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Merger Waves, Pseudo Market Timing and Post-Merger Performance
Esmer, Burcu - 2016
Do managers time the market when they make merger decisions? Merger and acquisition waves seem to correspond with … hypothesis to explain abnormal performance following events even when managers cannot time the market. I find that acquiring … firms which use stocks as the method of payment exhibit negative long-run abnormal returns in event-time, but not in …
Persistent link: https://www.econbiz.de/10013008783
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Patterns in the timing of corporate event waves
Rau, P. Raghavendra; Stouraitis, Aris - In: Journal of financial and quantitative analysis : JFQA 46 (2011) 1, pp. 209-246
Persistent link: https://www.econbiz.de/10008991255
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Anticipating Acquirers
Macias, Antonio J. - 2020
persistent winners are not frequent acquirers. Persistent losers appear to be overvalued at the time of the acquisition and pay …
Persistent link: https://www.econbiz.de/10012842975
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Can Serial Acquirers Be Profiled?
Macias, Antonio J. - 2016
We show that the characteristics of serial acquirers are very different from those studied in prior research. Specifically, we find four major types of acquirers common in the data – loners, occasional acquirers, sprinters, and marathoners. Importantly, these acquirers can be distinguished on...
Persistent link: https://www.econbiz.de/10013003388
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Overvaluation, Bidder Returns, and the Method of Payment in Acquisitions : Evidence from Serial Acquirers
Macias, Antonio J. - 2016
Serial acquirers conduct the vast majority of acquisitions in the U.S. Serial acquirers appear to strategically shift between methods of payment based on changes in their own characteristics, using overvalued stock in stock-financed acquisitions during short windows of opportunity. Acquirer...
Persistent link: https://www.econbiz.de/10013008228
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Intra-Industry Effects of IPOs on Stock Repurchase Decisions of Rival Firms
Nguyen, Thanh Thiet - 2014
the same industry. At the same time, the market has a tendency to be overly optimistic about IPO prospects, especially …
Persistent link: https://www.econbiz.de/10013058412
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The impact of horizontal mergers on rivals : gains to being left outside a merger
Clougherty, Joseph A.; Duso, Tomaso - 2008
It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert-identification of relevant rivals and the event-study...
Persistent link: https://www.econbiz.de/10010364303
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Market Timing and Merger Waves
Moran, Pablo - 2020
. This pattern is consistent with the existence of irreversibility and uncertain time-to-build in investment decisions …. Overall, the evidence suggests that investment and financial frictions are important elements to explain the time series …
Persistent link: https://www.econbiz.de/10012854029
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Abnormal Accruals and Managerial Intent : Evidence from the Timing of Merger Announcements and Completions
Louis, Henock - 2014
We examine the extent to which managers report opportunistically prior to corporate events by analyzing the association between the timing of stock swap announcements and completions and acquirers' reporting behaviors. Using the timing of merger announcements and completions to infer managerial...
Persistent link: https://www.econbiz.de/10013040019
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Abnormal Accruals and Managerial Intent : Evidence from the Timing of Merger Announcements and Completions
Louis, Henock - 2014
We examine the extent to which managers report opportunistically prior to corporate events by analyzing the association between the timing of stock swap announcements and completions and acquirers' reporting behaviors. Using the timing of merger announcements and completions to infer managerial...
Persistent link: https://www.econbiz.de/10013060746