کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
959663 | 929346 | 2013 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Acquisitions driven by stock overvaluation: Are they good deals?
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Acquisitions driven by stock overvaluation: Are they good deals? Acquisitions driven by stock overvaluation: Are they good deals?](/preview/png/959663.png)
چکیده انگلیسی
Theory and recent evidence suggest that overvalued firms can create value for shareholders if they exploit their overvaluation by using their stock as currency to purchase less overvalued firms. We challenge this idea and show that, in practice, overvalued acquirers significantly overpay for their targets. These acquisitions do not, in turn, lead to synergy gains. Moreover, these acquisitions seem to be concentrated among acquirers with the largest governance problems. CEO compensation, not shareholder value creation, appears to be the main motive behind acquisitions by overvalued acquirers.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 109, Issue 1, July 2013, Pages 24–39
Journal: Journal of Financial Economics - Volume 109, Issue 1, July 2013, Pages 24–39
نویسندگان
Fangjian Fu, Leming Lin, Micah S. Officer,