کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7361649 1478890 2018 66 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Does policy uncertainty affect mergers and acquisitions?
ترجمه فارسی عنوان
آیا بی ثباتی سیاست بر ادغام ها و ادغام ها تاثیر می گذارد؟
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی
Political and regulatory uncertainty is strongly negatively associated with merger and acquisition activity at the macro and firm levels. The strongest effects are for uncertainty regarding taxes, government spending, monetary and fiscal policies, and regulation. Consistent with a real options channel, the effect is exacerbated for less reversible deals and for firms whose product demand or stock returns exhibit greater sensitivity to policy uncertainty, but attenuated for deals that cannot be delayed due to competition and for deals that hedge firm-level risk. Contractual mechanisms (deal premiums, termination fees, MAC clauses) unanimously point to policy uncertainty increasing the target's negotiating power.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 129, Issue 3, September 2018, Pages 531-558
نویسندگان
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