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Run-Up of Acquirer's Stock in Public and Private Acquisitions
Cumming, Douglas J. - 2010
Acquisition announcements generate predictable movements in the price of the acquirer's stock. For example, post-announcement returns are typically negative for high Tobin's q acquirers, stock transactions, and foreign targets, but positive for private equity-backed private targets....
Persistent link: https://www.econbiz.de/10013148707
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Taking China Private : The Carlyle Group, Leveraged Buyouts and Financial Capitalism in Greater China
Cumming, Douglas J. - 2014
This paper analyses the introduction of leveraged buyouts in China and Taiwan. It focuses on how leveraged buyout firms (foreign financial intermediaries) operate in institutional environments where the state and family blockholder groups are important owners and stakeholders in the private...
Persistent link: https://www.econbiz.de/10013048432
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Run-Up of Acquirer’s Stock in Public and Private Acquisitions
Cumming, Douglas J. - 2014
Manuscript Type: EmpiricalResearch Question/Issue: This paper empirically examines whether there is pre-announcement movement of an acquirer's share price and trading volume prior to the announcement of acquisitions in ways consistent with insider trading. Prior papers focus on insider trading...
Persistent link: https://www.econbiz.de/10013069704
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Does speculative news hurt productivity? : evidence from takeover rumors
Andres, Christian; Bazhutov, Dmitry; Cumming, Douglas J.; … - 2023
that firm productivity temporarily declines upon announcements of speculative takeover rumors that do not materialize. This … speculative financial news and the costs of takeover threats. …
Persistent link: https://www.econbiz.de/10014234328
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Run-Up of Acquirer's Stock in Public and Private Acquisitions
Cumming, Douglas J. - 2010
Acquisition announcements generate predictable movements in the price of the acquirer's stock. For example, post-announcement returns are typically negative for high Tobin's q acquirers, stock transactions, and foreign targets, but positive for private equity-backed private targets....
Persistent link: https://www.econbiz.de/10013136477
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Does speculative news hurt productivity? : evidence from takeover rumors
Andres, Christian; Bazhutov, Dmitry; Cumming, Douglas J.; … - 2021
Takeover speculation may hurt productivity because uncertainty and threat of job loss cause anxiety, distraction, and … productivity temporarily declines after announcements of speculative takeover rumors that do not materialize. This productivity dip … news, which are common in financial markets, and the costs of the takeover threat. …
Persistent link: https://www.econbiz.de/10012816126
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Does speculative news hurt productivity? : evidence from takeover rumors
Andres, Christian; Bazhutov, Dmitry; Cumming, Douglas J.; … - 2021 - [Vers. 04/2024]
announcements of takeover rumors that do not materialize. Such speculative news may hurt productivity because uncertainty and threat … effects of speculative financial news and the costs of takeover threats. …
Persistent link: https://www.econbiz.de/10014540304
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The Value of Capital Market Regulation : IPOs versus Reverse Mergers
Carpentier, Cécile - 2012
We analyze the economic consequences of disclosure and regulation within a context of significant information asymmetry and lenient regulation. In Canada, firms can enter the stock market at a pre-revenue stage by fulfilling each of the requirements of an initial public offerings or using...
Persistent link: https://www.econbiz.de/10013115006
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End-of-Day Price Manipulation and M&As
Cumming, Douglas J. - 2019
Based on M&As from over 45 countries from 2003-2014, we show that the presence of end-of-day (EOD) target price manipulation prior to M&As increases the probability of an M&A deal withdrawal, and decreases the premium paid. More detailed exchange trading rules that govern manipulation across...
Persistent link: https://www.econbiz.de/10012898028
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Market Manipulation and Corporate Culture
Akter, Maimuna; Cumming, Douglas J. - 2022
We propose that market manipulation, which brings about both managerial short-termism and an opaque environment, has a negative causal impact on the four dimensions of corporate culture: compete, control, create, and collaborate. We test this proposition by matching corporate culture dimensions...
Persistent link: https://www.econbiz.de/10013291633