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The Role of the Media in Takeovers : Theory and Evidence
Buehlmaier, Matthias M. M. - 2016
predicts takeover outcomes. It shows that positive media content about the acquirer predicts takeover success. Relative to …
Persistent link: https://www.econbiz.de/10013008806
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Rumors of Mergers and Acquisitions : Market Efficiency and Markup Pricing
Chou, Hsin-I - 2011
analysis of takeover rumors of publically traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …
Persistent link: https://www.econbiz.de/10013133068
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The Change in Information Uncertainty and Acquirer Wealth Losses
Erickson, Merle - 2011
A large body of literature demonstrates that acquisitions are on average value-destroying for the acquirer. We investigate whether the change in the acquirer's information uncertainty contributes to acquirer wealth losses. Information uncertainty affects the discount rate (the cost of capital),...
Persistent link: https://www.econbiz.de/10013124334
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Acquisition Finance and Market Timing
Vermaelen, Theo - 2013
Bidders have an incentive to pay with stock when their shares are overvalued, but target firms should be reluctant to accept such overvalued payment. In a sample of 2,978 acquisitions, we find that stock payment is readily accepted only when the bidder can justify the financing decision in terms...
Persistent link: https://www.econbiz.de/10013075043
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Liquidity Externalities and Buyout Delisting Activity
Gaspar, Jose-Miguel - 2009
We study the impact on industry liquidity of delistings resulting from leveraged buyout activity. Using data on U.S. LBOs during the 1985-2008 period, we uncover evidence of negative liquidity externalities. We find that the liquidity of firms in the same industry as the LBO target drops during...
Persistent link: https://www.econbiz.de/10013157683
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Anticipating Acquirers
Macias, Antonio J. - 2020
Prior literature documents that acquirers earn declining returns to acquisitions as they continue acquiring. Using a novel typology of serial acquirers, we show that subsequent acquisitions by acquirers are predictable ex ante. Controlling for market anticipation, there is little evidence that...
Persistent link: https://www.econbiz.de/10012842975
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Decoupling Management Inefficiency : Myopia, Hyperopia and Takeover Likelihood
Tunyi, Abongeh A. - 2020
UK data over the period 1988 to 2017. We find that takeover likelihood increases with “poor” management and “myopia”, but …
Persistent link: https://www.econbiz.de/10012844991
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Beyond the Rational Behavior : The Non-Financial Variables That Condition Shareholders' Actions on a Takeover
Mayoral, Rosa M. - 2017
This article provides experimental evidence that bidder and target shareholders of a takeover announcement exhibit …
Persistent link: https://www.econbiz.de/10012955588
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Security Analyst Target Prices as Reference Point and Takeover Completion
Gerritsen, Dirk - 2017
Based on prospect theory, we posit that security analysts' target prices function as a reference point for takeover … target prices for a takeover target and the chances for successful deal completion. High degrees of target price dispersion …
Persistent link: https://www.econbiz.de/10012962255
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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