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Cross-border acquisitions and shareholders’ wealth : the case of the Indian pharmaceutical sector
Wajid, Abdul; Sabiha, Anjim; Akhtar, Shakeb; Tabash, … - In: Journal of risk and financial management : JRFM 15 (2022) 10, pp. 1-17
Cross-border acquisitions by Indian companies have increased tremendously, especially during the last two decades, and the pharmaceutical industry is one of the top acquiring industries. This study verifies the relationship between cross-border acquisitions and shareholders’ wealth in the...
Persistent link: https://www.econbiz.de/10013471449
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Do announcement returns contain information about value creation?
Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey - 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/10012263196
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Impact of Mergers and Acquisitions on Returns to Shareholders of Acquiring Firms : Indian Economy in Perspective
Rani, Neelam - 2012
The paper examines the returns to shareholders of acquiring companies in India during the period 2003-08. The abnormal …
Persistent link: https://www.econbiz.de/10013099698
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Value Creation Estimates Beyond Announcement Returns : Mega-Mergers versus Other Mergers
Bayazitova, Dinara - 2012
value for the acquirer. However, announcement returns combine information about value creation because of the merger and a … the merger. We find that despite their negative average announcement returns, acquisitions of public targets typically do …
Persistent link: https://www.econbiz.de/10013116674
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Corporate acquisitions and firm-level uncertainty : domestic versus cross-border deals
Bai, Ye; Girma, Sourafel; Riaño, Alejandro - 2020
-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …
Persistent link: https://www.econbiz.de/10012158166
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The Effects of Cross-Border Acquisitions on the Value of Rivals : International Evidence
Yilmaz, Umit - 2023
This paper examines the effects of horizontal cross-border mergers and acquisitions on the value of industry rivals. Using firm-level data from 45 countries during the period 1990–2020, I find that the average stock price reactions of industry rivals around deal announcements are significantly...
Persistent link: https://www.econbiz.de/10014257940
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Mergers and acquisitions (M&AS) by R&D intensive firms
Dutta, Shantanu; Kumar, Vinod - In: Journal of risk and financial management : JRFM 2 (2009) 1, pp. 1-37
In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we...
Persistent link: https://www.econbiz.de/10011556072
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Rumors of Mergers and Acquisitions : Market Efficiency and Markup Pricing
Chou, Hsin-I - 2011
analysis of takeover rumors of publically traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …
Persistent link: https://www.econbiz.de/10013133068
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Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market
Siougle, Georgia - 2011
This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and …
Persistent link: https://www.econbiz.de/10013133655
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Do Wealth Creating Mergers and Acquisitions Really Hurt Acquirer Shareholders?
Masulis, Ronald W. - 2012
We examine the expected economic benefits of mergers and acquisitions. We conclude that both signaling and revelation biases are responsible for the commonly reported finding that on average takeovers are harmful to bidder shareholder wealth. After accounting for these two biases that lead to a...
Persistent link: https://www.econbiz.de/10013115049