Nihat Aktas

WHU - Otto Beisheim School of Management

Professor of Finance

Burgplatz 2

Vallendar, 56179

Germany

SCHOLARLY PAPERS

38

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17,953

CITATIONS
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Top 4,079

in Total Papers Citations

132

Scholarly Papers (38)

1.

CEO Narcissism and the Takeover Process: From Private Initiation to Deal Completion

AFA 2012 Chicago Meetings Paper
Number of pages: 42 Posted: 14 Mar 2011 Last Revised: 24 May 2012
WHU - Otto Beisheim School of Management, Univ. Lille, SKEMA Business School and California Institute of Technology
Downloads 1,671 (8,876)
Citation 5

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mergers and acquisitions, takeover process, CEO, narcissism, hubris, overconfidence

Event Study Under Noisy Estimation Period

EFMA 2003 Helsinki Meetings
Number of pages: 54 Posted: 11 Apr 2003
WHU - Otto Beisheim School of Management, Univ. Lille and Université Lille Nord de France - Lille School of Management Research Center (LSMRC)
Downloads 741 (30,021)

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Event Study Under Noisy Estimation Period

EFMA 2003 Helsinki Meetings
Number of pages: 54 Posted: 04 Feb 2005
WHU - Otto Beisheim School of Management, Univ. Lille and Université Lille Nord de France - Lille School of Management Research Center (LSMRC)
Downloads 575 (42,256)

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3.

The Emerging Role of the European Commission in Merger and Acquisition Monitoring: The Boeing / Mcdonnell Douglas Case #61623

Number of pages: 27 Posted: 07 Aug 2000
WHU - Otto Beisheim School of Management, Univ. Lille, University of Lille II and University of Lille I
Downloads 1,077 (17,752)
Citation 11

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mergers and acquisitions, regulation costs, concentration control, event studies

Corporate Serial Acquisitions: An Empirical Test of the Learning Hypothesis

Number of pages: 50 Posted: 22 Feb 2006 Last Revised: 21 Feb 2008
Nihat Aktas, Eric de Bodt and Richard Roll
WHU - Otto Beisheim School of Management, Univ. Lille and California Institute of Technology
Downloads 533 (46,643)
Citation 12

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Learning, Hubris, CAR, M&A program, merger, acquisition

Serial Acquirer Bidding: An Empirical Test of the Learning Hypothesis

Paris December 2009 Finance International Meeting AFFI - EUROFIDAI, Journal of Corporate Finance, Forthcoming
Number of pages: 37 Posted: 07 Oct 2009 Last Revised: 23 Oct 2010
Nihat Aktas, Eric de Bodt and Richard Roll
WHU - Otto Beisheim School of Management, Univ. Lille and California Institute of Technology
Downloads 299 (93,499)
Citation 12

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Acquisitions program, Learning, Hubris, Bid premium

5.

Legal Insider Trading and Market Efficiency

Journal of Banking and Finance, Vol. 32, 2008
Number of pages: 40 Posted: 17 Feb 2007 Last Revised: 21 May 2015
Nihat Aktas, Eric de Bodt and Hervé Van Oppens
WHU - Otto Beisheim School of Management, Univ. Lille and Catholic University of Louvain (UCL) - Department of Business Administration (IAG) - Finance Unit
Downloads 798 (27,578)
Citation 7

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Legal insider trading; Market efficiency; Order imbalance; Price discovery

6.

Is Working Capital Management Value-Enhancing? Evidence from Firm Performance and Investments

Number of pages: 36 Posted: 08 Oct 2013 Last Revised: 09 Dec 2014
Nihat Aktas, Ettore Croci and Dimitris Petmezas
WHU - Otto Beisheim School of Management, Catholic University of the Sacred Heart of Milan and University of Surrey - Surrey Business School
Downloads 789 (28,016)

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Working Capital Management, Performance, Investment, Risk

7.
Downloads 772 ( 28,842)
Citation 19

Is European M&A Regulation Protectionist?

