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Target Revaluation after Failed Takeover Attempts – Cash Versus Stock

Malmendier, Ulrike - 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 … longer horizons. We find no evidence that future takeover activities or operational changes explain these differences. While …

Persistent link: https://www.econbiz.de/10013104060

Takeover Bids Below the Expected Value of Minority Shares

Bebchuk, Lucian A. - 2008

Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the …

Persistent link: https://www.econbiz.de/10012774564

Poison or Placebo? Evidence on the Deterrent and Wealth Effects of Modern Antitakeover Measures

Comment, Robert - 2008

poison pills and control share statutes are reliably associated with higher takeover premiums for selling shareholders, both … unconditionally and conditional on a successful takeover, and we provide updated event-study evidence for the three-quarters of all …

Persistent link: https://www.econbiz.de/10012774568

Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms

Hubbard, R. Glenn - 2008

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...

Persistent link: https://www.econbiz.de/10012774941

Investor Sentiment and Corporate Finance : Micro and Macro

Lamont, Owen A. - 2006

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/10012783338

Do Acquirers with More Uncertain Growth Prospects Gain Less from Acquisitions?

Moeller, Sara B. - 2004

Behavioral finance models imply that an increase in shares outstanding leads to a lower stock price for firms with greater diversity in opinion among investors. Information asymmetry models imply that share issues by firms with greater information asymmetries are accompanied by larger share...

Persistent link: https://www.econbiz.de/10012785450

Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave

Moeller, Sara B. - 2004

Acquiring-firm shareholders lost 12 cents at the announcement of acquisitions for every dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7 billion in all of the 1980s, or 1.6 cents per dollar spent. Though the announcement losses to...

Persistent link: https://www.econbiz.de/10012785969

The Information Technology Revolution and the Stock Market : Evidence

Hobijn, Bart - 2014

Since 1968, the ratio of stock market capitalization to GDP has varied by a factor of 5. In 1972, the ratio stood at above unity, but by 1974, it had fallen to 0.45 where it stayed for the next decade. It then began a steady climb, and today it stands above 2. We argue that the IT revolution was...

Persistent link: https://www.econbiz.de/10012752878

Foreign Entry into U.S. Manufacturing by Takeovers and the Creation of New Firms

Lipsey, Robert E.; Feliciano, Zadia - 2021

Using U.S. Bureau of Economic Analysis data for individual foreign acquisitions and new establishments in the U.S from 1988 to 1998, and aggregate data for 1980 to 1998, we find that acquisitions and establishments of new firms tend to occur in periods of high U.S. growth and take place mainly...

Persistent link: https://www.econbiz.de/10013224850

Foreign Ownership and Firm Performance : Emerging-Market Acquisitions in the United States

Chari, Anusha; Chen, Wenjie; Dominguez, Kathryn M.E - 2021

This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are...

Persistent link: https://www.econbiz.de/10013226196

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