Nihat Aktas

WHU - Otto Beisheim School of Management

Professor of Finance

Burgplatz 2

Vallendar, 56179

Germany

SCHOLARLY PAPERS

45

DOWNLOADS
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Top 2,052

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24,370

SSRN CITATIONS
Rank 4,904

SSRN RANKINGS

Top 4,904

in Total Papers Citations

208

CROSSREF CITATIONS

88

Scholarly Papers (45)

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, NHH-Caltech, SKEMA Business School and California Institute of Technology
Downloads 2,365 (9,547)
Citation 19

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

Event Study Under Noisy Estimation Period

Number of pages: 54 Posted: 11 Apr 2003
WHU - Otto Beisheim School of Management, NHH-Caltech and Univ. Lille, ULR 4112 - LUMEN
Downloads 806 (47,072)

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Event Study Under Noisy Estimation Period

Number of pages: 54 Posted: 04 Feb 2005
WHU - Otto Beisheim School of Management, NHH-Caltech and Univ. Lille, ULR 4112 - LUMEN
Downloads 633 (64,965)
Citation 1

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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, NHH-Caltech, Université de Lille and University of Lille I
Downloads 1,120 (30,218)
Citation 3

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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, NHH-Caltech and California Institute of Technology
Downloads 660 (61,465)
Citation 6

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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, NHH-Caltech and California Institute of Technology
Downloads 386 (118,511)
Citation 9

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Acquisitions program, Learning, Hubris, Bid premium

5.

The Role of Internal M&A Teams in Takeovers

Review of Finance, forthcoming
Number of pages: 53 Posted: 14 Mar 2018 Last Revised: 27 Oct 2020
WHU - Otto Beisheim School of Management, Texas Christian University - M.J. Neeley School of Business, WHU-Otto Beisheim School of ManagementWHU - Otto Beisheim School of Management, Rotterdam School of Management, Erasmus University and WHU - Otto Beisheim School of Management
Downloads 970 (37,014)
Citation 7

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Mergers and acquisitions, Internal M&A teams, Financial advisors, Takeover process, Acquirer returns

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 Durham University Business School
Downloads 922 (39,749)
Citation 15

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Working Capital Management, Performance, Investment, Risk

7.

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, NHH-Caltech and Catholic University of Louvain (UCL) - Department of Business Administration (IAG) - Finance Unit
Downloads 889 (41,818)
Citation 8

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

8.

CEO Overconfidence and the Value of Corporate Cash Holdings

Journal of Corporate Finance, Forthcoming
Number of pages: 56 Posted: 19 Nov 2015 Last Revised: 13 Dec 2018
WHU - Otto Beisheim School of Management, Cyprus University of Technology and Durham University Business School
Downloads 866 (43,320)
Citation 5

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

9.

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, NHH-Caltech and California Institute of Technology
Downloads 851 (44,350)
Citation 7

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hubris, learning, mergers and acquisitions, CEO, CAR

10.

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, NHH-Caltech and California Institute of Technology
Downloads 831 (45,820)
Citation 7

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merger and acquisition regulation protectionism

11.

Credit Ratings and Acquisitions

Journal of Corporate Finance, Forthcoming
Number of pages: 54 Posted: 30 May 2018 Last Revised: 28 May 2021
WHU - Otto Beisheim School of Management, Durham University Business School, London Business School and affiliation not provided to SSRN
Downloads 768 (50,989)
Citation 4

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credit ratings, acquisition likelihood, acquisition announcement returns, downgrades

12.

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 727 (54,797)

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

13.

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, NHH-Caltech and California Institute of Technology
Downloads 720 (55,550)
Citation 28

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14.

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, NHH-Caltech and California Institute of Technology
Downloads 580 (73,406)
Citation 17

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Merger Negotiations, Latent Competition, Auction Costs, Bid Premium

15.

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, NHH-Caltech and Univ. Lille, ULR 4112 - LUMEN
Downloads 574 (74,367)
Citation 3

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Event Study, Idiosyncratic Risk

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 305 (153,501)

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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 254 (185,330)

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family firms; leverage; control motives; acquisitions

17.

'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, Rotterdam School of Management, Erasmus University and WHU - Otto Beisheim School of Management
Downloads 558 (77,034)
Citation 1

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Mergers and Acquisitions, Early Announcement, Signal, Negotiation Frictions

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, NHH-Caltech and Univ. Lille, ULR 4112 - LUMEN
Downloads 556 (77,360)
Citation 3

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

19.

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 516 (84,918)
Citation 2

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

20.

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 504 (87,449)
Citation 5

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

21.

Probability of Informed Trading? Some Evidences Around Corporate Events

Number of pages: 43 Posted: 11 Apr 2003
WHU - Otto Beisheim School of Management, NHH-Caltech, University of Toulouse 1 and Catholic University of Louvain (UCL) - Department of Business Administration (IAG) - Finance Unit
Downloads 499 (88,517)
Citation 3

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

22.

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, NHH-Caltech, Belgium Banking, Finance and Insurance Commission (CBFA) and Catholic University of Louvain (UCL)
Downloads 449 (100,265)
Citation 3

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Insider Trading

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, NHH-Caltech, Univ. Lille Nord de France - SKEMA Business School and California Institute of Technology
Downloads 204 (228,994)
Citation 3

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mergers and acquistions, regulation, protectionism

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, NHH-Caltech, Univ. Lille Nord de France - SKEMA Business School and California Institute of Technology
Downloads 122 (351,954)

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mergers and acquistions, regulation, protectionism, event study

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, NHH-Caltech, Univ. Lille Nord de France - SKEMA Business School and California Institute of Technology
Downloads 116 (365,166)
Citation 1

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24.

Do Firms Adjust Corporate Social Responsibility Engagement after a Focal Change in Credit Ratings?