EFA 2004 Maastricht Meetings Paper No. 2318
Number of pages: 46 Posted: 22 Jul 2004
Nihat Aktas, Eric de Bodt and Richard Roll
WHU - Otto Beisheim School of Management, Univ. Lille and California Institute of Technology
Downloads 746 (29,755)
Citation 19

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merger and acquisition regulation protectionism

Is European M&A Regulation Protectionist?

Economic Journal, Vol. 117, No. 522, pp. 1096-1121, July 2007
Number of pages: 26 Posted: 08 Jul 2007
Nihat Aktas, Eric de Bodt and Richard Roll
WHU - Otto Beisheim School of Management, Univ. Lille and California Institute of Technology
Downloads 26 (469,907)
Citation 18
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8.

Learning, Hubris and Corporate Serial Acquisitions

EFA 2007 Ljubljana Meetings Paper
Number of pages: 47 Posted: 17 May 2005
Nihat Aktas, Eric de Bodt and Richard Roll
WHU - Otto Beisheim School of Management, Univ. Lille and California Institute of Technology
Downloads 761 (29,377)
Citation 15

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hubris, learning, mergers and acquisitions, CEO, CAR

9.

Market Response to European Regulation of Business Combinations

UCLA Working Paper 12-01; EFMA 2002 London Meetings; EFA 2002 Berlin Meetings Presented Paper
Number of pages: 46 Posted: 12 Nov 2001
Nihat Aktas, Eric de Bodt and Richard Roll
WHU - Otto Beisheim School of Management, Univ. Lille and California Institute of Technology
Downloads 660 (35,747)
Citation 25

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10.

CEO Overconfidence and the Value of Corporate Cash Holdings

Number of pages: 57 Posted: 19 Nov 2015 Last Revised: 21 Sep 2018
WHU - Otto Beisheim School of Management, Cyprus University of Technology and University of Surrey - Surrey Business School
Downloads 597 (40,771)

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CEO overconfidence, value of cash, growth opportunities, financial constraints, underinvestment

11.

Credit Ratings and Acquisitions

Number of pages: 47 Posted: 30 May 2018 Last Revised: 08 Jun 2018
WHU - Otto Beisheim School of Management, University of Surrey - Surrey Business School, University of Surrey - Surrey Business School and London Business School
Downloads 501 (51,080)

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credit ratings, acquisition likelihood, acquisition announcement returns, downgrades

12.

Assessing the Power and Size of the Event Study Method Through the Decades

Number of pages: 29 Posted: 02 Oct 2007 Last Revised: 26 Nov 2007
WHU - Otto Beisheim School of Management, Univ. Lille and Université Lille Nord de France - Lille School of Management Research Center (LSMRC)
Downloads 492 (52,242)
Citation 1

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Event Study, Idiosyncratic Risk

13.

Negotiations Under the Threat of an Auction

AFA 2009 San Francisco Meetings Paper, EFA 2009 Bergen Meetings Paper, Journal of Financial Economics (JFE), Vol. 98, pp. 241-245, 2010
Number of pages: 40 Posted: 21 Feb 2008 Last Revised: 15 Dec 2010
Nihat Aktas, Eric de Bodt and Richard Roll
WHU - Otto Beisheim School of Management, Univ. Lille and California Institute of Technology
Downloads 475 (54,635)
Citation 15

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Merger Negotiations, Latent Competition, Auction Costs, Bid Premium

14.

Probability of Informed Trading? Some Evidences Around Corporate Events

EFMA 2003 Helsinki Meetings
Number of pages: 43 Posted: 11 Apr 2003
WHU - Otto Beisheim School of Management, Univ. Lille, University of Toulouse 1 and Catholic University of Louvain (UCL) - Department of Business Administration (IAG) - Finance Unit
Downloads 470 (55,334)
Citation 1

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probability of informed based trading, mergers and acquisitions, corporate events

Value of Control in Family Firms: Evidence from Mergers and Acquisitions

Number of pages: 34 Posted: 17 Oct 2015
Nihat Aktas, Santo Centineo and Ettore Croci
WHU - Otto Beisheim School of Management, WHU - Otto Beisheim School of Management and Catholic University of the Sacred Heart of Milan
Downloads 280 (100,440)

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family firms, leverage, control motives, acquisitions

Value of Control in Family Firms: Evidence from Mergers and Acquisitions

Multinational Finance Journal, Vol. 20, No. 2, p. 85-126, 2016
Number of pages: 42 Posted: 31 Aug 2016
Nihat Aktas, Santo Centineo and Ettore Croci
WHU - Otto Beisheim School of Management, WHU - Otto Beisheim School of Management and Catholic University of the Sacred Heart of Milan
Downloads 137 (196,734)

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family firms; leverage; control motives; acquisitions

16.

