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Corporate transactions in hard-to-value stocks

Ben-David, Itzhak; Kim, Byungwook; Moussawi, Hala; … - 2021

Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about future events, they are contrarian and heavily...

Persistent link: https://www.econbiz.de/10012816430

The Evidence on Market Abnormal Returns in Acquisitions on the Warsaw Stock Exchange

Perepeczo, Agnieszka - 2014

The paper provides evidence on abnormal returns performance in acquisitions on the Warsaw Stock Exchange. From a variety of measures, the authors chose the event study methodology, used in developed markets to evaluate post-acquisition performance and based on the market data, and Cumulative...

Persistent link: https://www.econbiz.de/10013040377

Controlling Shareholder Stock Pledge, Aggravated Expropriation and Corporate Acquisitions

Yan, Siyuan - 2020

We examine the effects of controlling shareholder stock pledge on corporate acquisition decisions and associated performance. Consistent with our aggravated expropriation hypothesis, we find that pledging firms in China initiate more takeovers, but these acquisitions conducted by pledging firms...

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

Do announcement returns contain information about value creation?

Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey - 2020

Stock returns around acquisition announcements are widely viewed as being reflective of the net present value created by these transactions. As such, announcement returns should correlate with acquisition outcomes. Using a new measure of realized transaction-level acquisition failure, as well as...

Persistent link: https://www.econbiz.de/10012263196

Misvaluation and financial constraints : method of payment and buyer identity in mergers & acquisitions

Berg, Aron - 2017

The paper studies how stock price misvaluation and financial frictions affect whether an acquisition occurs between or within industries and whether the acquirer pays in cash or stocks. I set up a model where stock market misvaluation correlates within industries and across industries and assume...

Persistent link: https://www.econbiz.de/10011621231

Conference Calls Around Merger and Acquisition Announcements : Do They Reduce Information Asymmetry? UK Evidence

Siougle, Georgia - 2014

This paper examines conference call meetings held around merger and acquisition (M&A) announcements in the UK market. Our main findings indicate that conference calls not only facilitate the smoother transmission of M&A-related information in the stock market and smooth the rate of the...

Persistent link: https://www.econbiz.de/10013063336

It's the market power, stupid! : stock return patterns in international bank M&A

Hankir, Yassin; Rauch, Christian; Umber, Marc - 2009

of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M …

Persistent link: https://www.econbiz.de/10003893085

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

Impact of Mergers and Acquisitions on Returns to Shareholders of Acquiring Firms : Indian Economy in Perspective

Rani, Neelam - 2012

The paper examines the returns to shareholders of acquiring companies in India during the period 2003-08. The abnormal returns due to the announcement of mergers and acquisitions (M&A) and return on equity funds five years before and after M&A have been examined. The study also performs a...

Persistent link: https://www.econbiz.de/10013099698

Takeover Vulnerability and the Behavior of Short-Term Stock Returns

Chae, Joon - 2013

This paper proposes and tests the hypothesis that takeover vulnerability contributes to short-term price reversal by … motivating investors to trade speculatively and also by making investors demand immediacy in their trades. That is, takeover … several different measures of takeover vulnerability, we find that takeover vulnerability is positively related to price …

Persistent link: https://www.econbiz.de/10013083343

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