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The Informativeness of Internal Control Weakness Disclosure on Acquirers’ M&A Decisions

Yorke, Sally; Mo, Phyllis; Chan, K. Hung - 2021

We examine the relevance of the disclosure of internal control weaknesses (ICWs) by target firms for acquirers in making their merger-and-acquisition (M&A) decisions. Based on a sample of M&A transactions in 2005–2018, we find that acquirers offer lower premiums for targets that disclose ICWs...

Persistent link: https://www.econbiz.de/10013238865

The Market for Corporate Control and Information Quality : Evidence from Peer Firm Disclosure Response to Takeover Threat

Chen, Shuping - 2020

We examine the voluntary disclosure behavior of peer firms of hostile takeover targets. We find that peer firms under … CEOs, CEOs with higher total compensation, and firms with weaker anti-takeover provisions. Further tests show that peer …

Persistent link: https://www.econbiz.de/10012851057

The Role of Disclosure in Closing Going Private Deals

Bianchi, Pietro A. - 2020

There is a perceived conflict of interests in going private transactions, resulting fromtransferring a company's ownership and control to affiliated parties and terminatingits public status. These deals are subject to mandatory disclosure requirements, aimedto inform shareholders before the...

Persistent link: https://www.econbiz.de/10012851710

Heterogeneity in the information content of 8-K disclosures about private targets : acquirer size and target significance

Bayar, Onur; Das, Sougata; Kesici, Emre - In: Global finance journal 48 (2021), pp. 1-20

Persistent link: https://www.econbiz.de/10012886919

The Value of a Disclosure of Ambiguous Information – The Case of Insider Trading

Kraizberg, Elli - 2022

Disclosure of insider trading are ambiguous pieces of information, as liquidity traders may not assess whether the trades are motivated by significant privileged information related to the true share value. This paper establishes an algorithm, relying on Bayesian inference that represents the...

Persistent link: https://www.econbiz.de/10013293861

Information Content of Directors’ Trading Around Acquisition

Shams, Syed - 2016

This paper investigates the patterns of directors' trades and returns around takeover announcements. We find that the …

Persistent link: https://www.econbiz.de/10013005344

The Information Content of Target Price Forecasts : Evidence from Mergers and Acquisitions

Ho, Tuan Quoc; Brownen‐Trinh, Ruby; Xu, Fangming - 2021

more likely to become a takeover target and offer premium and acquirers’ announcement returns are positively associated …’ takeover likelihood generates economically significant returns. Our results are robust to a battery of additional analysis, and … useful for participants in the corporate takeover markets …

Persistent link: https://www.econbiz.de/10013237497

Informational Content of Options Trading on Acquirer Announcement Return

Chan, Konan - 2013

This study examines the informational content of options trading on acquirer announcement returns. We show that implied volatility spread predicts positively on the cumulative abnormal return (CAR), and implied volatility skew predicts negatively on the CAR. The predictability is much stronger...

Persistent link: https://www.econbiz.de/10013079110

Social Media Disclosure and Reputational Damage : Evidence from the LIBOR Scandal

Huan, Xing; Parbonetti, Antonio; Redigolo, Giulia; … - 2022

We provide new evidence on the effects of social media in the context of a financial scandal using a sample of banks that were accused of manipulating the London Interbank Offered Rate. We find that increased banks' Twitter activity when the scandal surfaced has a positive moderating effect on...

Persistent link: https://www.econbiz.de/10013300943

Institutional Trades around Takeover Announcements : Skill Vs. Inside Information

Jegadeesh, Narasimhan - 2011

This paper examines the pattern and profitability of institutional trades around takeover announcements. We find that … the trades of funds as a group, either before or after takeover announcements, are not profitable. However, funds whose …

Persistent link: https://www.econbiz.de/10013134118