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The intangibles song in takeover announcements : good tempo, hollow tune
Filipovic, Zoran M.; Wagner, Alexander F. - 2019
novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete … overoptimism. Overall, takeover announcements can provide important information regarding the quality of deals …
Persistent link: https://www.econbiz.de/10011976989
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Wealth Effects of Relative Firm Value in M&A Deals : Reallocation of Physical vs Intangible Assets
Bhattacharya, Debarati - 2020
This paper distinguishes between value creation through redistribution of physical assets and that from intangible assets. We decompose the market-to-book ratio into fundamental value and unexplained components and find that mergers create wealth when high-value firms primarily acquire physical...
Persistent link: https://www.econbiz.de/10012847168
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Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market
Siougle, Georgia - 2011
This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and options market. The analysis suggests that in about 25%-33% of events there is abnormal option trading volume during the month that precedes the announcement. Such evidence is...
Persistent link: https://www.econbiz.de/10013133655
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Are Stock-for-Stock Acquirers of Unlisted Targets Really Less Overvalued?
Louis, Henock - 2012
Extant studies often assume that targets' private ownership mitigates acquirers' incentives and opportunities to finance acquisitions with inflated stocks. This view stems from the observation that, although the average stock-for-stock acquirer's merger announcement abnormal return is negative...
Persistent link: https://www.econbiz.de/10013114481
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Are Stock-for-Stock Acquirers of Unlisted Targets Really Less Overvalued?
Louis, Henock - 2012
Extant studies on the market reaction to acquisition announcements often assume that targets' private ownership mitigates acquirers' incentives and opportunities to finance acquisitions with inflated stocks. This view is supported by the observation that, although the average stock-for-stock...
Persistent link: https://www.econbiz.de/10013104369
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Director Networks and Takeovers
Renneboog, Luc - 2013
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013074605
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Director Networks and Takeovers
Renneboog, Luc - 2013
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013075936
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Do Insiders Time Management Buyouts and Freezeouts to Buy Undervalued Targets?
Harford, Jarrad - 2018
We provide evidence that managers and controlling shareholders time management buyouts (MBOs) and freezeout transactions to take advantage of industry-wide undervaluation. Portfolios of industry peers of MBO and freezeout targets show significant alphas of around 1% per month over the 12-month...
Persistent link: https://www.econbiz.de/10012936053
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Can Serial Acquirers Be Profiled?
Macias, Antonio J. - 2016
We show that the characteristics of serial acquirers are very different from those studied in prior research. Specifically, we find four major types of acquirers common in the data – loners, occasional acquirers, sprinters, and marathoners. Importantly, these acquirers can be distinguished on...
Persistent link: https://www.econbiz.de/10013003388
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Do Cross-Border and Domestic Bidding Firms Perform Differently? New Evidence from Continental Europe and the UK
Mateev, Miroslav - 2015
European countries in the period 2003-2010. The analysis is based on characteristics of takeover transactions such as the type …
Persistent link: https://www.econbiz.de/10013018655