Business & Society, Forthcoming
Number of pages: 49 Posted: 19 Dec 2016 Last Revised: 14 Aug 2021
affiliation not provided to SSRN, WHU - Otto Beisheim School of Management and WHU-Otto Beisheim School of ManagementWHU - Otto Beisheim School of Management
Downloads 441 (102,447)
Citation 2

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Corporate social responsibility, Credit ratings, Investment-Speculative grade, Risk management, Stakeholder management

25.

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, NHH-Caltech and California Institute of Technology
Downloads 440 (102,737)
Citation 12

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

26.

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, NHH-Caltech and California Institute of Technology
Downloads 430 (105,562)
Citation 1

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Merger theories, Abnormal returns, Irrational overbidding, Rational overbidding

27.

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, NHH-Caltech and Université de Lille
Downloads 418 (109,098)
Citation 1

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

28.

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, NHH-Caltech and University of Toulouse 1
Downloads 403 (113,827)
Citation 4

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

29.

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: 22 May 2020
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 Durham University Business School
Downloads 360 (129,254)

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working capital, bonus payment, executive compensation, financial constraint

30.

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, Univ. Lille, ULR 4112 - LUMEN, WHU - Otto Beisheim School of Management and SKEMA Business School - Lille Campus
Downloads 292 (161,547)

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mergers and acquisitions, industry IPOs, underpricing, private targets

31.

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 Univ. Lille, ULR 4112 - LUMEN
Downloads 290 (162,674)

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Very small businesses, capital structure, pecking order theory

32.

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, NHH-Caltech and University of Valenciennes
Downloads 273 (173,239)
Citation 2

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Mergers and acquisition, state ownership, event studies

33.

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, NHH-Caltech, Université de Lille Nord de France – European Center for Corporate Control Studies and Unniversity of Lille
Downloads 266 (177,741)
Citation 2

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

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 Univ. Lille, ULR 4112 - LUMEN
Downloads 243 (194,309)

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

35.

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, NHH-Caltech and Univ. Lille, ULR 4112 - LUMEN
Downloads 241 (195,875)
Citation 2

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event study, idiosyncratic risk

36.

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, Univ. Lille, ULR 4112 - LUMEN and SKEMA Business School - Lille Campus
Downloads 240 (196,664)

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Cross-border takeovers, Currency risk exposure, Abnormal returns

37.

The Private Deal Process in Mergers and Acquisitions

Number of pages: 27 Posted: 07 Jun 2022 Last Revised: 17 Feb 2023
Nihat Aktas and Audra L. Boone
WHU - Otto Beisheim School of Management and Texas Christian University - M.J. Neeley School of Business
Downloads 224 (210,104)

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private deal process, auction, negotiation, internal teams, external advisors, merger performance

38.

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 205 (228,341)
Citation 2

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

39.

Reductions in CEO Career Horizons and Corporate Policies

Journal of Corporate Finance, Forthcoming, Proceedings of Paris December 2019 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 46 Posted: 06 Feb 2019 Last Revised: 31 Dec 2020
WHU - Otto Beisheim School of Management, Texas Christian University - M.J. Neeley School of Business, Catholic University of the Sacred Heart of Milan and Catholic University of Milan
Downloads 168 (271,992)
Citation 1

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CEO, career horizon, tenure, illness, opportunism, investment, R&D, payout

40.

Do investor reactions to merger announcements shape the writing of SEC filings?

Number of pages: 55 Posted: 11 Aug 2021 Last Revised: 15 Mar 2023
Nihat Aktas, Eric de Bodt and Can Dogan
WHU - Otto Beisheim School of Management, NHH-Caltech and WHU - Otto Beisheim School of Management
Downloads 157 (287,729)

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mergers and acquisitions, SEC filings, readability, time to file, investor feedback

41.

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, Univ. Lille, ULR 4112 - LUMEN and SKEMA Business School - Lille Campus
Downloads 155 (290,802)
Citation 1

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Cross-border takeovers, Currency risk exposure, Abnormal returns

42.

Corporate Divestitures around Acquisitions

Proceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 51 Posted: 14 Oct 2020 Last Revised: 08 Jan 2022
Nihat Aktas, Aleksandra Baros and Ettore Croci
WHU - Otto Beisheim School of Management, Alma Mater Studiorum University of Bologna and Catholic University of the Sacred Heart of Milan
Downloads 135 (324,876)
Citation 1

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divestiture, acquisition, asset sales, asset restructuring, value creation

43.

Does Bilateral Trust Matter during M&A Negotiations?

Number of pages: 38 Posted: 22 Dec 2021 Last Revised: 19 Sep 2022
SKEMA Business School – Université Côte d'Azur, WHU - Otto Beisheim School of Management and Rennes School of Business
Downloads 106 (387,020)
Citation 1

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bilateral trust, cross-border M&As, deal completion, deal complexity, liability of foreignness

44.

The Effect of Unionization on Industry Merger Activity Around Negative Economy-Wide Shocks

International Review of Financial Analysis, Forthcoming
Number of pages: 37 Posted: 08 Jan 2019 Last Revised: 25 May 2021
Evrim Akdoğu, Nihat Aktas and Serif Aziz Simsir
Sabanci University, WHU - Otto Beisheim School of Management and Sabanci University
Downloads 98 (408,017)

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Mergers and Acquisitions, Labor Unions, 2008 Financial Crisis, Merger Waves

45.

Climate Risk and Deployment of Corporate Resources to Working Capital

Number of pages: 14 Posted: 10 Jan 2023
SKEMA Business School – Université Côte d'Azur, WHU - Otto Beisheim School of Management and Catholic University of the Sacred Heart of Milan
Downloads 34 (676,178)

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Climate risk, working capital, carbon intensity, financial difficulty