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No News Is News : Do Markets Underreact to Nothing?

Giglio, Stefano - 2014

As illustrated in the tale of “the dog that did not bark,” the absence of news and the passage of time often contain information. We test whether markets fully incorporate this information using the empirical context of mergers. During the year after merger announcement, the passage of time...

Persistent link: https://www.econbiz.de/10013065551

Is the event study methodology useful for merger analysis? : a comparison of stock market and accounting data

Duso, Tomaso; Gugler, Klaus; Yurtoglu, B. Burcin - 2006

Using a sample of 167 mergers during the period 1990-2002 involving 544 firms either as merging firms or competitors, we contrast a measure of the merger's profitability based on event studies with one based on accounting data. We find positive and significant correlations between them when...

Persistent link: https://www.econbiz.de/10010365892

Acquirer Valuation and Acquisition Decisions : Identifying Mispricing Using Short Interest

Ben-David, Itzhak - 2013

We use short interest as an investor-based measure of over/undervaluation that distinguishes between the misvaluation and Q-theories of mergers. Using this measure, we find that misvaluation is a strong determinant of merger decision making. Firms in the top quintile of short interest are 54%...

Persistent link: https://www.econbiz.de/10013094979

The Role of Technology in M&As : A Firm-Level Comparison of Cross-Border and Domestic Deals

Frey, Rainer - 2016

Persistent link: https://www.econbiz.de/10012991158

The Outsourcing of R&D Through Acquisition in the Pharmaceutical Industry

Higgins, Matthew John; Rodriguez, Dan - 2015

We examine the performance of 160 pharmaceutical acquisitions from 1994 to 2001 and find evidence that on average acquirers realize significant positive returns. These returns are positively correlated with prior acquirer access to information about the research and development activities at...

Persistent link: https://www.econbiz.de/10014026875

The role of technology in M&As: a firm-level comparison of cross-border and domestic deals

Frey, Rainer; Hussinger, Katrin - 2006

Technological change is often hypothesized as one of the main drivers of merger activities. This paper analyzes the role of technology in mergers and acquisitions (M&As) at the firm level. Based on a newly created data set that combines financial information and patent data for public limited...

Persistent link: https://www.econbiz.de/10010295834

Mergers, Acquisitions and Restructuring : Types, Regulation, and Patterns of Practice

Coates, IV, John C. - 2014

An important component of corporate governance is the regulation of significant transactions – mergers, acquisitions, and restructuring. This paper (a chapter in Oxford Handbook on Corporate Law and Governance, forthcoming) reviews how M&A and restructuring are regulated by corporate and...

Persistent link: https://www.econbiz.de/10013051345

Blockholders and Corporate Governance

Edmans, Alex - 2018

This paper reviews the theoretical and empirical literature on the channels through which blockholders (large shareholders) engage in corporate governance. In classical models, blockholders exert governance through direct intervention in a firm's operations, otherwise known as “voice.” These...

Persistent link: https://www.econbiz.de/10012938447

The Consolidation of the Global Brewing Industry and Wealth Effects from Mergers and Acquisitions

Mehta, Ramit - 2013

effects of horizontal mergers and acquisitions on acquirers in the brewing industry. Based on a sample of 69 takeover …

Persistent link: https://www.econbiz.de/10013090726

Investor Conferences and Institutional Trading in Takeover Targets

Subasi, Musa - 2014

I examine whether access to the management of takeover targets at investor conferences is associated with informed … trading before these firms' takeover announcements. I find that during the one year preceding takeover announcements … investors, targets' conference presentations benefit large investors and have no impact on small investors' pre-takeover trades …

Persistent link: https://www.econbiz.de/10013066937