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Persistent link: https://www.econbiz.de/10011376109
A text analysis of domestic Chinese newspaper articles on 797 proposed mergers shows that media in developing countries are quantifiably susceptible to pressure: media coverage is more favorable for deals consistent with government objectives and involving powerful local firms. However, we also...
Persistent link: https://www.econbiz.de/10013033415
Wealth transfer effects between stockholders and bondholders on the announcement date of changes in a firm's credit rating have primarily been examined a) for one type of security; b) on US capital markets; and c) by applying standard event study methods. In contrast to these investigations, we...
Persistent link: https://www.econbiz.de/10012984791
Merger and Acquisition (M&A) activities are not well-anticipated corporate events in the equity market. Do … be merger arbitragers and buy more shares of target firm stocks to speculate on final deal consummation; while banks …
Persistent link: https://www.econbiz.de/10013116852
The brewing industry has recently experienced increased merger activity. This paper analyzes the shortterm wealth …
Persistent link: https://www.econbiz.de/10013090726
after merger announcement, the passage of time is informative about the probability that the merger will ultimately complete …
Persistent link: https://www.econbiz.de/10013065551
investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model …
Persistent link: https://www.econbiz.de/10003893085
Prior research has addressed the question of whether certain events cause a transfer of wealth between stockholders and bondholders but does not control for the events' impacts on firms' credit risk. This may explain why many studies fail to identify wealth transfers. By employing announcements...
Persistent link: https://www.econbiz.de/10013093714
The purpose of this study is to empirically examine the relation between a target firm’s media coverage (measured by degree of media coverage, positive and negative media coverage) and various takeover characteristics. We find that media coverage is negatively associated with the takeover...
Persistent link: https://www.econbiz.de/10013492561
. Using comprehensive data on media coverage and merger negotiations, we find that bidders in stock mergers originate … substantially more news stories after the start of merger negotiations, but before the public announcement. This strategy generates …
Persistent link: https://www.econbiz.de/10013070212