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Do announcement returns contain information about value creation?
Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey - 2020
returns. Our results cast doubt on the usefulness of announcement returns as a measure of the value created in acquisitions …
Persistent link: https://www.econbiz.de/10012263196
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The effect of industry restructuring on peer firms
Holcomb, Alex; Mason, Paul - In: Journal of risk and financial management : JRFM 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/10012534527
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Corporate takeovers and economic efficiency
Eckbo, B. Espen - 2013
I review recent takeover research which advances our understanding of "who buys who" in the drive for productive efficiency. This research provides detailed information on text-based definitions of product market links between bidders and targets, the role of the supply chain and industrial...
Persistent link: https://www.econbiz.de/10010254150
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Market reactions to the closest peer firm's analyst revisions
Hope, Ole-Kristian; Zhao, Wuyang - 2016
Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm's...
Persistent link: https://www.econbiz.de/10011547602
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The Buyback Monitor – July 2010 : Corporate Stock Buyback Profits of 275 Firms 2000-2010
Gumport, M. A. - 2011
This report updates and expands earlier studies to look at the profitability of $349.7 billion of buybacks executed from 2000 through early 2010 by a sample of 275 corporations. The sample companies, drawn mainly from the technology sector, enjoy total equity market value today of $945.6...
Persistent link: https://www.econbiz.de/10013133330
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Bonding, Firm Value and Liquidity : An Analysis of Migrations Between the AIM and the Official List of the London Stock Exchange
Campbell, Kevin - 2011
Firms changing their listing from the less regulated AIM to the more regulated main section of the London Stock Exchange exhibit positive returns on the day the decision is announced, while for firms moving in the opposite direction both announcement and implementation day returns are negative....
Persistent link: https://www.econbiz.de/10013133544
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Better Portfolio Diversification – A Neglected Aspect of Stock Splits : Findings from Indian Stock Market
Datta, Debabrata - 2012
Several theories like optimal trading range hypothesis, liquidity hypothesis, signaling hypothesis have been advanced in relation to this non-economic corporate event. But still there is need to study the investors' optimizing behavior after stock split. With this focus on optimization of the...
Persistent link: https://www.econbiz.de/10013100550
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CEO Personal Risk-Taking and Corporate Policies
Cain, Matthew D. - 2014
This study analyzes the relation between CEO personal risk-taking, managerial risk-taking and total firm risk. We find evidence that CEOs who possess private pilot's licenses, our proxy for personal risk-taking, are associated with riskier firms. Firms led by CEO pilots have higher equity return...
Persistent link: https://www.econbiz.de/10013068444
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Equity Versus Asset Acquisitions in the REIT Industry
Huerta, Daniel - 2019
We examine the differing influences of equity and asset acquisitions in Real Estate Investment Trusts (REITs …) considering the prevalence of REIT asset acquisitions as frequent and major investment decisions. We examine the impact of asset … acquisitions are better for the acquiring firm than equity acquisitions. Specifically, we find that equity acquisitions result in …
Persistent link: https://www.econbiz.de/10012902911
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Insider Sales in IPOs : Consequences of Liquidity Needs
Chua, Ansley - 2017
We examine the causes and consequences of insiders' liquidity needs as a motivation for the secondary sales in an initial public offering (IPO). Four main findings resulted from our analysis: (1) lower levels of pre-IPO cash holdings lead to lower levels of executive compensation, (2) smaller...
Persistent link: https://www.econbiz.de/10012945474