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Earnings growth and acquisition returns : Do investors gamble in the takeover market?

Liu, Tingting; Tu, Danni - 2021

We document a strong positive initial market reaction to merger announcements from bidders with either large earnings growth or significant earnings decline, relative to those with neutral earnings change, reflecting a U-shaped pattern between bidders’ earnings growth and announcement returns....

Persistent link: https://www.econbiz.de/10013323516

The intangibles song in takeover announcements : good tempo, hollow tune

Filipovic, Zoran M.; Wagner, Alexander F. - 2019

novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete … overoptimism. Overall, takeover announcements can provide important information regarding the quality of deals …

Persistent link: https://www.econbiz.de/10011976989

The impact of a takeover bid on the capital market efficiency

Knezovic, Anita; Culjak, Maria - In: UTMS journal of economics / University of Tourism and … 9 (2018) 2, pp. 109-120

The impact of the announcement of a takeover bid has been widely tested in foreign literature. Therefore, the main goal … of this paper is to research the impact of the announcement of a takeover bid on the share price movements in the … takeover bid affects the share prices of the target company, which is consistent with the results of previous research …

Persistent link: https://www.econbiz.de/10012178422

Mergers and acquisitions (M&AS) by R&D intensive firms

Dutta, Shantanu; Kumar, Vinod - In: Journal of risk and financial management : JRFM 2 (2009) 1, pp. 1-37

In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we...

Persistent link: https://www.econbiz.de/10011556072

The Post-Deal Returns of Acquiring Firms : Evidence of an Investment-based Explanation

Mortal, Sandra - 2013

This paper examines an investment-based explanation for the poor post-deal returns associated with acquisitions. Using a large sample of U.S. firms, we find that the post-deal abnormal stock returns, operating returns, and analyst forecast errors associated with acquisitions are similar to those...

Persistent link: https://www.econbiz.de/10013093729

Does the Stock Market Expect Upcoming Merger Activity?

Saidiev, Ulugbek - 2014

The study introduces empirical evidence that there are statistically significant relationships between intensity of upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of assets pricing

Persistent link: https://www.econbiz.de/10013065679

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

The Decision to Acquire Listed vs. Unlisted Firms : Determinants and Value Effects in the Spanish Stock Market

Farinós Viñas, José Emilio - 2017

We examine the determinants of the decision to acquire a listed vs. an unlisted firm and extend the previous evidence of value creation after controlling for endogeneity due to self–selection bias. We also control for market valuation conditions, finding that results are conditional to them....

Persistent link: https://www.econbiz.de/10012951185

Mergers and Acquisitions : Evidence on Post-Announcement Performance from CEE Stock Markets

Zaremba, Adam - 2016

The aim of this paper is to provide fresh-out of sample evidence on short-term and long-term performance following announcement of mergers and acquisitions. The research is based on 109 M&A deals in Central and Eastern European countries for years 2001-2014. For the short-horizon event studies,...

Persistent link: https://www.econbiz.de/10013005691

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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