3.3.1. UBS Fairness Opinion (Board of Management).............755
5.3.3.2. Citigroup Fairness Opinion (Supervisory Board}..........755
5.3.4. Capital Market Reaction and Transaction Outcome...................755
5.3.5. The Case Repeated: Porsche S.E. and Audi................................757
5.3.6. Summary and Assessment............................................................755
5.4. Attempting to Crystallise Value: Santo and 4SC.--------------------------190
5.4.7. Offer Background and Introductory Description of the Offer.....l90
5.4.2. Offer Process, Reaction of the Target and Statement.................7P5
5.4.3. Fairness Opinion Disclosure and Quality...................................795
5.4.4. Capital Market Reaction and Transaction Outcome...................199
5.4.5. Summary and Assessment............................................................200
5.5. Middle of the Road Fairness Opinions during a Competitive Bidding
Process: REPower between AREVA and Suzlon...____________~~—201
5.5.7. Offer Background and Introductory Description ofthe Offer.....201
5.5.2. Offer Process, Reaction of the Target and Statement.................206
Fairness Opinions in Germany
5.5.5. Fairness Opinion Disclosure and Quality...................................210
5.5.4. Capital Market Reaction and Transaction Outcome...................212
5.5.5. Summary and Assessment............................................................213
5.6. Cross-Case Analysis and Summary.---------------------------------........216
5.6.7. Introduction to the Cross-Case Analysis: Typology of Cases.....276
5.6.2. Cross-Dimensional Comparison.................................................219
5.6.3. Summary and Implications..........................................................227
6. Econometric and Structural Analysis...................................................___„...„„„231
6.1. Introduction and Methodology............................................................—231
6.2. Overview of Indicators as Used in Analyses____________________233
6.2.7. Transaction Characteristics and Offer Background...................235
6.2.2. Price Premia................................................................................236
6.2.3. Deal Appraisal and Quality of Statement....................................257
6.2.4. Disclosures and Quality of Fairness Opinion.............................255
63. Regression Models and Results_______................................................240
6.5.7. Introduction and Methodology....................................................240
6.3.2. Wealth Effects..............................................................................243
6.3.3. Management Interests and Recommendation..............................245
6.3.4. Disclosure Quality and Usability of Statement...........................247
6.3.5. Disclosure Quality and Usability of Fairness Opinion...............249
6.3.5.1. Disclosure Quality..........................................................249
6.3.5.2. Choice of adviser.............................................................252
6.3.5.3. Quality and Usability......................................................253
6.3.6. Summary and Implications..........................................................256
6.4. Structural Analysis_____________________„.________________258
6.4.1. Introduction and Methodology....................................................258
6.4.2. Description of the Structural Model............................................262
6.4.2.1. Operationalisation of Variables......................................262
6.4.2.2. Structural Model: Set-Up and Validation.......................266
6.4.3. Results ofPLS Calculation..........................................................269
6.4.3.1. Factor Loadings of Outer Model....................................270
vi
Fairness Opinions in Germany
6.4.3.2. Loadings of Relationship Paths within the Structural
Model...............................................................................273
6.4.4. ModelQuality and Fit.................................................................276
6.5. Summary and Implications____________„_______________________283
7. Implications and Summary-----------------------------------------------------------------285
7.1. Summary Results.„„„„.„„„.„.„„„„„„„„„.„„..„„„.„„.„.„„.„„„„„„„„.„„285
7.7.2. Research Motivation and Introductory Considerations..............255
7.2.2. Main Research Contributions......................................................256
7.2. Implications..............................................................................................292
7.2.7. Implications for Firms, Opinion Providers and Market
Participants..................................................................................292
7.2.2. Implications for Standard Setters................................................294
73. Conclusion and Areas for Further Research_____________________297
Appendices„„„„„.„.„«.».~».~»»~—„.„„»„„„.„.»„.„»„„„„„»„„„„„„..„„«„„„.»».».„299
Appendix A: Included Transactions„.„„.»*„„„„„„.„.„„.....„„„...„.„„„„„„»299
Appendix B: Provider Classification and Transaction Share.~..................311
Appendix C: Confirmatory Regressions of the Determinants of Target-Side
Fairness Opinions.--------------------...............---------------------------------313
C. I. Introduction, Research Hypotheses and Description of
Indicators.....................................................................................575
C.2. Descriptive Statistics....................................................................577
C.3. Models and Results......................................................................522
C.4. Implications and Summary...........................................................525
References ... .„ _................... ........................................
