کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5089819 1375607 2011 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Bidders' strategic timing of acquisition announcements and the effects of payment method on target returns and competing bids
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Bidders' strategic timing of acquisition announcements and the effects of payment method on target returns and competing bids
چکیده انگلیسی
Using a sample of acquisition announcements released during trading versus nontrading hours, this study examines how the strategic timing of acquisition announcements determines the impact of the method of payment on target stock returns and competition among bidders. For overnight acquisition announcements, we find that cash payment offers positively and significantly affect acquisition premiums and target returns, yet these results do not hold for daytime announcements. Cash payment offers made during nontrading hours are more likely to deter potential bidders and complete proposed transactions. However, we find no such relationship for daytime announcements. These findings suggest that the timing of acquisition announcements by bidders is important for assessing the effects of payment method as a signal of target valuation and a preemption of competing bids.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 35, Issue 9, September 2011, Pages 2231-2244
نویسندگان
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