The Information Impact of the European Commission Interventions in the Field of Merger and Acquisition Monitoring: The Economics Behind Information Flow Coming to the Market

Number of pages: 29 Posted: 25 May 2001
Nihat Aktas, Eric de Bodt and Michel Levasseur
WHU - Otto Beisheim School of Management, Univ. Lille and University of Lille II
Downloads 407 (65,929)
Citation 2

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heterogeneity, flow of information, event studies, (G)ARCH

17.

Legal Insider Trading and Stock Market Reaction: Evidence from the Netherlands

CORE Discussion Paper No. 2007/67
Number of pages: 23 Posted: 03 Oct 2007
WHU - Otto Beisheim School of Management, Univ. Lille, Belgium Banking, Finance and Insurance Commission (CBFA) and Catholic University of Louvain (UCL)
Downloads 370 (73,748)
Citation 2

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Insider Trading

18.

Do Financial Markets Care about SRI? Evidence from Mergers and Acquisitions

Journal of Banking and Finance, Forthcoming
Number of pages: 32 Posted: 10 Mar 2009 Last Revised: 15 Dec 2010
WHU - Otto Beisheim School of Management, Univ. Lille and Université Lille Nord de France - Lille School of Management Research Center (LSMRC)
Downloads 362 (75,716)
Citation 3

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Socially responsible investments, merger and acquisition, event study, abnormal returns

19.

Is There Information Leakage Around Business Combinations on the French Market?

EFMA 2002 London Meetings
Number of pages: 52 Posted: 14 Mar 2002
Nihat Aktas, Eric de Bodt and Fany Declerck
WHU - Otto Beisheim School of Management, Univ. Lille and University of Toulouse 1
Downloads 360 (76,232)
Citation 5

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Mergers and Acquisitions, hidden order, informed trading, bid-ask spread, information leakage

20.

'She Is Mine': Determinants and Value Effects of Early Announcements in Takeovers

Journal of Corporate Finance, Forthcoming
Number of pages: 54 Posted: 26 Nov 2016 Last Revised: 24 Mar 2018
Nihat Aktas, Guosong Xu and B. Burcin Yurtoglu
WHU - Otto Beisheim School of Management, WHU - Otto Beisheim School of Management and WHU - Otto Beisheim School of Management
Downloads 359 (76,481)

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Mergers and Acquisitions, Early Announcement, Signal, Negotiation Frictions

21.

MicroHoo: Deal Failure, Industry Rivalry, and Sources of Overbidding

Journal of Corporate Finance, Forthcoming
Number of pages: 42 Posted: 17 Jul 2010 Last Revised: 22 Oct 2014
Nihat Aktas, Eric de Bodt and Richard Roll
WHU - Otto Beisheim School of Management, Univ. Lille and California Institute of Technology
Downloads 358 (76,727)

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Merger theories, Abnormal returns, Irrational overbidding, Rational overbidding

22.

The Interplay of IPO and M&A Markets: The Many Ways One Affects the Other

Forthcoming in Oxford Handbook of IPOs edited by Douglas Cumming and Sofia Johan
Number of pages: 32 Posted: 07 Jan 2017
Nihat Aktas, Christian Andres and Ali Ozdakak
WHU - Otto Beisheim School of Management, WHU - Otto Beisheim School of Management and WHU - Otto Beisheim School of Management
Downloads 351 (78,431)

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IPO, M&A, exit strategies, underpricing, competition

23.

