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Market Reaction to Social Performance of Acquiring Firms : Evidence on Emerging Markets

Yen, Tze-Yu - 2016

This study performs a cross-country comparison by examining the large samples of merger and acquisition (M&A) activity in emerging markets (EMs). The underlying purpose is to investigate how market investors react to the M&A deals conducted by acquiring firms with different degrees of corporate...

Persistent link: https://www.econbiz.de/10012979302

Mergers and Acquisitions : Evidence on Post-Announcement Performance from CEE Stock Markets

Zaremba, Adam - 2016

The aim of this paper is to provide fresh-out of sample evidence on short-term and long-term performance following announcement of mergers and acquisitions. The research is based on 109 M&A deals in Central and Eastern European countries for years 2001-2014. For the short-horizon event studies,...

Persistent link: https://www.econbiz.de/10013005691

Takeover Rumors : Returns and Pricing of the Rumored Targets

Chou, Hsin-I - 2015

of takeover rumors of publicly traded US companies shows that public information on a rumored takeover target … pending takeover will be materialized. To our knowledge, this predictive power of historical CAR for the takeover rumor … historical CARs. This suggests that the market overreacts to takeover rumors that will not be materialized. Furthermore, trading …

Persistent link: https://www.econbiz.de/10013037095

The Evidence on Market Abnormal Returns in Acquisitions on the Warsaw Stock Exchange

Perepeczo, Agnieszka - 2014

The paper provides evidence on abnormal returns performance in acquisitions on the Warsaw Stock Exchange. From a variety of measures, the authors chose the event study methodology, used in developed markets to evaluate post-acquisition performance and based on the market data, and Cumulative...

Persistent link: https://www.econbiz.de/10013040377

Controlling Shareholder Stock Pledge, Aggravated Expropriation and Corporate Acquisitions

Yan, Siyuan - 2020

We examine the effects of controlling shareholder stock pledge on corporate acquisition decisions and associated performance. Consistent with our aggravated expropriation hypothesis, we find that pledging firms in China initiate more takeovers, but these acquisitions conducted by pledging firms...

Persistent link: https://www.econbiz.de/10012832661

Do announcement returns contain information about value creation?

Ben-David, Itzhak; Bhattacharya, Utpal; Jacobsen, Stacey - 2020

Stock returns around acquisition announcements are widely viewed as being reflective of the net present value created by these transactions. As such, announcement returns should correlate with acquisition outcomes. Using a new measure of realized transaction-level acquisition failure, as well as...

Persistent link: https://www.econbiz.de/10012263196

Stock Acquisitions, Investor Recognition, and Announcement Returns

Lei, Adam Y.C. - 2019

We examine how using stock as the method of payment affects a bidder's investor base and investor recognition, and the bidder announcement return. We hypothesize that relative to a cash acquisition, a stock acquisition would increase the bidder's investor base and lower Merton's (1987) shadow...

Persistent link: https://www.econbiz.de/10012903756

The Decision to Acquire Listed vs. Unlisted Firms : Determinants and Value Effects in the Spanish Stock Market

Farinós Viñas, José Emilio - 2017

We examine the determinants of the decision to acquire a listed vs. an unlisted firm and extend the previous evidence of value creation after controlling for endogeneity due to self–selection bias. We also control for market valuation conditions, finding that results are conditional to them....

Persistent link: https://www.econbiz.de/10012951185

The Real Effects of possible Stock Recalls on Acquirer Stocks : Empirical Evidence from M&A Premiums

Schubert, Richard - 2020

We apply the idea of Strych (2020) that short sellers of acquirers' stocks infer from their private observations of stock recalls that the deal will be more likely terminated. To profit from such informational advantage through short selling, Strych (2020) expects that acquirers' short sellers...

Persistent link: https://www.econbiz.de/10012852147

Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market

Huettermann, Kai - 2020

This paper examines changes in Credit Default Swap (CDS) spreads as a proxy for default risk after M&A announcement for the companies involved. Existing literature extensively documents wealth effects triggered by M&A announcements from the shareholders' perspective, but there is limited...

Persistent link: https://www.econbiz.de/10012852376