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Economic Determinants and Information Environment Effects of Earnouts : New Insights from SFAS 141(R)
Cadman, Brian D. - 2013
Contingent considerations (“earnouts”) in acquisition agreements provide sellers with future payments conditional on meeting certain conditions. Prior research provides evidence that acquiring firms use earnouts to minimize agency costs associated with acquisitions. Using earnout fair value...
Persistent link: https://www.econbiz.de/10013091195
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Investor Inattention and Managerial Opportunism – Evidence from Mergers and Acquisitions
Ahmad, Muhammad Farooq - 2020
We use the unique setting of Malaysian mergers and acquisitions (M&A) activity to test the effect of market-wide investor inattention when managers are attentive. During Ramadan, mainly Muslim investors are likely to be distracted while mainly non-Muslim managers are likely to be attentive and...
Persistent link: https://www.econbiz.de/10012835460
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The Cultural Origin of CEOs’ Attitudes Towards Uncertainty : Evidence from Corporate Acquisitions
Pan, Yihui - 2019
We examine the role of cultural heritage in shaping U.S. CEOs' attitudes toward uncertainty, in the context of their corporate acquisition decisions. We find that CEOs with a more uncertainty-avoiding cultural heritage are less likely to engage in acquisitions. Conditional on making an...
Persistent link: https://www.econbiz.de/10012901719
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Economic Determinants and Information Environment Effects of Earnouts : New Insights from SFAS 141(R)
Cadman, Brian D. - 2014
Contingent considerations (earnouts) in acquisition agreements provide sellers with future payments conditional on meeting certain conditions. Prior research provides evidence that acquiring firms use earnouts to minimize agency costs associated with acquisitions. Using earnout fair value...
Persistent link: https://www.econbiz.de/10013057714
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The Anchoring Effect in Mergers and Acquisitions : Evidence from an Emerging Market
Stepanova, Anastasia - 2018
This article examines the presence of the reference price effect in mergers and acquisitions in Russia, which can act as a distortion in investor perception of the influence a deal has on a company. In this study we use the Russian market as a laboratory for the investigation of behavioral...
Persistent link: https://www.econbiz.de/10012929156
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Does Stock Misvaluation Drive Merger Waves?
Dong, Ming; Tremblay, Andreanne - 2021
Despite the mounting evidence that stock misvaluation affects takeover characteristics and outcomes at the deal level …
Persistent link: https://www.econbiz.de/10013225666
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Done Deal! Advisor impact on Pricing, Premia, Returns, and Deal Completion in M&A
Ecer, C. Fuat. J.; Trautmann, Stefan T. - 2021
We study the role of financial advisors in M&A for different advisor engagement constellations. We observe positive effects of both target and acquirer advisors on deal completion and prices. The unexpected positive price effect of acquirer advisors is further supported by evidence for higher...
Persistent link: https://www.econbiz.de/10013242424
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Neglected Peers in Merger Valuations
Guo, Feng; Liu, Tingting; Tu, Danni - 2021
’ informational advantage as well as their ability to facilitate future takeover transactions, appear to contribute to peers …
Persistent link: https://www.econbiz.de/10013212797
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Managerial Talk of Trust and Takeover Performance
Ghufran, Bushra - 2021
of SEC filings (10-K Form) and the prognostic power of such language for takeover performance. The sample under study … long-term takeover performance, suggesting that managerial virtuous talk is, in practicality, an indication of lower post …-acquisition gains for the acquirers in the long run. Furthermore, takeover returns are found to reflect textual information on trust …
Persistent link: https://www.econbiz.de/10013243561
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Earnings growth and acquisition returns : Do investors gamble in the takeover market?
Liu, Tingting; Tu, Danni - 2021
We document a strong positive initial market reaction to merger announcements from bidders with either large earnings growth or significant earnings decline, relative to those with neutral earnings change, reflecting a U-shaped pattern between bidders’ earnings growth and announcement returns....
Persistent link: https://www.econbiz.de/10013323516