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Wealth Effects of Relative Firm Value in M&A Deals : Reallocation of Physical vs Intangible Assets
Bhattacharya, Debarati - 2020
-buys-low' effect from earlier studies. Concomitantly, our findings also explain the patterns of firm pairings in merger data that run … reallocated and addresses concerns of selection bias. Additionally, we find evidence of post-merger wealth generation through the …
Persistent link: https://www.econbiz.de/10012847168
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The Pricing of Acquired Intangibles
Landsman, Wayne R.; Liss, Alexander; Sievers, Soenke - 2021
This paper investigates the value relevance of acquired intangible assets using a comprehensive hand-collected dataset for 1,647 publicly listed US-firms from 2002 to 2018. This dataset allows us to disentangle acquired intangible assets into different classes (e.g., tech-, customer-, contract-,...
Persistent link: https://www.econbiz.de/10014361645
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Cross-border acquisitions and shareholders’ wealth : the case of the Indian pharmaceutical sector
Wajid, Abdul; Sabiha, Anjim; Akhtar, Shakeb; Tabash, … - In: Journal of risk and financial management : JRFM 15 (2022) 10, pp. 1-17
Cross-border acquisitions by Indian companies have increased tremendously, especially during the last two decades, and the pharmaceutical industry is one of the top acquiring industries. This study verifies the relationship between cross-border acquisitions and shareholders’ wealth in the...
Persistent link: https://www.econbiz.de/10013471449
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It's the market power, stupid! : stock return patterns in international bank M&A
Hankir, Yassin; Rauch, Christian; Umber, Marc - 2009
of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M … investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model …
Persistent link: https://www.econbiz.de/10003893085
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Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market
Siougle, Georgia - 2011
This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and …
Persistent link: https://www.econbiz.de/10013133655
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Executive Compensation and Informed Trading in Acquiring Firms around Merger Announcements
Ordu, Umut - 2014
This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre …-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we … abnormal put option trading before stock merger announcements. Overall, our results support the view that top executives have a …
Persistent link: https://www.econbiz.de/10013064748
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The Stock Market Reaction to Mergers and Acquisitions : Evidence from the Banking Industry
Lozada, Juan M. - 2020
Mergers and acquisitions (M&As) are mainly a mechanism used in the Latin American banking industry to carry out business consolidation. This paper focuses on the effect of M&A announcements on stocks of Latin American banks and their rivals between 2000 and 2019. We evaluate two impacts of M&A...
Persistent link: https://www.econbiz.de/10012840559
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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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The Impact of Diversifying Acquisitions on Shareholder Wealth : Evidence from Turkish Acquirers
Akben Selcuk, Elif - 2016
This study examines the impact of diversifying acquisitions on acquiring Turkish firms. Using a sample of 98 acquisitions during 2000-2011, the study finds that acquiring firms experience statistically significant wealth gains surrounding the announcement date. The cross-sectional regression...
Persistent link: https://www.econbiz.de/10013003763
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
. Therefore, this study aims to close this gap by exploring the effect of merger announcements on CDS spreads empirically. A …
Persistent link: https://www.econbiz.de/10012852376