Research

The Centre for Mergers, Acquisitions & Buyouts researches existing and emerging issues in the M&A market, annually evaluates the Belgian M&A activity and analyses specific deals through case writing and top academic publications.

Research reports
  The M&A Monitor

This monitor provides a comprehensive overview of current trends and challenges in the domain of M&A in Belgium. The findings presented in this report are of great interest to all professionals active in the Belgian M&A market, as well as to decision makers on both the selling and buying sides.

Download the 2017 edition of the M&A Monitor here!

Download the 2016 edition of the M&A Monitor here!

 

 

The Entrepreneurial Buyout Monitor

Download the 2015 edition of the Entrepreneurial Buyout Monitor here!

Download the 2014 edition of the Entrepreneurial Buyout Monitor here!

 

Academic research
Publications
  • Gulamhussen A. Hennart J. Pinheiro C.  2016. What drives cross-border M&As in commercial banking?. Journal of Banking and Finance, 72 (November 2016 Suppl): S6-S18.
  • Luypaert M. Van Caneghem T. 2017. Exploring the Double-Sided Effect of Information Asymmetry and Uncertainty in Mergers and Acquisitions. Financial Management. Forthcoming.
  • Devigne D. Manigart S. Wright M.  2016. Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors. Journal of Business Venturing, 31(3): 253-271.
  • Luypaert M. De Maeseneire W.  2015. Antecedents of Time to Completion in Mergers and Acquisitions. Applied Economics Letters, 22(4): 299-304.
  • Luypaert M. Van Caneghem T.  2014. Can auditors mitigate information asymmetry in M&A's? An empirical analysis of the method of payment in belgian transactions. Auditing: A Journal of Practice and Theory, 33(1): 57-91.
  • Vanacker T. Heughebaert A. Manigart S.  2014. Institutional frameworks, venture capital and the financing of European new technology-based firms. Corporate Governance: an international review, 22(3): 199-215
  • Dai Y. Gryglewicz S. Smit H. De Maeseneire W.  2013. Similar bidders in takeover contests. Games and Economic Behavior, 82(November): 544-561.
  • Devigne D. Vanacker T. Manigart S.  2013. The role of domestic and cross-border venture capital investors in the growth of portfolio companies. Small Business Economics, 40(3): 553-573.
  • Huyghebaert N. Luypaert M. 2013. Value creation and division of gains in horizontal acquisitions in Europe: the role of industry conditions. Applied Economics, 45(14): 1819-1833.
  • Manigart S. Wright M.  2013. Reassessing the relationships between private equity investors and their portfolio companies. Small Business Economics, 40(3): 479-492.
  • De Maeseneire W.  Brinkhuis S.  2012. What Drives Leverage in Leveraged Buyouts? An Analysis of European LBOs’ Capital Structure. Accounting and Finance, 52(October (supplement)): 155-182.
  • Heughebaert A. Manigart S.  2012. Firm valuation in venture capital financing rounds: the role of investor bargaining power. Journal of Business Finance and Accounting, 39(3/4): 500-530.
  • Luypaert M.  2010. Antecendents of Growth through Mergers and Acquisitions. Empirical Results from Belgium. Journal of Business Research, 63: 392-403.
  • Deloof M. Manigart S.  2012. Private Equity Involvement and Earnings Quality. Journal of Business Finance and Accounting, 36(5/6): 587-615.
  • Meuleman M. Lockett A. Manigart S. Wright M.  2010. Partner selection decisions in interfirm collaborations: The paradox of relational embeddedness. Journal of Management Studies, 47(6): 995-1019.
  • Meuleman M. Wright M. Manigart S. Lockett A.  2009. Private Equity Syndication: Agency Costs, Reputation and Collaboration. Journal of Business Finance and Accounting, 36(5/6): 616-644.
  • Luypaert M.  2009. Value Creation in Mergers and Acquisitions: A Study of European Transactions during the Fifth Wave. Bank- en Financiewezen, 73: 308-316.
  • Manigart S.  2007. Financial reporting quality in private equity backed companies: the impact of ownership concentration. Small Business Economics, 29(3): 261-274.
  • Baeyens K. Vanacker T. Manigart S.  2006. Venture capitalists' selection process: the case of biotechnology proposals. International Journal of Technology Management, 34(1/2): 28-46.
  • Manigart S. Lockett A. Meuleman M. Wright M. Landström H. Bruining H. Desbrières P. Hommel U.  2006. Venture capitalists' decision to syndicate. Entrepreneurship Theory and Practice, 30(2): 131-153.
  • De Maeseneire W. Smit H. van den Berg W.  2005. Private equity: financiering met aanzienlijk risico. Finance & Control, 4(2)
Case writing
  • De Maeseneire W. Luypaert M.  2016. The Hilton hotels buyout by Blackstone: A nightmare or a fairytale?. ECCH Case Study. Reference no. 116-0011-1 (C) + 116-0011-8 (TN).
  • De Maeseneire W. Luypaert M.  2014. Analyzing deal structures in mergers and acquisitions. Can you make the right match?. ECCH Case Study. Reference no. 114-034-1 ( C) + 114-034-8 (TN).
  • De Maeseneire W. Standaert J.  2012. The 2008 Anheuser-Busch Inbev Deal: Successful M&A, Divestment and Financing Strategies in Harsh. ECCH Case Study. Reference no. 112-012-1 (C) + 112-012-8 (TN).
  • Devigne D. Van Daele E. De Maeseneire W.  2012. Autoparts: analysis and valuation of a distressed buy-out by a private equity investor - Case. ECCH Case Study. Reference no. 113-003-1 (C) + 113-003-8 (TN).
  • De Vriese C. Manigart S.  2007. Teaching Note Pizza Hut A: the management buy-out of Pizza Hut Belgium. 
  • De Vriese C. Manigart S.  2007. Teaching Note Pizza Hut B: the exit of the buy out fund. 

Research

Accreditations
& Rankings

Equis Association of MBAs AACSB Financial Times