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The Causal Effect of Religious Piety on Shareholder Wealth : Evidence from Acquirer Returns and Historical Religious Identification
Chintrakarn, Pandej - 2015
Prior research shows that religion promotes honesty. Honesty in turn motivates managers to view an expropriation from shareholders as self-serving, opportunistic, and unethical, thereby alleviating the agency conflict. Religious piety is thus expected to discourage agency-driven acquisitions...
Persistent link: https://www.econbiz.de/10013009377
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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
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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 returns due to the announcement of mergers and acquisitions (M&A) and return on equity funds five years before and after M&A have been examined. The study also performs a...
Persistent link: https://www.econbiz.de/10013099698
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Takeover Vulnerability and the Behavior of Short-Term Stock Returns
Chae, Joon - 2013
This paper proposes and tests the hypothesis that takeover vulnerability contributes to short-term price reversal by … motivating investors to trade speculatively and also by making investors demand immediacy in their trades. That is, takeover … several different measures of takeover vulnerability, we find that takeover vulnerability is positively related to price …
Persistent link: https://www.econbiz.de/10013083343
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The Post-Deal Returns of Acquiring Firms : Evidence of an Investment-based Explanation
Mortal, Sandra - 2013
This paper examines an investment-based explanation for the poor post-deal returns associated with acquisitions. Using a large sample of U.S. firms, we find that the post-deal abnormal stock returns, operating returns, and analyst forecast errors associated with acquisitions are similar to those...
Persistent link: https://www.econbiz.de/10013093729
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Does the Stock Market Expect Upcoming Merger Activity?
Saidiev, Ulugbek - 2014
The study introduces empirical evidence that there are statistically significant relationships between intensity of upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of assets pricing
Persistent link: https://www.econbiz.de/10013065679
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Corporate Multinationality and Acquirer Returns
Agyei-Boapeah, Henry - 2020
This paper provides evidence on how corporate multinationality from the perspective of acquiring firms relates to M&A returns. Using multivariate regressions and a large dataset of over 6,000 M&As (both cross-border and domestic) by UK firms during 1987 to 2014, the paper finds multinationality...
Persistent link: https://www.econbiz.de/10012841978
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...
Persistent link: https://www.econbiz.de/10012843225
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The Decision to Acquire Listed vs. Unlisted Firms : Determinants and Value Effects in the Spanish Stock Market
Farinós Viñas, José Emilio - 2017
We examine the determinants of the decision to acquire a listed vs. an unlisted firm and extend the previous evidence of value creation after controlling for endogeneity due to self–selection bias. We also control for market valuation conditions, finding that results are conditional to them....
Persistent link: https://www.econbiz.de/10012951185