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Managerial Talk of Trust and Takeover Performance

Ghufran, Bushra - 2021

of SEC filings (10-K Form) and the prognostic power of such language for takeover performance. The sample under study … long-term takeover performance, suggesting that managerial virtuous talk is, in practicality, an indication of lower post …-acquisition gains for the acquirers in the long run. Furthermore, takeover returns are found to reflect textual information on trust …

Persistent link: https://www.econbiz.de/10013243561

The Impact of the Institutional Environment on Analysts’ Herding Behavior : Evidence from Broker Acquisitions

Fiechter, Peter; Mangeney, Louis - 2020

We examine the influence of institutional factors on herding behavior by exploring changes in security analysts’ institutional environments. Specifically, we identify analysts employed at privately held brokers subsequently acquired by a publicly listed institution (hereafter, “treated...

Persistent link: https://www.econbiz.de/10014361829

Long-Term Value Creation in Cross-Border Mergers and Acquisitions : The Role of Trust

Cha, Yunju; Chung, Byung Hun; Kang, Jun-Koo - 2023

We examine whether trust between the citizens in an acquirer’s country and those in a target’s country improves long-term synergistic gains in cross-border M&As. We find that acquirers’ announcement returns increase as trust increases. The result is robust to using a historical war as an...

Persistent link: https://www.econbiz.de/10014351338

Mergers and acquisitions (M&AS) by R&D intensive firms

Dutta, Shantanu; Kumar, Vinod - In: Journal of risk and financial management : JRFM 2 (2009) 1, pp. 1-37

In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we...

Persistent link: https://www.econbiz.de/10011556072

Institutional Trades around Takeover Announcements : Skill Vs. Inside Information

Jegadeesh, Narasimhan - 2011

This paper examines the pattern and profitability of institutional trades around takeover announcements. We find that … the trades of funds as a group, either before or after takeover announcements, are not profitable. However, funds whose …

Persistent link: https://www.econbiz.de/10013134118

Deal Size, Acquisition Premia and Shareholder Gains

Alexandridis, George - 2012

This study examines the contradictory predictions regarding the association between the premium paid in acquisitions and deal size. We document a robust negative relation between offer premia and target size, indicating that acquirers tend to pay less for large firms, not more. We also find that...

Persistent link: https://www.econbiz.de/10013115116

Shareholder Wealth Creation in Response to Announcements of Acquisitions of Unlisted Firms : Evidence from Spain

Farinós Viñas, José Emilio - 2013

We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2006. Similar to foreign markets, acquirers of listed targets earn insignificant...

Persistent link: https://www.econbiz.de/10013091093

Stock Acquisitions, Investor Recognition, and Announcement Returns

Lei, Adam Y.C. - 2019

We examine how using stock as the method of payment affects a bidder's investor base and investor recognition, and the bidder announcement return. We hypothesize that relative to a cash acquisition, a stock acquisition would increase the bidder's investor base and lower Merton's (1987) shadow...

Persistent link: https://www.econbiz.de/10012903756

Limits to Arbitrage and Shareholder Gains in Corporate Acquisitions

Buti, Krisztina - 2019

overpayment for the target, or lower post-merger synergies …

Persistent link: https://www.econbiz.de/10012903980

Takeover Anticipation and Abnormal Returns

Irani, Mohammad (Vahid) - 2020

This paper documents that a part of takeover synergy is incorporated in the target and acquirer stock prices prior to … the event window of previous studies, around the takeover anticipation date. This result suggests that those studies might … in this paper sheds light on the magnitude of acquisition returns, and so on some well-documented takeover results …

Persistent link: https://www.econbiz.de/10012856187