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Managers frequently project high synergistic gains when announcing M&As. This paper analyzes when promised synergies are value-relevant. Using text analytical methods, we only find a positive relationship between synergy projections and announcement returns when promised numerical projections...
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Christian Funke aims at developing a better understanding of a central asset pricing issue: the stock price discovery process in capital markets. Using U.S. capital market data, he investigates the importance of mergers and acquisitions (MA) for stock prices and examines economic links between...
Persistent link: https://www.econbiz.de/10013521045
Einleitung in die Ermittlung der Übernahme- und Fusionswahrscheinlichkeit für Akquiseziele in der deutschen Stahlindustrie auf Basis von Finanzkennzahlen -- Methodisch-konzeptionelle Grundlagen zu den eingesetzten Arbeitstechniken und Hypothesen zu Übernahmen und Fusionen -- Identifizierung...
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all bidders forecast, we document a higher likelihood of post-merger litigation and CEO turnover for bidders with a weak … forecasting reputation and for those that underperform post-merger …
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effect of a merger on the behavior of rival firms, and instrumenting for these mergers, unbiased estimates of the effect of a … merger on market outcomes can be obtained. Using this methodology, I evaluate the impact of independent hospital mergers … between 1989 and 1996 on rivals' prices. I find sharp increases in rivals' prices following a merger, with the greatest effect …
Persistent link: https://www.econbiz.de/10012762094