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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

Stock Acquisitions, Investor Recognition, and Announcement Returns

Lei, Adam Y.C. - 2019

We examine how using stock as the method of payment affects a bidder's investor base and investor recognition, and the bidder announcement return. We hypothesize that relative to a cash acquisition, a stock acquisition would increase the bidder's investor base and lower Merton's (1987) shadow...

Persistent link: https://www.econbiz.de/10012903756

Post-merger returns in frontier markets, or how we learned to stop worrying and love the acquirers

Zaremba, Adam; Szyszka, Adam; Płotnicki, Michał; … - In: Journal of business economics and management 19 (2018) 1, pp. 96-109

This study presents the results from a comprehensive out-of-sample test of long-run returns following mergers and acquisitions (M&As). Using a unique sample from 23 frontier markets of almost 800 transactions conducted during the years 1992 to 2016, we implement both cross-sectional tests and...

Persistent link: https://www.econbiz.de/10012174722

An Investigation of Australian Takeover Firm Returns from an Investor Viewpoint

Madam, Anna - 2011

This study employs comprehensive data from the Australian market to investigate takeover firm returns from an investor … takeover wealth gains for four investor classes which are the domestic domiciled nominees, superannuation (pension) funds … that investors realise a takeover return which is commensurate with their information level. The evidence further indicates …

Persistent link: https://www.econbiz.de/10013121674

How Market Sentiment Drives Forecasts of Stock Returns

Frydman, Roman - 2020

We reveal a novel channel through which market participants' sentiment influences how they forecast stock returns: their optimism (pessimism) affects the weights they assign to fundamentals. Our analysis yields four main findings. First, if good (bad) “news” about dividends and interest...

Persistent link: https://www.econbiz.de/10012834037

Institutional Investor Sentiment and Aggregate Stock Returns

Gao, Xiang - 2020

This paper examines the equity market return predictability of institutional investor sentiment, in comparison to individual investor sentiment. Our findings suggest that institutional traders are informed, and that their sentiment helps tilting stock prices towards the intrinsic value. This is...

Persistent link: https://www.econbiz.de/10012834251

Information Acquisition Experience, Investor Sophistication, and IPO Price Pressure

Köchling, Gerrit; Posch, Peter N.; Schmidtke, Philipp - 2021

We propose a simple measure of investor sophistication based on financial statement experience derived from publicly available EDGAR log data about accounting information acquisition activity. This approach allows us to provide unique empirical evidence for the existence of attention induced...

Persistent link: https://www.econbiz.de/10013236779

Let Me Sleep on It : Sleep and Investor Reactions to Earnings Surprises

Hagendorff, Jens; Gonzalez, Angelica; Li, Xuhao - 2021

We explore if sleep deprivation affects how investors react to relevant news. Using the transition to Daylight Saving Time (DST) in the spring as a disruption to sleeping patterns, we show that investors underreact to a firm’s earnings surprise in the days after the transition to DST. Further,...

Persistent link: https://www.econbiz.de/10013238229

Stock Price Synchronicity, Cognitive Biases, and Momentum

Chen, Chen; Doukas, John A. - 2021

The momentum anomaly is widely attributed to investor cognitive biases, but the trigger of cognitive biases is largely unexplored. In this study, inspired by psychology studies linking cognitive biases to the noisiness of information, we examine whether momentum returns are associated with high...

Persistent link: https://www.econbiz.de/10013251937

Return prediction or investor manipulation? Recommendations of non-professional analysts and stock price movement

Breuer, Wolfgang; Knetsch, Andreas; Sachsenhausen, Eric - 2022

We examine article, author and firm characteristics of investment articles published by non-professional analysts on the social media investment platform Seeking Alpha from 2006 to 2020 leading to visible market value changes. We show that there are differences between articles followed by stock...

Persistent link: https://www.econbiz.de/10013290160

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