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Market reaction to mergers and acquisitions is a popular research topic in finance. It has been well documented in empirical literature that target companies earn significant abnormal market returns in corporate acquisitions. However, the effects of stock market crashes, and the effects of...
Persistent link: https://www.econbiz.de/10013052351
We evaluate and compare market reaction to syndicated loan announcements for two sets of high-profile banks, consisting of five banks that failed in 2008 during the financial crisis and the five banks that ultimately acquired them. Results show that loan announcements are viewed differently for...
Persistent link: https://www.econbiz.de/10012913837
Persistent link: https://www.econbiz.de/10010473382
Merger deals are one of the most important business strategies which can change the company value dramatically. Mergers … analyze merger activities during economic crisis periods, as it was in Greece recently. This paper explores the accounting … for one year before and after the merger. The analysis of Greek listed companies that comprise the final sample is …
Persistent link: https://www.econbiz.de/10012506241
We study the effect of ambiguity on the formation of bubbles and on the occurrence of crashes in experimental asset markets à la Smith, Suchanek, and Williams (1988). We extend their framework to an environment where the fundamental value of the asset is ambiguous. We show that, when the...
Persistent link: https://www.econbiz.de/10012909268
Using data from 43 markets around the world, we document that firms with larger goodwill balances have a higher stock price crash risk in future years. The positive association between goodwill balances and future crash risk is stronger for firms with weaker incentives to provide transparent...
Persistent link: https://www.econbiz.de/10012858451
We evaluate the association between intangible intensity and stock price crash risk for U.S. listed firms from 1983 to 2017. The results show that intangible-intensive firms are associated with high crash risk. The decomposition of intangible intensity identifies goodwill as the driving force...
Persistent link: https://www.econbiz.de/10012845135
Persistent link: https://www.econbiz.de/10012295936
The aim of the study is to estimate the level of competition and concentration in the Polish banking sector in 1997-2009 (prior the financial crisis and during the crisis). In this paper the Panzar and Rosse model (P-R) and the Lerner index (LI) have been used for the evaluation of competition....
Persistent link: https://www.econbiz.de/10013096327
The present study focuses upon the comparison between the pre and post merger financial performance of the Indian …
Persistent link: https://www.econbiz.de/10013022450