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Cash Holdings and Bond Returns Around Takeovers
Podolski, Edward - 2016
paper is the first to document the role of cash holdings on bondholder wealth around takeover announcements …
Persistent link: https://www.econbiz.de/10013006488
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The Evidence on Market Abnormal Returns in Acquisitions on the Warsaw Stock Exchange
Perepeczo, Agnieszka - 2014
The paper provides evidence on abnormal returns performance in acquisitions on the Warsaw Stock Exchange. From a variety of measures, the authors chose the event study methodology, used in developed markets to evaluate post-acquisition performance and based on the market data, and Cumulative...
Persistent link: https://www.econbiz.de/10013040377
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The Effect of Credit, Liquidity and Rollover Risk on Bondholder Wealth in Mergers and Acquisitions
Jankowitsch, Rainer; Pauer, Florian - 2021
We analyze M&A announcements and focus on the potential impact of these deals on bond prices in the US corporate bond market. In particular, we investigate the effect of changes in credit, liquidity and rollover risk. This is important, as especially target firms are often small with rather...
Persistent link: https://www.econbiz.de/10013222553
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Controlling Shareholder Stock Pledge, Aggravated Expropriation and Corporate Acquisitions
Yan, Siyuan - 2020
We examine the effects of controlling shareholder stock pledge on corporate acquisition decisions and associated performance. Consistent with our aggravated expropriation hypothesis, we find that pledging firms in China initiate more takeovers, but these acquisitions conducted by pledging firms...
Persistent link: https://www.econbiz.de/10012832661
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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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Creditor Rights, Claims Enforcement, and Bond Returns in Mergers and Acquisitions
Renneboog, Luc - 2016
By means of an international sample of cross-border mergers and acquisitions (M&As) involving firms with outstanding Eurobonds from the US, Europe, and other countries around the world, we show that bond performance around M&A announcements is sensitive to cross-country differences in creditor...
Persistent link: https://www.econbiz.de/10012996646
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Abnormal Returns and Asymmetric Information Surrounding Strategic and Financial Acquisitions
Osborne, Sarah - 2019
Using United States takeover bids, we investigate the importance of information asymmetry in self-selection when … evaluating the abnormal returns of financial versus strategic takeover targets during a period of possible informed trade. Sample … selection bias due to differences in financial versus strategic takeover bids information environments is controlled for using …
Persistent link: https://www.econbiz.de/10012864318
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It's the market power, stupid! : stock return patterns in international bank M&A
Hankir, Yassin; Rauch, Christian; Umber, Marc - 2009
of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M …
Persistent link: https://www.econbiz.de/10003893085
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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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The Effect of Stock Misvaluation and Investment Opportunities on the Method of Payment in Mergers
Di Giuli, Alberta - 2012
This paper tests the effect of firms' mispricing and investment opportunities on the method of payment in mergers. Using a new proxy for investment opportunities and a sample of 1,187 mergers completed between 1990 and 2005 among US publicly traded firms, I find that acquirers lead the decision...
Persistent link: https://www.econbiz.de/10013115271