کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7357141 1478426 2018 70 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Cash-rich acquirers do not always make bad acquisitions: New evidence
ترجمه فارسی عنوان
سرمایه گذاران غنی از پول نقد همیشه جذب بدی نمی کنند: شواهد جدید
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
Cash-rich acquirers on average perform better than their cash-poor counterparts. This observation is driven by financially constrained acquirers and by the deals made between the 1990s and 2000s. It is robust to alternative measures of financial constraints, to both the short term and the long term, and to the different institutional setting such as the U.K. We conclude cash richness primarily reflects acquirer managers' private information of deal quality instead of agency costs. The precautionary motive can explain the positive cash holdings effect on acquirer performance.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 50, June 2018, Pages 243-264
نویسندگان
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