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Is There Information in Corporate Acquisition Plans?

Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024

. Communication of acquisition plans does not increase takeover premiums but is less common in more competitive industries …

Persistent link: https://www.econbiz.de/10014512055

Supply Chain Risk : Changes in Supplier Composition and Vertical Integration

Ersahin, Nuri; Giannetti, Mariassunta; Huang, Ruidi - National Bureau of Economic Research - 2023

Using textual analysis of earnings conference calls, we quantify firms' supply chain risk and its sources. Our proxy for supply chain risk exhibits large cross-sectional and time-series variation that aligns with reasonable priors and is unprecedently high during the Covid-19 pandemic. In...

Persistent link: https://www.econbiz.de/10014250152

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/10012468494

Bidder Discounts and Target Premia in Takeovers

Jovanovic, Boyan - 2002

necessarily. We set up a model in which the equilibrium number of takeovers is constrained efficient. Yet, upon news of a takeover …When a takeover is announced, the sum of the stock-market values of the firms involved often falls, and the value of … the acquirer almost always does. Does this mean that takeovers do not raise the values of the firms involved? Not …

Persistent link: https://www.econbiz.de/10012469704

Takeover Bids below the Expected Value of Minority Shares

Bebchuk, Lucian Arye - 1988

Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the … premise for the analysis of takeovers This paper shows that this important proposition does not always hold once we drop the … results have implications for the nature of the free-rider problem and for the operation of takeovers; in particular, it is …

Persistent link: https://www.econbiz.de/10012476542

American Disclosure Options

Back, Kerry E.; Carlin, Bruce Ian; Kazempour, Seyed Mohammad - National Bureau of Economic Research - 2023

We study strategic disclosure timing by correlated firms in the presence of risk-averse investors. Firms delay disclosures in the hope that positively correlated firms will announce especially good news and lift their own price. Risk premia rise before disclosures, drop when disclosures occur,...

Persistent link: https://www.econbiz.de/10014447256

So Many Jumps, So Few News

Aït-Sahalia, Yacine; Li, Chen Xu; Li, Chenxu - National Bureau of Economic Research - 2024

This paper relates jumps in high frequency stock prices to firm-level, industry and macroeconomic news, in the form of machine-readable releases from Thomson Reuters News Analytics. We find that most relevant news, both idiosyncratic and systematic, lead quickly to price jumps, as market...

Persistent link: https://www.econbiz.de/10014635709

Rents and Intangible Capital : A Q+ Framework

Crouzet, Nicolas; Eberly, Janice C. - National Bureau of Economic Research - 2021

In recent years, US investment has been lackluster, despite rising valuations. Key explanations include growing rents and growing intangibles. We propose and estimate a framework to quantify their roles. The gap between valuations -- reflected in average Q -- and investment -- reflected in...

Persistent link: https://www.econbiz.de/10012599278

Understanding Weak Capital Investment : the Role of Market Concentration and Intangibles

Crouzet, Nicolas - 2019

We document that the rise of factors such as software, intellectual property, brand, and innovative business processes, collectively known as "intangible capital" can explain much of the weakness in physical capital investment since 2000. Moreover, intangibles have distinct economic features...

Persistent link: https://www.econbiz.de/10012479818

Measuring Intangible Capital with Market Prices

Ewens, Michael - 2019

Existing standards prohibit disclosures of internally created intangible capital to firm balance sheets, resulting in a downward bias of reported assets. To characterize off-balance sheet intangible assets, we use transaction prices to estimate this missing intangible capital. On average, our...

Persistent link: https://www.econbiz.de/10012479910

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