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The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms

Demirtas, Gul - 2016

Using a sample of target firms that do not delist from the stock market after a majority takeover, we investigate the … on equity. However, we do not find a significant effect of CEO turnover on target stock returns in the post-takeover …

Persistent link: https://www.econbiz.de/10013003124

The Impact of Diversifying Acquisitions on Shareholder Wealth : Evidence from Turkish Acquirers

Akben Selcuk, Elif - 2016

This study examines the impact of diversifying acquisitions on acquiring Turkish firms. Using a sample of 98 acquisitions during 2000-2011, the study finds that acquiring firms experience statistically significant wealth gains surrounding the announcement date. The cross-sectional regression...

Persistent link: https://www.econbiz.de/10013003763

Security Analysts’ Target Prices and Takeover Premiums

Gerritsen, Dirk - 2016

source of uncertainty by focusing on valuations in takeover bids. We show that the expected returns by analysts are … significantly related to the takeover premiums paid. A 5 percent higher target price is associated with a 1 percent higher takeover … bid. The economic significance increases when we control takeover premiums for estimated synergy gains. Our results …

Persistent link: https://www.econbiz.de/10013005439

Rumors of Mergers and Acquisitions : Market Efficiency and Markup Pricing

Chou, Hsin-I - 2016

analysis of takeover rumors of publicly 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/10013008690

Internet Appendix for 'The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms'

Demirtas, Gul - 2015

Firms' Post-Takeover Performance: Evidence from Not-Delisting Target Firms" to which these Appendices apply is available at …

Persistent link: https://www.econbiz.de/10013012862

Stock Price Movements and Trading Behaviors Around Merger and Acquisition Announcements : Evidence from the Korean Stock Market

Feng, Jingwei - 2020

This study examines the relationship between price movements of target firms' stocks and behaviors of local individual, local institutional, and foreign investors in trading target firms' stocks around mergers and acquisitions announcements in Korea. Results reveal that the average abnormal...

Persistent link: https://www.econbiz.de/10012852709

Law Firm Expertise and Shareholder Wealth

Schweizer, Denis - 2019

This paper examines the impact of law firm expertise on bidder and target shareholder wealth gains during mergers and acquisitions. After controlling for endogeneity in the matching between the mandating firm (bidder or target firm) and the law firm, we find that top-tier law firms increase the...

Persistent link: https://www.econbiz.de/10012858454

Information Effect, Risk Arbitrage and Effectiveness of Short Selling Ban : Evidence from Mergers and Acquisitions During Globe Short Selling Bans

Luo, Haowen - 2014

Information effects hypothesis and price pressure hypothesis are two major theories when explaining negative market reaction on acquiring firms' stock prices during stock financed mergers and acquisitions. However, it is difficult to hold the information effects constant and to distinguish...

Persistent link: https://www.econbiz.de/10013056927

Timing of Mergers and Acquisitions : Evidence from the Canadian Stock Market

Tebourbi, Imen - 2014

This paper provides evidence of merger timing induced by investors' overoptimism. We distinguish between hot and cold merger markets and examine the movements of bidding firms' stock prices, around, before and after mergers announcements. Our results provide strong evidence that mergers are...

Persistent link: https://www.econbiz.de/10013058028

Impact of Mergers and Acquisitions on Shareholders' Wealth in Short-Run : An Event Study Approach

Rani, Neelam - 2015

Globalization and liberalization have led firms from emerging markets like India to become more aggressive and opt for mergers and acquisitions (M&A) to fight the competitive battle. The present study attempts to evaluate the impact of mergers and acquisitions on the returns in the short run...

Persistent link: https://www.econbiz.de/10013016529