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Does Stock Misvaluation Drive Merger Waves?
Dong, Ming; Tremblay, Andreanne - 2021
Despite the mounting evidence that stock misvaluation affects takeover characteristics and outcomes at the deal level …
Persistent link: https://www.econbiz.de/10013225666
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Earnings growth and acquisition returns : Do investors gamble in the takeover market?
Liu, Tingting; Tu, Danni - 2021
We document a strong positive initial market reaction to merger announcements from bidders with either large earnings growth or significant earnings decline, relative to those with neutral earnings change, reflecting a U-shaped pattern between bidders’ earnings growth and announcement returns....
Persistent link: https://www.econbiz.de/10013323516
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The impact of a takeover bid on the capital market efficiency
Knezovic, Anita; Culjak, Maria - In: UTMS journal of economics / University of Tourism and … 9 (2018) 2, pp. 109-120
The impact of the announcement of a takeover bid has been widely tested in foreign literature. Therefore, the main goal … of this paper is to research the impact of the announcement of a takeover bid on the share price movements in the … takeover bid affects the share prices of the target company, which is consistent with the results of previous research …
Persistent link: https://www.econbiz.de/10012178422
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The intangibles song in takeover announcements : good tempo, hollow tune
Filipovic, Zoran M.; Wagner, Alexander F. - 2019
novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete … overoptimism. Overall, takeover announcements can provide important information regarding the quality of deals …
Persistent link: https://www.econbiz.de/10011976989
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Shareholder Wealth Effects of Corporate Governance Deficiencies on Nasdaq
Frost, Carol Ann - 2017
The Nasdaq Stock Market's enforcement activities offer a unique setting for investigating the consequences of changes in corporate governance as evidenced by deficiency notices. We document significant negative abnormal returns in response to Nasdaq deficiency notices for audit committee and...
Persistent link: https://www.econbiz.de/10012972580
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Market Reaction to Social Performance of Acquiring Firms : Evidence on Emerging Markets
Yen, Tze-Yu - 2016
This study performs a cross-country comparison by examining the large samples of merger and acquisition (M&A) activity in emerging markets (EMs). The underlying purpose is to investigate how market investors react to the M&A deals conducted by acquiring firms with different degrees of corporate...
Persistent link: https://www.econbiz.de/10012979302
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Social Capital, Trust, and Firm Performance : The Value of Corporate Social Responsibility during the Financial Crisis
Lins, Karl V. - 2016
During the 2008-2009 financial crisis, firms with high social capital, measured as corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High-CSR firms also experienced higher profitability, growth,...
Persistent link: https://www.econbiz.de/10013005370
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Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen
Rustige, Marc (contributor); Grote, Michael H. (contributor) - 2008
Sowohl die Diversifikation als auch die Fokussierung von Unternehmensaktivitäten werden häufig mit der Maximierung des Unternehmenswertes begründet. Wir untersuchen die Auswirkungen auf den Aktienkurs für 184 Akquisitionen sowie 139 Desinvestitionen deutscher Konzerne im Zeitraum von...
Persistent link: https://www.econbiz.de/10003768020
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It's the market power, stupid! : stock return patterns in international bank M&A
Hankir, Yassin; Rauch, Christian; Umber, Marc - 2009
of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M …
Persistent link: https://www.econbiz.de/10003893085
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Preemptive bidding, target resistance, and takeover premiums
Dimopoulos, Theodosios; Sacchetto, Stefano - 2011
This paper empirically evaluates two possible sources of large takeover premiums: preemptive bidding and target … resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that … in the period 1988-2006. We find that target resistance is the main determinant of takeover premiums in 74% of successful …
Persistent link: https://www.econbiz.de/10009375142