Learning from Repetitive Acquisitions: Evidence from the Time between Deals

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 51 Posted: 26 Mar 2008 Last Revised: 02 Oct 2012
Nihat Aktas, Eric de Bodt and Richard Roll
WHU - Otto Beisheim School of Management, Univ. Lille and California Institute of Technology
Downloads 340 (81,436)
Citation 3

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Acquisitions program, Learning, Integration costs, Time between successive deals

24.

CEO Duality, Agency Costs, and Internal Capital Allocation Efficiency

Forthcoming, British Journal of Management
Number of pages: 38 Posted: 07 Nov 2016 Last Revised: 28 Nov 2017
WHU - Otto Beisheim School of Management, Cyprus University of Technology, University of Central Lancashire and Durham University Business School
Downloads 317 (88,095)

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CEO duality; Internal capital allocation; Investment efficiency; Agency costs; Board structure; Equity-based compensation

25.

Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital

Paris December 2015 Finance Meeting EUROFIDAI - AFFI
Number of pages: 43 Posted: 10 Oct 2015 Last Revised: 13 Jul 2017
WHU - Otto Beisheim School of Management, Catholic University of the Sacred Heart of Milan, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Surrey - Surrey Business School
Downloads 284 (99,408)

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working capital, executive compensation, bonus, financial constraint, takeover threat

26.

Capital Structure Decisions of French Very Small Businesses

Number of pages: 32 Posted: 24 Apr 2010 Last Revised: 23 Oct 2010
WHU - Otto Beisheim School of Management, Université Lille Nord de France - ECCCS - LSMRC and Université Lille Nord de France - Lille School of Management Research Center (LSMRC)
Downloads 272 (103,989)

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Very small businesses, capital structure, pecking order theory

Market Reactions to European Merger Regulation: A Reexamination of the Protectionism Hypothesis

Number of pages: 36 Posted: 18 Nov 2011
WHU - Otto Beisheim School of Management, Univ. Lille, Univ. Lille Nord de France - SKEMA Business School and California Institute of Technology
Downloads 138 (195,572)

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mergers and acquistions, regulation, protectionism

Market Reactions to European Merger Regulation: A Reexamination of the Protectionism Hypothesis

29th International Conference of the French Finance Association (AFFI) 2012
Number of pages: 38 Posted: 09 Oct 2012
WHU - Otto Beisheim School of Management, Univ. Lille, Univ. Lille Nord de France - SKEMA Business School and California Institute of Technology
Downloads 70 (311,284)

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Market Reactions to European Merger Regulation: A Reexamination of the Protectionism Hypothesis

Number of pages: 39 Posted: 29 Feb 2012
WHU - Otto Beisheim School of Management, Univ. Lille, Univ. Lille Nord de France - SKEMA Business School and California Institute of Technology
Downloads 59 (340,997)

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mergers and acquistions, regulation, protectionism, event study

28.

Industry IPOs, Growth Opportunities, and Private Target Acquisitions

Number of pages: 44 Posted: 22 Apr 2015 Last Revised: 17 Nov 2015
WHU - Otto Beisheim School of Management, Université Lille Nord de France - Lille School of Management Research Center (LSMRC), WHU - Otto Beisheim School of Management and SKEMA Business School - Lille Campus
Downloads 258 (109,991)

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mergers and acquisitions, industry IPOs, underpricing, private targets

29.

The Eads Take-Off: An Investigation Through Stock Markets' Reactions

Number of pages: 34 Posted: 09 Mar 2004
Nihat Aktas, Eric de Bodt and Laurent Liagre
WHU - Otto Beisheim School of Management, Univ. Lille and University of Valenciennes
Downloads 247 (115,045)
Citation 1

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Mergers and acquisition, state ownership, event studies

30.

The Information Content of Trade Credit

Journal of Banking and Finance, Forthcoming
Number of pages: 42 Posted: 15 Mar 2010 Last Revised: 04 Feb 2015
WHU - Otto Beisheim School of Management, Univ. Lille, Université de Lille Nord de France – European Center for Corporate Control Studies and University of Lille II - University of Lille LSMRC & ISA
Downloads 235 (120,978)
Citation 1

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Trade credit, Signaling, Z-score, Long-run abnormal returns

31.

