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The Effects of Anticipated Future Investments on Firm Value : Evidence from Mergers and Acquisitions

Zhang, Ning - 2017

I examine the long-term valuation consequence of investment in mergers and acquisitions on acquiring firms through the “anticipation effect,” in which forward-looking prices embed investors' expectations about the profitability of firms' future acquisitions. Using a sample of firms with past...

Persistent link: https://www.econbiz.de/10012970000

Do Acquisitions of Private Targets Create Higher Value?

Lys, Thomas Z. - 2016

Acquirers, on average, earn higher announcement-period returns when their targets are privately held than when their targets are publicly traded. We show that private targets have significantly more intangible assets than do public targets. We then develop a valuation model that is based on the...

Persistent link: https://www.econbiz.de/10012978402

Antitakeover Provisions and Firm Value : New Evidence from the M&A Market

Drobetz, Wolfgang - 2020

declining industries. Further, our empirical evidence is consistent with a short-termist interpretation. We show that takeover …

Persistent link: https://www.econbiz.de/10012850427

Internet Appendix for : Target Firm Advertising and Firm Value

Fich, Eliezer M. - 2020

Full Paper is available at: "https://www.ssrn.com/abstract=2526509" https://www.ssrn.com/abstract=2526509In this Internet Appendix, we perform further tests in order (i) to assess the robustness of the main findings, (ii) to evaluate whether the magnitude of our results changes in different...

Persistent link: https://www.econbiz.de/10012850598

The Market Value Spillovers of Mergers and Acquisitions : Revaluing Technological Capabilities and Product Market Positioning

Testoni, Marco - 2020

The strategy literature emphasizes the ownership of resources or market positioning as fundamental sources of a firm's value. Building on these perspectives, this study shows that when an acquisition is announced, the market value of other non-merging companies can be simultaneously affected by...

Persistent link: https://www.econbiz.de/10012851650

A New Perspective on Director Busyness

Liu, Chang - 2020

We provide a new perspective to the multiple directorships literature, which focuses on outside directors. Inside directors, however, are important both in the boardroom and day-to-day operations of the firm. We find that any negative effect of director busyness is more pervasive for inside...

Persistent link: https://www.econbiz.de/10012856098

Target Firm Advertising and Firm Value

Fich, Eliezer M. - 2020

hypotheses underlying firm advertising, we find that targets with pre-takeover advertising obtain higher premiums, while their …

Persistent link: https://www.econbiz.de/10012856435

Determinants of Earnout as Acquisition Payment Currency and Bidder's Value Gains

Barbopoulos, Leonidas G.; Sudarsanam, Puliyur - 2021

We examine the wealth effects of a comprehensive sample of UK bidders offering contingent payment, or earnout, as consideration for their acquisitions. We show that bidders using earnout generate signifi- cantly higher announcement and post-acquisition value gains than bidders using non-earnout...

Persistent link: https://www.econbiz.de/10013240080

Valuation of Takeover Targets and Auditor Quality

Niemi, Lasse - 2014

firm using a sample of 1 915 takeover offers in the USA over the period 1990 to 2005. The study finds, as hypothesised …, that the takeover process makes a smaller correction to the market price of the target when it has a Big 4 auditor …

Persistent link: https://www.econbiz.de/10013063188

Advising shareholders in takeovers

Levit, Doron - 2011

This paper studies the advisory role of the board of directors in takeovers. I develop a model in which the takeover … premium and the ability of the target board to resist the takeover are endogenous. The analysis relates the influence of the … and it is maximized when the board is biased against the takeover. Generally, uninformative and ignored recommendations …

Persistent link: https://www.econbiz.de/10009355149