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Earnings growth and acquisition returns : Do investors gamble in the takeover market?
Liu, Tingting; Tu, Danni - 2021
We document a strong positive initial market reaction to merger announcements from bidders with either large earnings growth or significant earnings decline, relative to those with neutral earnings change, reflecting a U-shaped pattern between bidders’ earnings growth and announcement returns....
Persistent link: https://www.econbiz.de/10013323516
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The intangibles song in takeover announcements : good tempo, hollow tune
Filipovic, Zoran M.; Wagner, Alexander F. - 2019
novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete … overoptimism. Overall, takeover announcements can provide important information regarding the quality of deals …
Persistent link: https://www.econbiz.de/10011976989
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The impact of a takeover bid on the capital market efficiency
Knezovic, Anita; Culjak, Maria - In: UTMS journal of economics / University of Tourism and … 9 (2018) 2, pp. 109-120
The impact of the announcement of a takeover bid has been widely tested in foreign literature. Therefore, the main goal … of this paper is to research the impact of the announcement of a takeover bid on the share price movements in the … takeover bid affects the share prices of the target company, which is consistent with the results of previous research …
Persistent link: https://www.econbiz.de/10012178422
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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
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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
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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
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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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The Post-Deal Returns of Acquiring Firms : Evidence of an Investment-based Explanation
Mortal, Sandra - 2013
This paper examines an investment-based explanation for the poor post-deal returns associated with acquisitions. Using a large sample of U.S. firms, we find that the post-deal abnormal stock returns, operating returns, and analyst forecast errors associated with acquisitions are similar to those...
Persistent link: https://www.econbiz.de/10013093729
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Does the Stock Market Expect Upcoming Merger Activity?
Saidiev, Ulugbek - 2014
The study introduces empirical evidence that there are statistically significant relationships between intensity of upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of assets pricing
Persistent link: https://www.econbiz.de/10013065679
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...
Persistent link: https://www.econbiz.de/10012843225