The Value Effect of Operational Hedging: Evidence from Foreign Takeovers

Number of pages: 27 Posted: 02 Feb 2012 Last Revised: 02 Oct 2012
WHU - Otto Beisheim School of Management, Université Lille Nord de France - Lille School of Management Research Center (LSMRC) and SKEMA Business School - Lille Campus
Downloads 221 (128,558)

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Cross-border takeovers, Currency risk exposure, Abnormal returns

32.

Do Firms Adjust their Corporate Social Responsibility Engagement after a Substantial Change in their Credit Rating?

Number of pages: 43 Posted: 19 Dec 2016 Last Revised: 20 Aug 2018
WHU - Otto Beisheim School of Management, University of Surrey - Surrey Business School and WHU - Otto Beisheim School of Management
Downloads 217 (132,001)

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Corporate social responsibility, Credit ratings, Investment and Speculative grade, Financial constraints

33.

Assessing the Power and the Size of the Event Study Method Through the Decades

Finance International Meeting AFFI-EUROFIDAI, Paris, December 2007
Number of pages: 23 Posted: 10 Dec 2007
WHU - Otto Beisheim School of Management, Univ. Lille and Université Lille Nord de France - Lille School of Management Research Center (LSMRC)
Downloads 217 (130,833)
Citation 1

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event study, idiosyncratic risk

34.

Increased Entry Threat and Merger Activity

Forthcoming in Revue Finance
Number of pages: 48 Posted: 05 Feb 2015
Nihat Aktas and Marion Dupire-Declerck
WHU - Otto Beisheim School of Management and Vlerick Business School
Downloads 216 (131,418)

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Competition, Import tariff reduction, Merger and acquisition, Abnormal return

Corporate Governance and Takeover Outcomes

Number of pages: 33 Posted: 29 Apr 2015 Last Revised: 06 Jun 2015
Nihat Aktas, Ettore Croci and Serif Aziz Simsir
WHU - Otto Beisheim School of Management, Catholic University of the Sacred Heart of Milan and Sabanci University
Downloads 204 (138,443)

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Corporate governance, Takeover, Board of Directors, Blockholder, Activist investor, Product market competition, Labor market

Corporate Governance and Takeover Outcomes

Corporate Governance: An International Review, Vol. 24, Issue 3, pp. 242-252, 2016
Number of pages: 11 Posted: 25 Apr 2016
Nihat Aktas, Ettore Croci and Serif Aziz Simsir
WHU - Otto Beisheim School of Management, Catholic University of the Sacred Heart of Milan and Sabanci University
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Corporate Governance, Takeover, Board of Directors, Blockholder, Product Market Competition

36.

What Drives the Takeover Process? New Evidence from the Inner Workings of Internal M&A Teams

Number of pages: 59 Posted: 14 Mar 2018 Last Revised: 10 Sep 2018
WHU - Otto Beisheim School of Management, Texas Christian University - M.J. Neeley School of Business, WHU - Otto Beisheim School of Management, WHU - Otto Beisheim School of Management and WHU - Otto Beisheim School of Management
Downloads 192 (147,543)

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Mergers and Acquisitions, Financial Advisors, Takeover Process, Deal Performance

37.

Stock Market Development and the Financing Role of IPOs in Acquisitions

Number of pages: 39 Posted: 08 Sep 2016 Last Revised: 21 Sep 2018
WHU - Otto Beisheim School of Management, WHU - Otto Beisheim School of Management, Catholic University of the Sacred Heart of Milan and WHU - Otto Beisheim School of Management
Downloads 139 (193,866)

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stock market development, bank-based financial system, merger and acquisition, IPO, financial constraint

38.

Do Foreign Takeovers Affect Currency Risk Exposure?

29th International Conference of the French Finance Association (AFFI) 2012
Number of pages: 25 Posted: 17 Sep 2012
WHU - Otto Beisheim School of Management, Université Lille Nord de France - Lille School of Management Research Center (LSMRC) and SKEMA Business School - Lille Campus
Downloads 132 (202,040)

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Cross-border takeovers, Currency risk exposure, Abnormal returns