A Primarv Literature.............„.........„...„....„.„-._...—.............................331
B. Register of Cited Legal and Best-Practice Standards.--------------------350
7J.7. German Legal Standards...............................................................350
vii
Fairness Opinions in Germany
B.2. Legal Standards Abroad................................................................350
B.3. Best Practice Standards.................................................................557
C. Cited Offer Documents, Statements and Press Articles in
Casestudies___________________________________________.351
C.I. Offer Documents and Statements...................................................557
C.2. Press Releases and Articles...........................................................354
D. Open-Distribution Scientific Software Packages________________.362
|
| any_adam_object | 1 |
| author | Westphal, Nikolas |
| author_facet | Westphal, Nikolas |
| author_role | aut |
| author_sort | Westphal, Nikolas |
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| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Deutschland (DE-588)4011882-4 gnd |
| geographic_facet | Deutschland |
| id | DE-604.BV036042045 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:10:03Z |
| institution | BVB |
| isbn | 9783830047759 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-018933888 |
| oclc_num | 633700391 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-M382 DE-188 DE-19 DE-BY-UBM |
| owner_facet | DE-355 DE-BY-UBR DE-M382 DE-188 DE-19 DE-BY-UBM |
| physical | XXVI, 362 S. graph. Darst. |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | Kovač |
| record_format | marc |
| series | Schriftenreihe Finanzmanagement |
| series2 | Schriftenreihe Finanzmanagement |
| spelling | Westphal, Nikolas Verfasser aut Fairness opinions in Germany an empirical investigation of their determinants, disclosure characteristics and wealth implications Nikolas Westphal Hamburg Kovač 2010 XXVI, 362 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Schriftenreihe Finanzmanagement 68 Zugl.: Leipzig, Handelshochsch., Diss., 2009 Angemessenheit (DE-588)4142417-7 gnd rswk-swf Preisbildung (DE-588)4047103-2 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Fairness Opinion (DE-588)7855371-4 gnd rswk-swf Vermögensentwicklung (DE-588)4192419-8 gnd rswk-swf Fairness (DE-588)4153589-3 gnd rswk-swf Angebotskalkulation (DE-588)4223483-9 gnd rswk-swf Transaktion (DE-588)4185865-7 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Kapitalmarkt (DE-588)4029578-3 s Fairness Opinion (DE-588)7855371-4 s Angebotskalkulation (DE-588)4223483-9 s Preisbildung (DE-588)4047103-2 s Angemessenheit (DE-588)4142417-7 s Vermögensentwicklung (DE-588)4192419-8 s DE-604 Transaktion (DE-588)4185865-7 s Fairness (DE-588)4153589-3 s DE-188 DE-604 Schriftenreihe Finanzmanagement 68 (DE-604)BV013087358 68 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018933888&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Westphal, Nikolas Fairness opinions in Germany an empirical investigation of their determinants, disclosure characteristics and wealth implications Schriftenreihe Finanzmanagement Angemessenheit (DE-588)4142417-7 gnd Preisbildung (DE-588)4047103-2 gnd Kapitalmarkt (DE-588)4029578-3 gnd Fairness Opinion (DE-588)7855371-4 gnd Vermögensentwicklung (DE-588)4192419-8 gnd Fairness (DE-588)4153589-3 gnd Angebotskalkulation (DE-588)4223483-9 gnd Transaktion (DE-588)4185865-7 gnd |
| subject_GND | (DE-588)4142417-7 (DE-588)4047103-2 (DE-588)4029578-3 (DE-588)7855371-4 (DE-588)4192419-8 (DE-588)4153589-3 (DE-588)4223483-9 (DE-588)4185865-7 (DE-588)4011882-4 (DE-588)4113937-9 |
| title | Fairness opinions in Germany an empirical investigation of their determinants, disclosure characteristics and wealth implications |
| title_auth | Fairness opinions in Germany an empirical investigation of their determinants, disclosure characteristics and wealth implications |
| title_exact_search | Fairness opinions in Germany an empirical investigation of their determinants, disclosure characteristics and wealth implications |
| title_full | Fairness opinions in Germany an empirical investigation of their determinants, disclosure characteristics and wealth implications Nikolas Westphal |
| title_fullStr | Fairness opinions in Germany an empirical investigation of their determinants, disclosure characteristics and wealth implications Nikolas Westphal |
| title_full_unstemmed | Fairness opinions in Germany an empirical investigation of their determinants, disclosure characteristics and wealth implications Nikolas Westphal |
| title_short | Fairness opinions in Germany |
| title_sort | fairness opinions in germany an empirical investigation of their determinants disclosure characteristics and wealth implications |
| title_sub | an empirical investigation of their determinants, disclosure characteristics and wealth implications |
| topic | Angemessenheit (DE-588)4142417-7 gnd Preisbildung (DE-588)4047103-2 gnd Kapitalmarkt (DE-588)4029578-3 gnd Fairness Opinion (DE-588)7855371-4 gnd Vermögensentwicklung (DE-588)4192419-8 gnd Fairness (DE-588)4153589-3 gnd Angebotskalkulation (DE-588)4223483-9 gnd Transaktion (DE-588)4185865-7 gnd |
| topic_facet | Angemessenheit Preisbildung Kapitalmarkt Fairness Opinion Vermögensentwicklung Fairness Angebotskalkulation Transaktion Deutschland Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018933888&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV013087358 |
| work_keys_str_mv | AT westphalnikolas fairnessopinionsingermanyanempiricalinvestigationoftheirdeterminantsdisclosurecharacteristicsandwealthimplications |