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Why newly listed firms become acquisition targets
De, Soumendra; Jindra, Jan - In: Journal of Banking & Finance 36 (2012) 9, pp. 2616-2631
to investments made by newly listed firms which grow by acquisitions. Overall, firms acquired shortly after listing are …
Persistent link: https://www.econbiz.de/10010599647
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What happens in acquisitions?
Fee, C. Edward; Hadlock, Charles J.; Pierce, Joshua R. - In: Journal of Corporate Finance 18 (2012) 3, pp. 584-597
We study advertising at the brand level in a sample of corporate acquisitions. New owners display an elevated …
Persistent link: https://www.econbiz.de/10010574234
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Do cash stockpiles fuel cash acquisitions?
Pinkowitz, Lee; Sturgess, Jason; Williamson, Rohan - In: Journal of Corporate Finance 23 (2013) C, pp. 128-149
U.S. firms currently hold a $2trillion cash stockpile. We examine if cash stockpiles fuel cash acquisitions by studying … that the link between cash stockpiles and cash acquisitions is not obvious. …
Persistent link: https://www.econbiz.de/10010719623
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Ownership structure and acquirers performance: Family vs. non-family firms
Bouzgarrou, Houssam; Navatte, Patrick - In: International Review of Financial Analysis 27 (2013) C, pp. 123-134
acquisitions undertaken by French listed companies between January 1997 and December 2006. Comparing both, short-term and long …
Persistent link: https://www.econbiz.de/10010636499
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What drives the valuation premium in IPOs versus acquisitions? An empirical analysis
Bayar, Onur; Chemmanur, Thomas J. - In: Journal of Corporate Finance 18 (2012) 3, pp. 451-475
Using a hand-collected data set of private firm acquisitions and IPOs, this paper develops the first empirical analysis …'s choice between IPOs and acquisitions. Our analysis of private firm valuations in IPOs and acquisitions indicates that IPO …'s propensity to choose IPOs over acquisitions. Further, after controlling for the long-run component of the expected payoff to firm …
Persistent link: https://www.econbiz.de/10011052897
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Board independence and corporate investments
Lu, Jun; Wang, Wei - In: Review of Financial Economics 24 (2015) C, pp. 52-64
This research investigates whether and how board independence influences corporate investment decisions in a Seemingly Unrelated Regression (SUR) framework, where the capital investment and the research and development (R&D) investment are examined simultaneously. We argue that the free cash...
Persistent link: https://www.econbiz.de/10011209762
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Debt, equity, and capital investment
Jackson, Scott B.; Keune, Timothy M.; Salzsieder, Leigh - In: Journal of Accounting and Economics 56 (2013) 2, pp. 291-310
Theory suggests that debt financing, relative to equity financing, makes managers reluctant to part with assets. Our evidence supports this theoretical prediction, revealing that the reluctance to part with a debt financed asset causes two decision errors—(1) participants forego investments...
Persistent link: https://www.econbiz.de/10011043085
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The effect of reference point prices on mergers and acquisitions
Baker, Malcolm; Pan, Xin; Wurgler, Jeffrey - In: Journal of Financial Economics 106 (2012) 1, pp. 49-71
Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a peak price. Conversely, bidder...
Persistent link: https://www.econbiz.de/10010593840
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Acquirer-target social ties and merger outcomes
Ishii, Joy; Xuan, Yuhai - In: Journal of Financial Economics 112 (2014) 3, pp. 344-363
compensated for completing mergers with targets that are highly connected to the acquiring firms, that acquisitions are more … likely to take place between two firms that are well connected to each other through social ties, and that such acquisitions …
Persistent link: https://www.econbiz.de/10011039232
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Is more less? Propensity to diversify via M&A and market reactions
Hornstein, Abigail S.; Nguyen, Zachary - In: International Review of Financial Analysis 34 (2014) C, pp. 76-88
Mergers and acquisitions (M&As) could lead to a firm diversifying into new industries, and the impact of this may be …
Persistent link: https://www.econbiz.de/10010931493