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Searching for value-enhancing acquirers

Liodakis, Manolis; Pang, Che - In: International mergers and aquisitions activity since …, (pp. 51-78). 2007

Persistent link: https://www.econbiz.de/10003499814

The market value effect of digital mergers and acquisitions : evidence from China

Tang, Haodan; Fang, Senhui; Jiang, Dianchun - In: Economic modelling 116 (2022), pp. 1-17

Persistent link: https://www.econbiz.de/10014512477

Do Acquirer Announcement Returns Reflect Value Creation?

Ben-David, Itzhak - 2020

Stock returns around acquisition announcements are widely viewed as being reflective of the net present value created by these transactions. As such, announcement returns should correlate with acquisition outcomes. Using a new measure of realized transaction-level acquisition failure, as well as...

Persistent link: https://www.econbiz.de/10012482196

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

Is the value effect due to M&A deals? : evidence from the Italian stock market

Roma, Antonio - In: Economic notes 51 (2022) 1, pp. 1-18

Persistent link: https://www.econbiz.de/10012795400

Stapled Financing, Value Certification, and Lending Efficiency

Aslan, Hadiye - 2015

We examine whether financing commitments from a target firm's financial advisor, in the form of stapled financing, provide certification of target value. Using a dataset of leveraged buyouts spanning 2002-2011, and addressing endogeneity issues, we find that stapled financing has significantly...

Persistent link: https://www.econbiz.de/10013014437

Target Revaluation after Failed Takeover Attempts - Cash versus Stock

Malmendier, Ulrike - 2015

Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on … unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by 15% after deal … longer horizons. We find no evidence that future takeover activities or operational changes explain these differences …

Persistent link: https://www.econbiz.de/10013038190

The decision to acquire listed vs. unlisted firms : determinants and value effects in the Spanish stock market

Farinós Viñas, José Emilio; Herrero, Begoña; … - In: Revista de economía aplicada : REA 25 (2017) 73, pp. 55-94

Persistent link: https://www.econbiz.de/10012261715

Do acquirer announcement returns reflect value creation?

Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey E. - 2020

Persistent link: https://www.econbiz.de/10012391459

Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave

Moeller, Sara B. - 2004

Acquiring-firm shareholders lost 12 cents at the announcement of acquisitions for every dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7 billion in all of the 1980s, or 1.6 cents per dollar spent. Though the announcement losses to...

Persistent link: https://www.econbiz.de/10012468494