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Author: Yen-Sheng Huang
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
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Book Description
Abnormal returns earned by target firms at the time of initial acquisition announcements are related to form of payment, degree of resistance, and type of offer. Results indicate that interdependence among these characteristics is important. Previous research suggests that tender offer targets earn higher abnormal returns than merger targets. After controlling for payment method and degree of resistance, however, the difference in abnormal returns between tender offers and mergers is insignificant. Resisted offers are associated with insignificantly higher returns than unresisted offers. Abnormal returns associated with cash offers are significantly higher than those associated with stock offers.
Author: Yen-Sheng Huang
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
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Book Description
Abnormal returns earned by target firms at the time of initial acquisition announcements are related to form of payment, degree of resistance, and type of offer. Results indicate that interdependence among these characteristics is important. Previous research suggests that tender offer targets earn higher abnormal returns than merger targets. After controlling for payment method and degree of resistance, however, the difference in abnormal returns between tender offers and mergers is insignificant. Resisted offers are associated with insignificantly higher returns than unresisted offers. Abnormal returns associated with cash offers are significantly higher than those associated with stock offers.
Author: B. Ruth Montgomery
Publisher:
ISBN:
Category : Business
Languages : en
Pages : 294
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Author: Yen-Sheng Huang
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 32
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Author: Abraham Charnes
Publisher:
ISBN:
Category : Airlines
Languages : en
Pages : 650
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Author: Surasak (Matt) Ngammekchai
Publisher: LAP Lambert Academic Publishing
ISBN: 9783838378855
Category :
Languages : en
Pages : 84
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Book Description
The results presented in this paper strongly support the integrative theory of mergers and acquisitions (Finkelstein and Larsson (1999), which suggests that the organizational integration is one of the most important determinants of M&A success. Overall, the EF is negatively correlated with CARs when the entire data set is analyzed. The results suggest that integration processes become more complicated because the employees from the target firm are more resistant to the new culture due to a low level of cultural domination of the acquiring firm. In addition, the results demonstrate that this effect is strongest in 1) within-industry mergers, 2) cross-region mergers, and 3) mergers involving employees with high-valued skill sets. I find significant effects for the EF only in some specific industry groups that require employees with high skill levels and expertise. Additionally, the findings also show that a group of M&A transactions in which target firms' average deal value per acquired employee is high, indicating that the employees have high skill sets and expertise, experiences a particularly strong effect from the EF.
Author: Mark Andrew Swanstrom
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 308
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Author: Dylan Martens
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
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Author: Moon H. Song
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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We develop and test the Acquisition Probability Hypothesis, which asserts that rivals of initial acquisition targets earn abnormal returns because of the increased probability that they will be targets themselves. On average, rival firms earn positive abnormal returns regardless of the form and outcome of acquisition. These returns increase significantly with the magnitude of surprise about the initial acquisition. Moreover, the cross-sectional variation of rival abnormal returns in the announcement period is systematically related to variables associated with the probability of acquisition. In addition, rivals that subsequently become targets earn significantly higher abnormal returns in the announcement period.
Author: Agnieszka Perepeczo
Publisher:
ISBN:
Category :
Languages : en
Pages : 18
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Book Description
The paper provides evidence on abnormal returns performance in acquisitions on the Warsaw Stock Exchange. From a variety of measures, the authors chose the event study methodology, used in developed markets to evaluate post-acquisition performance and based on the market data, and Cumulative Average Abnormal Return (CAAR). The research sample has included acquired (target) firms quoted on the Warsaw Stock Exchange and selected according to the tender offers announcement in 1998-2004 as one of the formal ways of acquisition offer. The research study has focused on short-term abnormal returns (60 days before and 60 days after bid announcement). The evidence leads to the conclusion that positive reaction of investors to bid announcement on Polish market is similar to the reaction of investors on developed markets, and results in positive abnormal return for shareholders of acquired (target) firms. However the results obtained for individual sectors do not allow to draw unambiguous conclusions and indicate that abnormal returns for shareholders of acquired (target) firms are sensitive to the adopted model of evaluation.
Author: 周子翔
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
