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Overinvestment and Stock Price Crashes : Evidence from Mergers and Acquisitions

Andreou, Panayiotis C.; Bozos, Konstantinos; Panayi, … - 2021

A sizeable amount of empirical research attributes stock price crashes to agency reasons, predominantly on managerial bad news hoarding behaviour manifested through the financial reporting opacity channel. Admittedly, another prominent agency-based explanation, namely the overinvestment channel,...

Persistent link: https://www.econbiz.de/10013237855

Reference prices, relative values, and the timing of M&A announcements

Lee, Sangwon; Yerramilli, Vijay - In: The journal of corporate finance : contracting, … 76 (2022), pp. 1-25

Persistent link: https://www.econbiz.de/10013494260

Short Sales, Informed Trading, and Merger Announcements

Blau, Benjamin M. - 2011

contained in shorting activity around merger announcements. Results in this study do not show evidence of abnormal short selling … short sellers are neither privately informed nor superior in their ability to process information around merger …

Persistent link: https://www.econbiz.de/10013133912

The Information Implication of Merger and Acquisition Announcements : Evidence from the U.S. And China

Liang, Hao - 2010

This study examines the impact of merger and acquisition (M&A) announcements made by U.S. companies listed on New York …

Persistent link: https://www.econbiz.de/10013143825

Using Option Prices to Infer Overpayments and Synergies in M&A Transactions

Barraclough, Kathryn - 2012

In this paper, we use call option prices to identify synergies and news from merger and acquisition (M&A) transaction …

Persistent link: https://www.econbiz.de/10013113888

Merger Process and Shareholder Wealth : Evidence from Public Tender Offer in Korea

Kwon, Yonghyun - 2011

ownership structure affects a firm's intermediate merger process …

Persistent link: https://www.econbiz.de/10013121174

Merger Announcements and Market Efficiency : Do Markets Predict Synergetic Gains from Mergers Properly?

Muslumov, Alovsat - 2012

This paper examines whether market evaluates merger announcements in a reasonable way based on their effect on … fundamental value using a sample of 37 mergers from U.S. industries completed within 1992-1997. For this purpose, the post-merger … to market efficiency hypothesis. Full sample analysis shows that bidder abnormal stock return at the merger announcement …

Persistent link: https://www.econbiz.de/10013104297

An Event Study Analysis of Stock Price Reaction to Mergers of Greek Industrial and Construction Firms

Papasyriopoulos, Nicholas - 2010

Using the event study methodology introduced by Brown and Warner (1985) for six Greek industrial and construction firms, we attempt to measure the abnormal returns on stock prices on the day of the acquisition announcement. Estimation period and event period in our market model is -211 -11 -10,...

Persistent link: https://www.econbiz.de/10013148504

Is Corporate Governance Important for Regulated Firms’ Shareholders? Evidence from Japanese Mergers and Acquisitions

Nogata, Daisuke - 2010

This paper compares the reaction of bidders' stock prices to acquisition announcements by regulated non-financial firms, banks, and unregulated companies in Japan. Results suggest that regulated non-financial firms do not experience a significant stock price response at M&A announcements,...

Persistent link: https://www.econbiz.de/10013149286

On the Wealth Effects of Merging Banks’ Rivals Empirical Evidence for US Bank Mergers

Weiss, Gregor N. F. - 2010

attributed to either the collusion, productive efficiency, acquisition probability or pre-emptive merger hypothesis. In contrast …

Persistent link: https://www.econbiz.de/10013151114