Nihat Aktas

WHU - Otto Beisheim School of Management

Professor of Finance

Burgplatz 2

Vallendar, 56179

Germany

SCHOLARLY PAPERS

43

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Top 1,861

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22,464

SSRN CITATIONS
Rank 6,158

SSRN RANKINGS

Top 6,158

in Total Papers Citations

131

CROSSREF CITATIONS

84

Scholarly Papers (43)

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 2,236 (8,552)
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 784 (40,863)

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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 612 (56,768)
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, University of Lille II and University of Lille I
Downloads 1,104 (25,615)
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 609 (57,142)
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 363 (106,804)
Citation 7

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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 885 (35,033)

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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 873 (35,725)
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 854 (36,827)
Citation 3

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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 842 (37,596)
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 823 (38,735)
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 816 (39,205)
Citation 7

Abstract:

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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 717 (46,682)
Citation 4

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credit ratings, acquisition likelihood, acquisition announcement returns, downgrades

12.

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 704 (47,889)
Citation 22

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13.

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 654 (52,861)

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

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 556 (64,879)
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 540 (67,242)
Citation 4

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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 295 (134,064)

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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 208 (189,812)

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family firms; leverage; control motives; acquisitions

17.

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 490 (75,804)
Citation 3

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

18.

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 484 (76,990)
Citation 3

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

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 - Department of Economics and Finance
Downloads 479 (77,201)
Citation 5

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

CEO Duality, Agency Costs, and Internal Capital Allocation Efficiency

British Journal of Management, Vol. 30, Issue 2, pp. 473-493, 2019
Number of pages: 21 Posted: 11 May 2019
WHU - Otto Beisheim School of Management, Cyprus University of Technology, University of Central Lancashire and Durham University - Department of Economics and Finance
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Citation 2
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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, Rotterdam School of Management, Erasmus University and WHU - Otto Beisheim School of Management
Downloads 454 (83,204)
Citation 1

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Mergers and Acquisitions, Early Announcement, Signal, Negotiation Frictions

21.

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 429 (88,859)
Citation 3

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Insider Trading

22.
Downloads 420 ( 91,039)
Citation 1

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 420 (90,245)
Citation 2

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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

23.

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 412 (93,085)
Citation 1

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Merger theories, Abnormal returns, Irrational overbidding, Rational overbidding

24.

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 411 (93,349)
Citation 12

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

25.

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 University of Lille II
Downloads 410 (93,613)
Citation 1

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

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 192 (204,330)
Citation 3

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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, NHH-Caltech, Univ. Lille Nord de France - SKEMA Business School and California Institute of Technology
Downloads 105 (332,774)
Citation 1

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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, NHH-Caltech, Univ. Lille Nord de France - SKEMA Business School and California Institute of Technology
Downloads 102 (337,201)

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mergers and acquistions, regulation, protectionism, event study

27.

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 388 (99,768)
Citation 2

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

28.

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 384 (100,971)
Citation 2

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

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 340 (115,704)

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working capital, bonus payment, executive compensation, financial constraint

30.

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 282 (141,227)

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Very small businesses, capital structure, pecking order theory

31.

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 279 (142,839)

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mergers and acquisitions, industry IPOs, underpricing, private targets

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 261 (152,764)
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 248 (160,798)
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 231 (172,136)

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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 231 (172,136)
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 229 (173,602)

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Cross-border takeovers, Currency risk exposure, Abnormal returns

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 187 (209,288)
Citation 2

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

38.

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 152 (249,635)

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

39.

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 144 (260,705)
Citation 1

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Cross-border takeovers, Currency risk exposure, Abnormal returns

40.

Do investor reactions to merger announcements shape SEC filings writing?

Number of pages: 66 Posted: 11 Aug 2021 Last Revised: 14 Jan 2022
Nihat Aktas, Eric de Bodt and Can Dogan
WHU - Otto Beisheim School of Management, NHH-Caltech and WHU - Otto Beisheim School of Management
Downloads 90 (362,772)

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SEC filings, writing complexity, time to file, mergers and acquisitions, investor feedback

41.

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, Catholic University of Milan and Catholic University of the Sacred Heart of Milan
Downloads 74 (407,104)

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

42.

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 Akdogu, Nihat Aktas and Serif Aziz Simsir
Sabanci University, WHU - Otto Beisheim School of Management and Sabanci University
Downloads 56 (468,921)

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

43.

Does Bilateral Trust Matter during M&A negotiations? Evidence from Cross-border Transactions

Number of pages: 52 Posted: 22 Dec 2021
SKEMA Business School – Université Côte d'Azur, WHU - Otto Beisheim School of Management, Rennes School of Business and Getulio Vargas Foundation (FGV)
Downloads 25 (630,819)

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bilateral trust, cross-border M&As, deal initiation, deal completion, deal complexity