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Long-Term Value Creation in Cross-Border Mergers and Acquisitions : The Role of Trust

Cha, Yunju; Chung, Byung Hun; Kang, Jun-Koo - 2023

We examine whether trust between the citizens in an acquirer’s country and those in a target’s country improves long-term synergistic gains in cross-border M&As. We find that acquirers’ announcement returns increase as trust increases. The result is robust to using a historical war as an...

Persistent link: https://www.econbiz.de/10014351338

Empirical Social Asset Pricing

Hwang, Byoung-Hyoun - 2022

I review the empirical literature on word of mouth (WOM) among investors. I begin with an outline of the empirical challenges that WOM research faces and possible strategies to overcome those challenges. I then discuss recent studies on WOM among retail and institutional investors. The research...

Persistent link: https://www.econbiz.de/10013406015

Mistaking Bad News for Good News : Mispricing of a Voluntary Disclosure

Rim, Hyun Jung; Zha Giedt, Jenny - 2023

Why does the market react to companies’ announcements of strategic alternatives with a +5.2 percent return, only to experience a future return of -9.7 percent? We find evidence consistent with a mispricing explanation in that: (i) investors and analysts are overly optimistic about a potential...

Persistent link: https://www.econbiz.de/10014258316

Corporate governance and the nature of takeover resistance

Carline, Nicholas F.; Linn, Scott C.; Yadav, Pradeep - 2014 - This version: March 23, 2014

We investigate the relation between corporate governance characteristics of hostile takeover targets and the choice to …

Persistent link: https://www.econbiz.de/10010337622

An Analysis of the Short Term Shareholder Benefits in Mergers and Acquisitions and the Wealth Effects of Various Bid Characteristics : Evidence from Australia

Halabi, Abdel Karim - 2010

This study explores the short term effects of Mergers and Acquisitions (M&A) in Australia by examining the cumulative abnormal returns earned over a five day event window by the combined, target and acquiring firms. The study examines the wealth effects on the firm of the four bid...

Persistent link: https://www.econbiz.de/10013135523

The Acquisition of Non Public Firms in Europe : Bidders’ Returns, Payment Methods and Stock Market Evolution

Chevalier, Alain - 2010

This paper studies the returns of non public firms acquisitions. Like the American studies do, we show the existence of a “non public firms acquisition effect” for the European multi-acquirer firms: abnormal returns are much higher for non-public firms (subsidiaries or private held firms)...

Persistent link: https://www.econbiz.de/10013139979

Taking Stock or Cashing In? Shareholder Style Preferences, Premiums and the Method of Payment

Burch, Timothy R. - 2012

We develop and test hypotheses on the impact of target shareholders investment style preferences on the method of payment and premiums in acquisitions. Stock offers (unlike cash offers) allow target shareholders to defer capital gains taxes. This deferral value, however, depends on target...

Persistent link: https://www.econbiz.de/10013116312

Value Creation Estimates Beyond Announcement Returns : Mega-Mergers versus Other Mergers

Bayazitova, Dinara - 2012

Much of the literature considers only short-term acquirer announcement returns when analyzing which mergers create value for the acquirer. However, announcement returns combine information about value creation because of the merger and a revaluation of the acquirer's stand-alone value. We use...

Persistent link: https://www.econbiz.de/10013116674

An Investigation of Australian Takeover Firm Returns from an Investor Viewpoint

Madam, Anna - 2011

This study employs comprehensive data from the Australian market to investigate takeover firm returns from an investor … takeover wealth gains for four investor classes which are the domestic domiciled nominees, superannuation (pension) funds … that investors realise a takeover return which is commensurate with their information level. The evidence further indicates …

Persistent link: https://www.econbiz.de/10013121674

On the Acquisition of Equity Carve-Outs

Desai, Chintal A. - 2011

carved-out subsidiary; and anti-takeover provisions and industry structure of a carve-out on its acquisition likelihood and …

Persistent link: https://www.econbiz.de/10013125797