کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7340385 1476147 2014 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Pricing target NOLs in mergers and acquisitions from the participating firms' perspective
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Pricing target NOLs in mergers and acquisitions from the participating firms' perspective
چکیده انگلیسی
While prior research has extensively examined the market response to target net operating loss carryforwards (NOLs) in mergers and acquisitions (M&A) announcements, the question of whether target NOLs are priced by the participating firms during the price negotiation process has not been explicitly addressed. Answers to this question could provide direct measures to assist firms in pricing target NOLs in M&As. Our results show that the participating firms price target NOLs based on how long it will take the acquirer to use the acquired NOL in both nontaxable and taxable acquisitions under the Tax Reform Act of 1986. Also, we find a significant difference in the market pricing and the participant pricing of target short-lived NOLs before, and continuing well after, the announcement date. Our findings suggest that the importance of the differences between the market and the participating firms perspectives should be considered when conducting future research in this area.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Advances in Accounting - Volume 30, Issue 1, June 2014, Pages 32-42
نویسندگان
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