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The Governance Transfer of Blockholders : Evidence from Block Acquisitions and Earnings Management around the World

Dai, Lili - 2017

We examine the governance transfer effect of corporate blockholders in a sample of 892 block acquisitions across 42 countries from 1990 to 2008. Using earnings management as a proxy for corporate governance outcome, we find that target firms' earnings management is aligned with that of block...

Persistent link: https://www.econbiz.de/10012974044

Do Acquisitions of Private Targets Create Higher Value?

Lys, Thomas Z. - 2016

Acquirers, on average, earn higher announcement-period returns when their targets are privately held than when their targets are publicly traded. We show that private targets have significantly more intangible assets than do public targets. We then develop a valuation model that is based on the...

Persistent link: https://www.econbiz.de/10012978402

Analyst Coverage and Real Earnings Management : Quasi-Experimental Evidence

Irani, Rustom M. - 2016

We study how securities analysts influence managers' use of different types of earnings management. To isolate causality, we employ a quasi-experiment that exploits exogenous reductions in analyst following resulting from brokerage house mergers. We find that managers respond to the coverage...

Persistent link: https://www.econbiz.de/10013005621

The Effect of SFAS 141 and 142 on the Likelihood and the Form of Financing of Corporate Takeovers

Ali, Ashiq - 2016

, under SFAS 142, on the form of acquisition financing and on a firm's takeover probability. We find that before these … rules also led to a greater decrease in takeover probability for firms with larger predicted step-up values, and this effect … both the pooling method and the method for goodwill amortization are significant determinants of takeover probability …

Persistent link: https://www.econbiz.de/10013008252

SFAS 142, Conditional Conservatism, and Acquisition Profitability and Risk

Cedergren, Matthew C. - 2015

We reexamine the relationship between accounting conservatism and the profitability and risk of acquisitions, by comparing acquisition-related profitability and risk before and after SFAS 142 (2001). SFAS 142 eliminated the periodic amortization of goodwill, replacing it with an annual fair...

Persistent link: https://www.econbiz.de/10013011347

Market Responses to Private and Public Targets : The Role of Goodwill Valuation

Kwon, Shin Hyoung - 2020

Mergers and acquisitions (M&As) are an important aspect of corporate finance. To better understand the factors affecting market reactions to M&As, we examine market responses to M&As with private and public targets both at the time of announcement and after completion. Using a sample of over...

Persistent link: https://www.econbiz.de/10012850378

Internet Appendix for : Target Firm Advertising and Firm Value

Fich, Eliezer M. - 2020

Full Paper is available at: "https://www.ssrn.com/abstract=2526509" https://www.ssrn.com/abstract=2526509In this Internet Appendix, we perform further tests in order (i) to assess the robustness of the main findings, (ii) to evaluate whether the magnitude of our results changes in different...

Persistent link: https://www.econbiz.de/10012850598

The Usefulness of Acquired Intangible Asset Fair Values in Predicting Future Payoffs

McInnis, John M. - 2020

There is a long-standing debate on the recognition of intangible assets and whether they can be measured reliably. Most recognized intangibles are acquired in business combinations, and estimating their fair values is highly subjective. Using a broad sample of business combinations in the U.S....

Persistent link: https://www.econbiz.de/10012850972

The Role of Disclosure in Closing Going Private Deals

Bianchi, Pietro A. - 2020

There is a perceived conflict of interests in going private transactions, resulting fromtransferring a company's ownership and control to affiliated parties and terminatingits public status. These deals are subject to mandatory disclosure requirements, aimedto inform shareholders before the...

Persistent link: https://www.econbiz.de/10012851710

Earnings Management of Target Firms and Deal Premiums : The Role of Industry Relatedness

Perafan-Peña, Hector Fabio - 2020

This paper contributes to the merger and acquisitions (M&A) literature by providing evidence on the role of industry relatedness in the association between the earnings management (EM) practices of the target firm before the deal and the premium offered by the acquirer. We argue that familiarity...

Persistent link: https://www.econbiz.de/10012851736