کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7414944 1481859 2018 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Identifying M&A targets and the information content of VC/PEs
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Identifying M&A targets and the information content of VC/PEs
چکیده انگلیسی
The information gap in the M&A market hinders acquirers from effectively identifying high-quality targets. We examine whether VC/PEs convey information content in the M&A market and whether acquirers can use such information to identify high-quality targets. We show that VC/PEs have significant information content and can signal high-quality target companies via “certification”. When acquirers lack acquisition experience and targets are located in inferior information environments, VC/PE “certification” is more significant. The better reputation a VC/PE has, the more information it conveys. Syndicate VC/PEs convey stronger information than independent VC/PEs. We also find that acquirers do not pay higher premiums for high-quality targets. Overall, our results suggest that VC/PEs have value relevance in the M&A market, confirming their “certification” role. We present means for acquirers to select high-quality targets and investors to build efficient portfolios.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: China Journal of Accounting Research - Volume 11, Issue 1, March 2018, Pages 33-50
نویسندگان
, ,