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What drives the declining wealth effect of subsequent share repurchase announcements?
Ding, David K.; Koerniadi, Hardjo; Krishnamurti, … - In: Journal of risk and financial management : JRFM 13 (2020) 8/176, pp. 1-14
Recent academic studies document that open market share repurchase announcements in the United States generate significantly lower returns than those reported in earlier studies. We find that the lower announcement return is associated with an increasing number of subsequent announcements in the...
Persistent link: https://www.econbiz.de/10012322017
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Determinants of payout choice between open market repurchase, tender offer repurchase and special dividends
Varma, Urvashi; Raveesh K; Munjal, Alka - In: Cogent economics & finance 9 (2021) 1, pp. 1-19
heterogeneity, clientele effect, distribution size, misvaluation, and takeover threat. The MNL results suggest that open market … repurchase is chosen when the takeover threat is high, firms are significant, or in case of undervaluation of firms. Tender offer … repurchase is preferred in high agency cost, high takeover threat, low shareholder heterogeneity, and undervaluation. The study …
Persistent link: https://www.econbiz.de/10013184002
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An Analysis of the Short Term Shareholder Benefits in Mergers and Acquisitions and the Wealth Effects of Various Bid Characteristics : Evidence from Australia
Halabi, Abdel Karim - 2010
This study explores the short term effects of Mergers and Acquisitions (M&A) in Australia by examining the cumulative abnormal returns earned over a five day event window by the combined, target and acquiring firms. The study examines the wealth effects on the firm of the four bid...
Persistent link: https://www.econbiz.de/10013135523
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...
Persistent link: https://www.econbiz.de/10012843225
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in Credit Default Swap (CDS) spreads as a proxy for default risk after M&A announcement for the companies involved. Existing literature extensively documents wealth effects triggered by M&A announcements from the shareholders' perspective, but there is limited...
Persistent link: https://www.econbiz.de/10012852376
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Wealth effects from banks mergers and acquisitions in Eastern Europe
Kyriazopoulos, Georgios - In: International journal of economics and financial issues … 6 (2016) 2, pp. 588-595
Persistent link: https://www.econbiz.de/10011697046
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CEO Underperformance, Risk-Taking, and Shareholder Wealth Effects of Mergers and Acquisitions
Nie, Wei-Ying; Yen, Kuang-Chieh - 2023
This study explores the investment behavior of underperforming chief executive officers (CEOs) on merger frequency and the effect on acquirers’ shareholder wealth of merger bids in U.S. industrial firms. We find that underperforming CEOs are more likely to make acquisitions, especially...
Persistent link: https://www.econbiz.de/10014353352
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CEO Underperformance, Risk-Taking, And Shareholder Wealth Effects of Mergers and Acquisitions
Nie, Wei-Ying; Yen, Kuang-Chieh - 2023
This study explores the behavior of underperforming chief executive officers (CEOs) on merger frequency and the effect on acquirers’ shareholder wealth of merger bids in U.S. industrial firms from 1994 to 2018. We find that underperforming CEOs are more likely to make acquisitions, especially...
Persistent link: https://www.econbiz.de/10014256726
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Corporate transactions in hard-to-value stocks
Ben-David, Itzhak; Kim, Byungwook; Moussawi, Hala; … - 2021
Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about future events, they are contrarian and heavily...
Persistent link: https://www.econbiz.de/10012816430
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What Drives the Declining Wealth Effect of Subsequent Share Repurchase Announcements?
Ding, David K. - 2018
Recent academic studies document that open market share repurchase announcement period returns are much lower than those reported in early studies. This study finds that the lower announcement returns are attributed to repeat announcements that dominate the sample in the recent period. The...
Persistent link: https://www.econbiz.de/10012931441