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Value Ambiguity and Gains from Acquisitions of Unlisted Targets

Barbopoulos, Leonidas; Paudyal, Krishna; Pescetto, Gioia - Centre for Research into Industry, Enterprise, Finance … - 2008

This paper examines the announcement period and the post acquisition gains of UK acquirers of unlisted targets that are subject to value-ambiguity. The evidence shows that target’s age, size, intangibility of assets, and investments can explain the variations in bidding firm’s abnormal...

Persistent link: https://www.econbiz.de/10005807927

Do cash stockpiles fuel cash acquisitions?

Pinkowitz, Lee; Sturgess, Jason; Williamson, Rohan - In: Journal of Corporate Finance 23 (2013) C, pp. 128-149

U.S. firms currently hold a $2trillion cash stockpile. We examine if cash stockpiles fuel cash acquisitions by studying … that the link between cash stockpiles and cash acquisitions is not obvious. …

Persistent link: https://www.econbiz.de/10010719623

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

Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - Center for Financial Studies - 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/10010958748

What are the Causes and Effects of M&As? The UK Evidence

Jie (Michael) Guo; Petmezas, Dimitris - In: Multinational Finance Journal 16 (2012) 1-2, pp. 21-47

This paper examines the link between the causes and effects of mergers and acquisitions. By using a sample of UK … acquisitions, which have the distinct characteristics of limited use of stock as means of payment and dominance of private … acquisitions, the evidence shows that, on average, there is a substantial price run-up for acquirers prior to an acquisition …

Persistent link: https://www.econbiz.de/10010934085

Credit ratings and the choice of payment method in mergers and acquisitions

Karampatsas, Nikolaos; Petmezas, Dimitris; Travlos, … - In: Journal of Corporate Finance 25 (2014) C, pp. 474-493

This paper establishes that credit ratings affect the choice of payment method in mergers and acquisitions. We find …

Persistent link: https://www.econbiz.de/10010753519

The effect of stock misvaluation and investment opportunities on the method of payment in mergers

Di Giuli, Alberta - In: Journal of Corporate Finance 21 (2013) C, pp. 196-215

This paper tests the effect of firms' mispricing and investment opportunities on the method of payment in mergers. Using a new proxy for investment opportunities and a sample of 1187 mergers completed between 1990 and 2005 among US publicly traded firms, I find that acquirers lead the decision...

Persistent link: https://www.econbiz.de/10010664736

Takeover Prediction Models and Portfolio Strategies: A Multinomial Approach

Powell, Ronan G. - In: Multinational Finance Journal 8 (2004) 1-2, pp. 35-72

This paper uses a multinomial framework to develop several takeover prediction models. The motivation for this approach lies with Morck, Shleifer and Vishny (1988), who note that separate considerations are appropriate for predicting which firms are subject to hostile (disciplinary) and friendly...

Persistent link: https://www.econbiz.de/10010937163

Chief Executive Officer departures and market uncertainty

Cheung, W Jane; Jackson, Andrew B - In: Australian Journal of Management 38 (2013) 2, pp. 279-310

This study investigates the effect on stock return volatility of a significant event in the life of a firm, a change in its Chief Executive Officer (CEO). Citing weaknesses in the prior literature, we bring a new approach to re-examine the issue. Firstly, we use a relatively unbiased...

Persistent link: https://www.econbiz.de/10010698589

Revisiting the Merger and Acquisition Performance of European Banks

Asimakopoulos, Ioannis; Athanasoglou, Panayiotis - Bank of Greece - 2009

The study examines the value creation of Merger and Acquisition (M&A) deals in European Banking from 1990-2004. This is performed, first, by examining the stock price reaction of banks to the announcement of M&A deals and, second, by analysing the determinants of this reaction. The findings...

Persistent link: https://www.econbiz.de/10005002690

Event studies and the importance of the estimation methodology

García, John Jairo - In: Lecturas de Economía (2009) 70, pp. 223-235

This paper aims to review the literature on event studies. It highlights the importance of the methodology used for estimating long-run abnormal returns, as event studies are sensitive to the returns generating process in this time horizon (Savickas, 2003, and Aktas et al., 2007). We find that...

Persistent link: https://www.econbiz.de/10005009868

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