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The effect of industry restructuring on peer firms

Holcomb, Alex; Mason, Paul - In: Journal of Risk and Financial Management 14 (2021) 5, pp. 1-25

We study the bond price reaction of a merged firms peers, in order to better understand how the market responds to a restructuring. We argue that a merger announcement may signal the possibility of a merger wave to the industry, and in doing so, increase the conditional probability that peer...

Persistent link: https://www.econbiz.de/10012611762

Is rated debt arm's length? Evidence from mergers and acquisitions

Gropp, Reint E.; Hirsch, Christian; Krahnen, Jan Pieter - 2011

In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...

Persistent link: https://www.econbiz.de/10010308570

Mergers and acquisitions (M&AS) by R&D intensive firms

Dutta, Shantanu; Kumar, Vinod - In: Journal of Risk and Financial Management 2 (2009) 1, pp. 1-37

difficulties of a target by an R&D intensive firms and suggests that investor might be skeptical of such acquisitions and react …

Persistent link: https://www.econbiz.de/10011843216

Cross-border acquisitions and shareholders' wealth: The case of the Indian pharmaceutical sector

Wajid, Abdul; Sabiha, Anjim; Akhtar, Shakeb; Tabash, … - In: Journal of Risk and Financial Management 15 (2022) 10, pp. 1-17

Cross-border acquisitions by Indian companies have increased tremendously, especially during the last two decades, and …-border acquisitions and shareholders' wealth in the Indian pharmaceutical sector. For this purpose, the data related to acquisitions were … current research prescribe that cross-border acquisitions have a positive and significant impact on shareholders' wealth …

Persistent link: https://www.econbiz.de/10014332636

Winning by Losing: Evidence on Overbidding in Mergers

Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - 2011

Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder …

Persistent link: https://www.econbiz.de/10010326182

The impact of horizontal mergers on rivals: Gains to being left outside a merger

Clougherty, Joseph; Duso, Tomaso - 2008

It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert-identification of relevant rivals and the event-study...

Persistent link: https://www.econbiz.de/10010333740

Pre-emptive horizontal mergers: theory and evidence

Molnár, József - 2007

This paper proposes and tests an explanation as to why rational managers seeking to maximize shareholder value can pursue value-decreasing mergers. It can be optimal to overpay for a target firm and decrease shareholder value if the loss is less than in an alternative where the merger is...

Persistent link: https://www.econbiz.de/10012148006

Abnormal returns and idiosyncratic volatility puzzle: An empirical investigation in Vietnam stock market

In: Cogent Economics & Finance 8 (2020) 1, pp. 1-25

This paper aims to examine the relation between idiosyncratic volatility (IVOL) and stock returns with full-sample and conditional alpha sub-samples in Vietnam stock market covering the period from January 2008 to December 2018. We test the IVOL effect on stock returns employing Fama-Macbeth...

Persistent link: https://www.econbiz.de/10012657581

Risk and returns of Indian listed firms after demonetisation

Sureshkumar, Varsha; Balasubramanian, P. - In: Cogent Economics & Finance 9 (2021) 1, pp. 1-30

This paper aims to understand the impact of demonetisation on the returns of listed firms in the NSE, as well as changes to their corresponding industry level systematic risk. Firstly, this paper examined a larger sample of Indian listed firms and a broader group of industries in its analysis...

Persistent link: https://www.econbiz.de/10014001369

Measuring the effect of the North Korea-U.S. summit on the South Korean stock market

Al-Hares, Osama M.; Ramiah, Vikash; Moosa, Nisreen; … - In: Cogent Economics & Finance 7 (2019) 1, pp. 1-22

We examine the effects of the North Korea-U.S. summit and related events on the South Korean stock market over the period March 2018 to June 2018. Employing the event study methodology, we estimate sectoral abnormal returns following the events surrounding the summit and conduct several...

Persistent link: https://www.econbiz.de/10014001435

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