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Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction
Malmendier, Ulrike; Tate, Geoffrey - National Bureau of Economic Research (NBER) - 2004
Overconfident CEOs over-estimate their ability to generate returns. Thus, on the margin, they undertake mergers that destroy value. They also perceive outside finance to be over-priced. We classify CEOs as overconfident when, despite their under-diversification, they hold options on company...
Persistent link: https://www.econbiz.de/10005034329
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Investor Sentiment and Corporate Finance: Micro and Macro
Stein, Jeremy; Lamont, Owen A. - National Bureau of Economic Research (NBER) - 2005
We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...
Persistent link: https://www.econbiz.de/10005829785
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Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge
Becker, Bo; Bergstresser, Daniel Baird; Subramanian, Guhan - National Bureau of Economic Research (NBER) - 2012
institutional ownership and activist institutional ownership in particular, lost value on October 4, 2010, when the SEC unexpectedly …
Persistent link: https://www.econbiz.de/10009652845
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Target Revaluation after Failed Takeover Attempts – Cash versus Stock
Malmendier, Ulrike; Opp, Marcus Matthias; Saidi, Farzad - National Bureau of Economic Research (NBER) - 2012
Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by +15% after deal failure, whereas stock targets return to their...
Persistent link: https://www.econbiz.de/10011264934
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Winning by Losing: Evidence on the Long-Run Effects of Mergers
Malmendier, Ulrike; moretti, enrico; Peters, Florian S. - National Bureau of Economic Research (NBER) - 2012
Do acquirors profit from acquisitions, or do acquiring CEOs overbid and destroy shareholder value? We present a novel approach to estimating the long-run abnormal returns to mergers exploiting detailed data on merger contests. In the sample of close bidding contests, we use the loser's...
Persistent link: https://www.econbiz.de/10011227917
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Tailspotting: Identifying and profiting from CEO vacation trips
Yermack, David - National Bureau of Economic Research (NBER) - 2012
CEO absences by merging corporate jet flight histories with records of CEOs' property ownership near leisure destinations … work. CEOs spend fewer days out of the office when their ownership is high and when the weather is bad at their vacation …
Persistent link: https://www.econbiz.de/10011188571
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Strategic News Releases in Equity Vesting Months
Edmans, Alex; Goncalves-Pinto, Luis; Wang, Yanbo; Xu, Moqi - National Bureau of Economic Research (NBER) - 2014
prices and market liquidity, potentially resulting from increased investor attention or reduced information asymmetry. The …
Persistent link: https://www.econbiz.de/10010950794
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No News is News: Do Markets Underreact to Nothing?
Giglio, Stefano; Shue, Kelly - National Bureau of Economic Research (NBER) - 2013
As illustrated in the tale of "the dog that did not bark," the absence of news and the passage of time often contain information. We test whether markets fully incorporate this information using the empirical context of mergers. During the year after merger announcement, the passage of time is...
Persistent link: https://www.econbiz.de/10010951131
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Do prices reveal the presence of informed trading?
Collin-Dufresne, Pierre; Fos, Vyacheslav - National Bureau of Economic Research (NBER) - 2012
accumulate stocks of targeted companies, this paper studies whether several liquidity measures reveal the presence of informed …-frequency measures of stock liquidity indicate a higher stock liquidity. Importantly, measures that have been used as direct proxies for … informed traders being more aggressive when measured stock liquidity is high. …
Persistent link: https://www.econbiz.de/10010581041
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How much do firms pay as bribes and what benefits do they get? Evidence from corruption cases worldwide
Cheung, Yan Leung; Rau, P. Raghavendra; Stouraitis, Aris - National Bureau of Economic Research (NBER) - 2012
We analyze a hand-collected sample of 166 prominent bribery cases, involving 107 publicly listed firms from 20 stock markets that have been reported to have bribed government officials in 52 countries worldwide during 1971-2007. We focus on the initial date of award of the contract for which the...
Persistent link: https://www.econbiz.de/10011227954