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Merger Means of Payment and Analyst's Forecast Bias Before Merger Announcement Date
Zhang, Yiling - 2015
We find strong evidence that analysts tend to have downward-biased earnings estimates immediately before merger announcement dates when earning announcement date is within a 60 day window prior to merger announcement date. Compared to pure stock deals, acquirer stocks in cash-only deals tend to...
Persistent link: https://www.econbiz.de/10013023788
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Trading of Takeover Target Shares
Drienko, Jo - 2016
firm following the announcement of a takeover. In such cases, takeover traders are incentivised to become large … success of the takeover empirically using intraday data. In addition to the propositions of Cornelli and Li (2002), we also … trading immediately after a takeover announcement increases the likelihood of takeover success by 12.21%. The same increase in …
Persistent link: https://www.econbiz.de/10012984923
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A Bold Move or Biting off More than They Can Chew : Examining the Performance of Small Acquirers
L. Harp, Nancy - 2019
Small acquirers enjoy announcement period returns that are significantly higher than announcement returns for larger acquirers, but small acquirers significantly underperform after the acquisition is consummated. We investigate why the market appears to “get it wrong” at the announcement of...
Persistent link: https://www.econbiz.de/10012905556
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Informed Trading Reactions to New Private Information : Evidence from Nonpublic Merger Negotiations
Heitzman, Shane - 2019
Theory provides competing predictions on the question of whether informed investors immediately trade on newly generated private information. We address this question using SEC-mandated disclosures to identify the dates when new private information about target or acquiring firm value is...
Persistent link: https://www.econbiz.de/10012905807
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Liquidity and Information Asymmetry Considerations in Corporate Takeovers
Adra, Samer; Barbopoulos, Leonidas G. - 2021
information asymmetry concerns when evaluating takeover synergies. Our results show that cash-financed M&As of listed targets that …
Persistent link: https://www.econbiz.de/10013240065
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Financial Institutions Mergers : A Strategy Choice of Wealth Maximisation and Economic Value
Hassan, Dr Mohamad; Giouvris, Evangelos - 2021
Purpose: The purpose of this paper is to examine the effects of bank mergers on systemic and systematic risks on the relative merits of product and market diversification strategies. It also observes determinants of M&A deals criteria, product and market diversification positioning, crisis...
Persistent link: https://www.econbiz.de/10013241020
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Deconstructing Private Equity Buyout Valuations
Reddy, Bobby V. - 2022
Private equity grows from strength-to-strength, with 2021 being a record year for private equity buyouts. The success of private equity is dependent upon making large returns on investment. Partly, success is derived from growing acquired companies, making acquired companies more efficient, and...
Persistent link: https://www.econbiz.de/10013491944
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Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market
Siougle, Georgia - 2011
This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and options market. The analysis suggests that in about 25%-33% of events there is abnormal option trading volume during the month that precedes the announcement. Such evidence is...
Persistent link: https://www.econbiz.de/10013133655
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On the Effect of Merger Waves on Long-Term Aggregate Stock Market Valuation
Saidiev, Ulugbek - 2012
In this study, we investigate the effect of merger waves on the long-term valuation of aggregate stock market. Our empirical test shows significant positive relationship between the intensity of past, with four years lag, aggregate merger activity and the valuation of aggregate stock market
Persistent link: https://www.econbiz.de/10013101602