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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 options market. The analysis suggests that in about 25%-33% of events there is abnormal option trading volume during the month that precedes the announcement. Such evidence is...
Persistent link: https://www.econbiz.de/10013133655
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Are Stock-for-Stock Acquirers of Unlisted Targets Really Less Overvalued?
Louis, Henock - 2012
Extant studies often assume that targets' private ownership mitigates acquirers' incentives and opportunities to finance acquisitions with inflated stocks. This view stems from the observation that, although the average stock-for-stock acquirer's merger announcement abnormal return is negative...
Persistent link: https://www.econbiz.de/10013114481
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Are Stock-for-Stock Acquirers of Unlisted Targets Really Less Overvalued?
Louis, Henock - 2012
Extant studies on the market reaction to acquisition announcements often assume that targets' private ownership mitigates acquirers' incentives and opportunities to finance acquisitions with inflated stocks. This view is supported by the observation that, although the average stock-for-stock...
Persistent link: https://www.econbiz.de/10013104369
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Director Networks and Takeovers
Renneboog, Luc - 2013
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013074605
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Director Networks and Takeovers
Renneboog, Luc - 2013
We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …
Persistent link: https://www.econbiz.de/10013075936
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Do Insiders Time Management Buyouts and Freezeouts to Buy Undervalued Targets?
Harford, Jarrad - 2018
We provide evidence that managers and controlling shareholders time management buyouts (MBOs) and freezeout transactions to take advantage of industry-wide undervaluation. Portfolios of industry peers of MBO and freezeout targets show significant alphas of around 1% per month over the 12-month...
Persistent link: https://www.econbiz.de/10012936053
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Can Serial Acquirers Be Profiled?
Macias, Antonio J. - 2016
We show that the characteristics of serial acquirers are very different from those studied in prior research. Specifically, we find four major types of acquirers common in the data – loners, occasional acquirers, sprinters, and marathoners. Importantly, these acquirers can be distinguished on...
Persistent link: https://www.econbiz.de/10013003388
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Do Cross-Border and Domestic Bidding Firms Perform Differently? New Evidence from Continental Europe and the UK
Mateev, Miroslav - 2015
European countries in the period 2003-2010. The analysis is based on characteristics of takeover transactions such as the type …
Persistent link: https://www.econbiz.de/10013018655
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Managerial Talk of Trust and Takeover Performance
Ghufran, Bushra - 2021
of SEC filings (10-K Form) and the prognostic power of such language for takeover performance. The sample under study … long-term takeover performance, suggesting that managerial virtuous talk is, in practicality, an indication of lower post …-acquisition gains for the acquirers in the long run. Furthermore, takeover returns are found to reflect textual information on trust …
Persistent link: https://www.econbiz.de/10013243561
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Do Acquirers’ Stock Prices Fully React to the Acquisition Announcement of Listed vs. Unlisted Target Firms? Out-of-Sample Evidence from Spain
Latorre Guillem, Miguel - 2014
This note examines whether prices fully reflect value creation or destruction at the time of the acquisition announcement when samples are split into listed and unlisted target firms as previous international results are ambiguous about this subject. We find that the Spanish market fully react...
Persistent link: https://www.econbiz.de/10013062450