کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5103560 | 1480435 | 2017 | 28 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The source of financing in mergers and acquisitions
ترجمه فارسی عنوان
منبع تامین مالی در ادغام و خرید
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
I directly focus on the source of financing in takeovers instead of the common but indirect approximation by the payment method. By examining a sample of 610 acquisitions occurring between 1991 and 2009, I am able to distinguish between several different sources of financing for sizeable transactions and to additionally control for any payment effect. For the initial decision if the takeover should be financed with internal funds, the completion time and the acquirer's pre-takeover characteristics (cash level, Tobin's Q, and leverage) are crucial. When deciding the source of external funds, the acquirer's pre-takeover cash level remains important, while the target's characteristics (nationality, listing, and competing bids) gain importance. For acquisitions that are more credit-financed, I find superior short-run performance; takeovers financed mainly with common stock issues yield poor announcement returns. Over the 3 years following an acquisition, my analysis reveals that capital markets efficiently price all information at the announcement; only takeovers financed with a common stock issue significantly underperform in subsequent years.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 65, August 2017, Pages 227-239
Journal: The Quarterly Review of Economics and Finance - Volume 65, August 2017, Pages 227-239
نویسندگان
Mario Fischer,