کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959526 929311 2012 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effect of reference point prices on mergers and acquisitions
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The effect of reference point prices on mergers and acquisitions
چکیده انگلیسی

Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a peak price. Conversely, bidder shareholders react more negatively as the offer price is influenced upward toward a peak. Merger waves occur when high returns on the market and likely targets make it easier for bidders to offer a peak price. Parties thus appear to use recent peaks as reference points or anchors to simplify the complex tasks of valuation and negotiation.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 106, Issue 1, October 2012, Pages 49–71
نویسندگان
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