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Does the Stock Market Expect Upcoming Merger Activity?
Saidiev, Ulugbek - 2014
upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of …
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
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Acquiring Firms’ Earnings Management Strategies Around Merger and Acquisitions
Zhang, Sipei - 2017
This study investigates acquiring firms' earnings management (EM) strategies around mergers and acquisition (M&A) in the US market and analyzes firm's post-acquisition performance. Acquirers are shown to use both accruals management (AM) and real earnings management (REM), both prior to and...
Persistent link: https://www.econbiz.de/10012961052
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Bidder Earnings Forecasts in Mergers and Acquisitions
Amel-Zadeh, Amir - 2019
all bidders forecast, we document a higher likelihood of post-merger litigation and CEO turnover for bidders with a weak … forecasting reputation and for those that underperform post-merger …
Persistent link: https://www.econbiz.de/10012905443
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Does Short-selling Threat Discipline Managers in Mergers and Acquisitions Decisions?
Chang, Eric C. - 2018
We explore the governance effect of short-selling threat on mergers and acquisitions (M&A). We use equity lending supply (LS) to proxy for the threat, as short sellers' incentives to scrutinize a firm depend on the availability of borrowing shares. Our results show that acquirers with higher LS...
Persistent link: https://www.econbiz.de/10012938253
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Return to Invested Capital and the Performance of Mergers and Acquisitions
Qian, Jun - 2017
We evaluate the efficiency of capital deployment for acquiring firms before M&As, defined as the return on invested capital net of the cost of capital, and link this measure to firms' post-acquisition performance. Acquirers with higher, pre-acquisition net returns on investment have superior...
Persistent link: https://www.econbiz.de/10012973061
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Debtholder Wealth Effects in Mergers and Acquisitions : Evidence from the CDS Market
Huettermann, Kai - 2020
. Therefore, this study aims to close this gap by exploring the effect of merger announcements on CDS spreads empirically. A …
Persistent link: https://www.econbiz.de/10012852376
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The Spillover Effect of Fraud Allegations Against Chinese Reverse Mergers
Darrough, Masako N. - 2015
We examine the spillover effect of fraud allegations against Chinese companies that became public through reverse mergers (CRMs) instead of IPOs. Both short sellers and regulators took active interests in the frauds allegedly perpetrated by CRMs. Once the public became alarmed by the frequency...
Persistent link: https://www.econbiz.de/10013030938
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Corporate mergers and accounting performance during a period of economic crisis : evidence from Greece
Pazarskis, Michail; Vogiatzoglou, Manthos; Koutoupis, … - In: Journal of business economics and management 22 (2021) 3, pp. 577-595
Merger deals are one of the most important business strategies which can change the company value dramatically. Mergers … analyze merger activities during economic crisis periods, as it was in Greece recently. This paper explores the accounting … for one year before and after the merger. The analysis of Greek listed companies that comprise the final sample is …
Persistent link: https://www.econbiz.de/10012506241
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Merger and Acquisitions - Collar Contracts
Chen, An - 2014
Derivatives termed collar offers have become popular in mergers and acquisitions transactions. In this paper, we price the two most popular types of collar offers, fixed price and fixed ratio collars, and value the commonly included right to terminate the transaction before the closing date....
Persistent link: https://www.econbiz.de/10013066360