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Macroeconomic News and Acquirer Returns in M&As : The Impact of Investor Alertness

Barbopoulos, Leonidas G.; Adra, Samer; Saunders, Anthony - 2021

We investigate the extent to which the scheduled release of macroeconomic indicators affects the acquirer's value in Mergers and Acquisitions (M&As). We find that M&As announced on days of the release of key macroeconomic indicators (i.e. indicator days) realize higher announcement period...

Persistent link: https://www.econbiz.de/10013244178

Do Acquirers’ Stock Prices Fully React to the Acquisition Announcement of Listed vs. Unlisted Target Firms? Out-of-Sample Evidence from Spain

Latorre Guillem, Miguel - 2014

This note examines whether prices fully reflect value creation or destruction at the time of the acquisition announcement when samples are split into listed and unlisted target firms as previous international results are ambiguous about this subject. We find that the Spanish market fully react...

Persistent link: https://www.econbiz.de/10013062450

Controlling Shareholder Stock Pledge, Aggravated Expropriation and Corporate Acquisitions

Yan, Siyuan - 2020

performance. Consistent with our aggravated expropriation hypothesis, we find that pledging firms in China initiate more takeovers … expropriate minority shareholders through self-serving corporate takeovers after the stock pledge …

Persistent link: https://www.econbiz.de/10012832661

Market Abuse Directive and Insider Trading : Evidence from Italian Tender Offers

Ferretti, Riccardo; Pattitoni, Pierpaolo; Patuelli, Roberto - 2016

This study analyzes the effectiveness of the Market Abuse Directive (MAD) in reducing possible profits from insider trading during voluntary tender offers with the purpose of delisting initiated by controlling shareholders. Exploiting the quasi-experimental setting provided by the introduction...

Persistent link: https://www.econbiz.de/10011703440

Accounting Choice, Announcement Returns and Operating Performance in Stock-for-Stock Acquisitions

Pandit, Shail - 2009

Until 2001, certain stock acquisitions could be accounted for as pooling-of-interests. There were concerns that pooling was associated with earnings fixation and weak corporate governance. I investigate the cross-sectional variation in the purchase-pooling choice and its association with...

Persistent link: https://www.econbiz.de/10014046834

Tailwind and headwind bidding in German Takeover offers – the impact of target stock price movements and takeover regulation on takeover success

Schwetzler, Bernhard; Uhlenkamp, Lisa M. - 2022

Pre-bid target share price movements are potentially increasing the cost of takeovers and thus are seen as a detriment … movements, takeover regulation and offer premium and their combined impact on takeover success for a sample of 311 takeo-ver … runup for the takeover offers in our sample with an abnormal return of around 8%. Further, analysis of German takeover …

Persistent link: https://www.econbiz.de/10013405796

Investor Attention Around Corporate Restructurings

Harris, Jeremiah; Kalodimos, Jonathan; O'Brien, William - 2023

We investigate investor behavior and firm performance related to corporate restructuring announcements using a database of Security Exchange Commission (SEC) filings by U.S. firms and web traffic on the SEC’s website. We find that abnormal investor attention positively predicts restructuring...

Persistent link: https://www.econbiz.de/10014349516

Market valuation and acquiring firm performance in the short and long term : out-of-sample evidence from Spain

Farinós Viñas, José Emilio; Herrero, Begoña; … - In: Business research quarterly : BRQ 23 (2020) 1, pp. 1-14

Persistent link: https://www.econbiz.de/10012169807

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

Do Wealth Creating Mergers and Acquisitions Really Hurt Acquirer Shareholders?

Masulis, Ronald W. - 2012

biases are responsible for the commonly reported finding that on average takeovers are harmful to bidder shareholder wealth … generally benefit from takeovers capturing on average 67% of the economic gains from the transaction in cash bids and 91% in … confirm the neoclassical view that takeovers are positive NPV projects for a typical bidder. We base this conclusion on two …

Persistent link: https://www.econbiz.de/10013115049