Narrow search
Showing 1 - 10 of 6,791
Cover Image
Return to Invested Capital and the Performance of Mergers and Acquisitions
Qian, Jun - 2017
We evaluate the efficiency of capital deployment for acquiring firms before M&As, defined as the return on invested capital net of the cost of capital, and link this measure to firms' post-acquisition performance. Acquirers with higher, pre-acquisition net returns on investment have superior...
Persistent link: https://www.econbiz.de/10012973061
Cover Image
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
Cover Image
Merger Waves, Pseudo Market Timing and Post-Merger Performance
Esmer, Burcu - 2016
Do managers time the market when they make merger decisions? Merger and acquisition waves seem to correspond with …
Persistent link: https://www.econbiz.de/10013008783
Cover Image
Do pre & post merger integration matters in Cross Border Merger & Acquisition (CBM&A)
Talreja, Suman; Mirani, Sajid Hussain; Qureshi, Jawaid Ahmed - In: Estudios de economía aplicada : revista promovida por … 38 (2020) 2, pp. 227-240
Persistent link: https://www.econbiz.de/10012616914
Cover Image
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
Cover Image
Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
. Therefore, this study aims to close this gap by exploring the effect of merger announcements on CDS spreads empirically. A …
Persistent link: https://www.econbiz.de/10012852376
Cover Image
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
Cover Image
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
Cover Image
Does the Stock Market Expect Upcoming Merger Activity?
Saidiev, Ulugbek - 2014
upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of …
Persistent link: https://www.econbiz.de/10013065679
Cover Image
Taking Over the Size Effect : Asset Pricing Implications of Merger Activity
Easterwood, Sara; Netter, Jeffry M.; Paye, Bradley S.; … - 2022
We show that merger announcement returns account for virtually all of the measured size premium. An empirical proxy for … ex ante takeover exposure positively and robustly relates to cross-sectional expected returns. The relation between size … and expected returns becomes positive or insignificant, rather than negative, conditional on this takeover characteristic …
Persistent link: https://www.econbiz.de/10013293043