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Do mergers create or destroy value? Evidence from unsuccessful mergers
Cole, Rebel; Fatemi, Ali; Vu, Joseph - Volkswirtschaftliche Fakultät, … - 2006
In this study, we examine unsuccessful takeover attempts for new evidence on whether mergers create or destroy value … literature on signaling by investigating whether a takeover attempt signals investors about the quality of firm management as …
Persistent link: https://www.econbiz.de/10005837001
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The Wealth Effects of Takeover Announcement for Firms in the Financial Services Sector in India
Chakraborty, Madhumita - In: Journal of Emerging Market Finance 9 (2010) 2, pp. 199-227
findings suggest that the shareholders of target firms earn significantly positive abnormal returns on takeover announcements … firms, there was no market reaction on takeover announcements. Apparently, there was some evidence that bidders experienced … post-event positive wealth effects on takeover announcements. But this was not true for the majority as the significant …
Persistent link: https://www.econbiz.de/10010772763
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DO M&A ENHANCE VALUES? MIXED METHODS AND EVIDENCE
SOONGSWANG, Amporn - In: Journal of Applied Economic Sciences 7 (2012) 3(21)/ Fall 2012, pp. 312-325
This study features the impact of takeovers on the event firms traded on the Stock Exchange of Thailand (SET). The study investigates a long-window abnormal return, or during a period of twelve months before and after the announcements using several metrics. The traditional models and the latest...
Persistent link: https://www.econbiz.de/10011139810
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How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards
Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006
This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable...
Persistent link: https://www.econbiz.de/10011090642
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Shareholder Benefits and Firm Performance : An Empirical Analysis of International Acquisitions by Firms from a Developing Economy
Malhotra, Shavin - 2006
Previous research on international mergers and acquisitions has not looked at the valuation consequences of international acquisitions by firms from a developing economy. This study examines the announcement effect and the post-acquisition long-term performance of 96 Indian international...
Persistent link: https://www.econbiz.de/10012732814
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Delisting Returns and Their Effect on Accounting-Based Market Anomalies
Beaver, William H. - 2009
We show that tests of market efficiency are sensitive to the inclusion of delisting firm-years. When included, trading strategy returns based on anomaly variables can increase (for strategies based on earnings, cash flows and the book-to-market ratio) or decrease (for a strategy based on...
Persistent link: https://www.econbiz.de/10012721486
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Patterns in the Timing of Corporate Event Waves
Rau, P. Raghavendra - 2009
Corporate events happen in waves. In this paper, we examine the timing patterns of five different types of corporate event waves (new stock and seasoned equity issues, stock and cash-financed acquisitions, and stock repurchases) using a comprehensive dataset of more than 151,000 corporate...
Persistent link: https://www.econbiz.de/10012721492
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Does the Market Incorporate Previous IPO Withdrawals When Pricing Second-Time Ipos?
Lian, Qin - 2009
We find that second-time IPOs (issuers that return to the IPO market successfully after withdrawing their first IPOs) sell at a significant discount relative to similar contemporaneous first-time IPOs (IPOs that succeed in their first attempts). This result indicates that the withdrawal event,...
Persistent link: https://www.econbiz.de/10012721537
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Agency Theory of Overvalued Equity as an Explanation for the Accrual Anomaly
Kothari, S.P. - 2009
We show that the agency theory of overvalued equity (see Jensen, 2005) rather than investors' fixation on accruals explains the accrual anomaly, i.e., abnormal returns to an accrual trading strategy (see Sloan, 1996).Under the agency theory of overvalued equity, managers of overvalued firms are...
Persistent link: https://www.econbiz.de/10012721710
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The Economic Consequences of Firms' Voluntary Submission to Greater External Scrutiny
Louis, Henock - 2009
There is a significant positive market reaction to merger announcements by acquiring firms that use lower quality external auditors. One explanation for the positive performance of these firms is that their cost-of-capital is reduced as a result of their voluntary submission to the intense...
Persistent link: https://www.econbiz.de/10012722078