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Post-merger returns in frontier markets, or how we learned to stop worrying and love the acquirers
Zaremba, Adam; Szyszka, Adam; Płotnicki, Michał; … - In: Journal of business economics and management 19 (2018) 1, pp. 96-109
This study presents the results from a comprehensive out-of-sample test of long-run returns following mergers and acquisitions (M&As). Using a unique sample from 23 frontier markets of almost 800 transactions conducted during the years 1992 to 2016, we implement both cross-sectional tests and...
Persistent link: https://www.econbiz.de/10012174722
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The Information Content of Target Price Forecasts : Evidence from Mergers and Acquisitions
Ho, Tuan Quoc; Brownen‐Trinh, Ruby; Xu, Fangming - 2021
more likely to become a takeover target and offer premium and acquirers’ announcement returns are positively associated …’ takeover likelihood generates economically significant returns. Our results are robust to a battery of additional analysis, and … useful for participants in the corporate takeover markets …
Persistent link: https://www.econbiz.de/10013237497
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Investor Inattention and the Market Reaction to Merger Announcements
Louis, Henock - 2012
Prior studies suggest that investors have limited attention. Tests of the inattention hypothesis have been performed in the context of relatively small corporate events, particularly earnings announcements. Presumably, large corporate events would always attract sufficient investor attention....
Persistent link: https://www.econbiz.de/10013116126
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Can Investors Anticipate Post-IPO Mergers and Acquisitions?
Anderson, Christopher W. - 2017
Given the frequency and its important value implication of post-IPO M&A activity, we investigate empirically whether investors can utilize information based on IPO deal structure to predict merger and acquisition activity among newly public firms. Consistent with the hypothesis that some firms...
Persistent link: https://www.econbiz.de/10012962506
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Investor Reaction to Merger and Acquisition Rumors
Ma, Matthew - 2016
We investigate investor reactions to merger and acquisition rumors. Employing a large and comprehensive sample of acquisition rumors, we find that the rumor target firms experience average cumulative abnormal returns of 4.78% over the three days around the rumor, and abnormal returns of -4.48%...
Persistent link: https://www.econbiz.de/10012986351
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Foreign Investors’ Trading Behaviors around Merger and Acquisition Announcements : Evidence from Korea
Yang, Jin Young - 2020
This study examines foreign investors' trading behaviors around merger and acquisition (M&A) announcements in the Korean stock market (both KOSPI and KOSDAQ markets). We find evidence that foreign investors are more likely to buy target stocks with larger wealth effects on the KOSPI market. In...
Persistent link: https://www.econbiz.de/10012849355
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Investor Inattention and the Market Reaction to Merger Announcements
Louis, Henock - 2010
Prior studies suggest that investors have limited attention. Tests of the inattention hypothesis have been performed in the context of relatively small corporate events, particularly earnings announcements. Presumably, large corporate events would always attract sufficient investor attention....
Persistent link: https://www.econbiz.de/10013143523
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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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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in Credit Default Swap (CDS) spreads as a proxy for default risk after M&A announcement for the companies involved. Existing literature extensively documents wealth effects triggered by M&A announcements from the shareholders' perspective, but there is limited...
Persistent link: https://www.econbiz.de/10012852376
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Attention to Detail : Learning About Mergers
Aiken, Adam L.; Lee, Choonsik - 2022
We directly study the information gathering process around a merger announcement by using the IP addresses accessing Form 8-K filings for merger agreements. This allows us to measure who pays attention to the announcement, how attention varies across mergers, and if this attention is related to...
Persistent link: https://www.econbiz.de/10013298803