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Financial media, price discovery, and merger arbitrage

Buehlmaier, Matthias M. M.; Zechner, Josef - 2016

Using merger announcements and applying methods from computational linguistics we find strong evidence that stock prices underreact to information in financial media. A one standard deviation increase in the media-implied probability of merger completion increases the subsequent 12-day return of...

Persistent link: https://www.econbiz.de/10011550442

The effect of a target ownership structure on the takeover premium in owner-manager dominant acquisitions : evidence from Korean cases

Cho, Seong-ho (contributor) - 2007

This paper examines how the distribution of target ownership is related with takeover premium in owner-manager dominant …

Persistent link: https://www.econbiz.de/10011484755

Foreign acquisition and credit risk : evidence from the U.S. CDS market

Yilmaz, Umit - 2016 - This draft: May 31, 2016

This paper empirically analyses the effect of foreign block acquisitions on the U.S. target firms' credit risk as captured by their CDS. The involvement of foreign investors leads to a significant increase in the target firms' CDS spreads. This effect is stronger when foreign owners are...

Persistent link: https://www.econbiz.de/10011519062

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

Influence of the economic and financial condition of strategic shareholders upon the market value of commercial banks in the Polish banking sector

Korzeb, Zbigniew - In: E-Finanse : finansowy kwartalnik internetowy 10 (2014) 2, pp. 38-43

The objective of the paper is to analyse the influence of information about economic and financial problems of strategic shareholders upon the market value of commercial banks operating in the Polish banking sector. The analysis included fourteen such cases from the years 2007 - 2014. The...

Persistent link: https://www.econbiz.de/10010468354

Disentangling the link between stock and accounting performance in acquisitions

Betzer, André; Goergen, Marc - 2011

While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions are positive, those focusing on accounting figures tend to find a significant drop in performance. We argue that each of the four possible combinations between positive or...

Persistent link: https://www.econbiz.de/10009269890

Cash Acquirers : Can Free Cash Flow, Debt and Institutional Ownership Explain Long Run Performance?

Gregory, Alan - 2011

Cash acquirers are an interesting sub-group of acquirers. Whereas the overall evidence seems to suggest the majority of mergers and acquisitions destroy shareholder value in the long term, cash-financed acquisitions do not appear to do so. Yet this seems at variance with the prediction from...

Persistent link: https://www.econbiz.de/10013128076

What Factors Drive Takeovers in Australia?

Porter, Joshua - 2011

We examine the relationships between the wealth changes associated with a takeover announcement to distinguish between …

Persistent link: https://www.econbiz.de/10013129946

Sources of Gains in Corporate Mergers : Refined Tests from a Neglected Industry

Becher, David - 2011

Our work provides refined tests of the existence and source of merger gains in a neglected industry: utilities. While excluded from traditional analyses, utilities offer fertile ground for a detailed analysis of the traditional theories of synergy, collusion, hubris and anticipation. The...

Persistent link: https://www.econbiz.de/10013132623

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