کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5093381 1478439 2016 41 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Industry IPOs, growth opportunities, and private target acquisitions
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Industry IPOs, growth opportunities, and private target acquisitions
چکیده انگلیسی
As a result of increased information production and aggregation, acquiring companies may make merger decisions based on valuable information they extract from public markets. This paper examines acquisition decisions, and suggests a novel source of information for industry firms - the IPO market. The results provide evidence that industry IPOs signal the existence of available investment opportunities, in particular about privately-held firms. The proportion of private target acquisitions, stock payments, and acquirer announcement returns significantly correlates with signals derived from industry IPOs. Our results suggest that industry IPOs generate positive externalities by facilitating more efficient acquisition decisions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 37, April 2016, Pages 193-209
نویسندگان
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