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Does the organisational form of the target influence market reaction to acquisition announcements? : Australian evidence
Shams, Syed M. M.; Gunasekarage, Abeyratna; Colombage, … - In: Pacific-Basin finance journal 24 (2013), pp. 89-108
Persistent link: https://www.econbiz.de/10010346789
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Value Ambiguity and Gains from Acquisitions of Unlisted Targets
Barbopoulos, Leonidas; Paudyal, Krishna; Pescetto, Gioia - Centre for Research into Industry, Enterprise, Finance … - 2008
This paper examines the announcement period and the post acquisition gains of UK acquirers of unlisted targets that are subject to value-ambiguity. The evidence shows that target’s age, size, intangibility of assets, and investments can explain the variations in bidding firm’s abnormal...
Persistent link: https://www.econbiz.de/10005807927
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The effect of industry restructuring on peer firms
Holcomb, Alex; Mason, Paul - In: Journal of Risk and Financial Management 14 (2021) 5, pp. 1-25
We study the bond price reaction of a merged firms peers, in order to better understand how the market responds to a restructuring. We argue that a merger announcement may signal the possibility of a merger wave to the industry, and in doing so, increase the conditional probability that peer...
Persistent link: https://www.econbiz.de/10012611762
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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
acquisitions (M&As). Using a unique sample from 23 frontier markets of almost 800 transactions conducted during the years 1992 to …
Persistent link: https://www.econbiz.de/10012174722
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The effect of industry restructuring on peer firms
Holcomb, Alex; Mason, Paul - In: Journal of risk and financial management : JRFM 14 (2021) 5, pp. 1-25
We study the bond price reaction of a merged firms peers, in order to better understand how the market responds to a restructuring. We argue that a merger announcement may signal the possibility of a merger wave to the industry, and in doing so, increase the conditional probability that peer...
Persistent link: https://www.econbiz.de/10012534527
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Do cash stockpiles fuel cash acquisitions?
Pinkowitz, Lee; Sturgess, Jason; Williamson, Rohan - In: Journal of Corporate Finance 23 (2013) C, pp. 128-149
U.S. firms currently hold a $2trillion cash stockpile. We examine if cash stockpiles fuel cash acquisitions by studying … that the link between cash stockpiles and cash acquisitions is not obvious. …
Persistent link: https://www.econbiz.de/10010719623
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Is rated debt arm's length? Evidence from mergers and acquisitions
Gropp, Reint E.; Hirsch, Christian; Krahnen, Jan Pieter - 2011
In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...
Persistent link: https://www.econbiz.de/10010308570
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Is rated debt arm's length? Evidence from mergers and acquisitions
Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - Center for Financial Studies - 2011
In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...
Persistent link: https://www.econbiz.de/10010958748
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What are the Causes and Effects of M&As? The UK Evidence
Jie (Michael) Guo; Petmezas, Dimitris - In: Multinational Finance Journal 16 (2012) 1-2, pp. 21-47
This paper examines the link between the causes and effects of mergers and acquisitions. By using a sample of UK … acquisitions, which have the distinct characteristics of limited use of stock as means of payment and dominance of private … acquisitions, the evidence shows that, on average, there is a substantial price run-up for acquirers prior to an acquisition …
Persistent link: https://www.econbiz.de/10010934085
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Credit ratings and the choice of payment method in mergers and acquisitions
Karampatsas, Nikolaos; Petmezas, Dimitris; Travlos, … - In: Journal of Corporate Finance 25 (2014) C, pp. 474-493
This paper establishes that credit ratings affect the choice of payment method in mergers and acquisitions. We find …
Persistent link: https://www.econbiz.de/10010753519