کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960442 929464 2009 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The underpricing of private targets
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The underpricing of private targets
چکیده انگلیسی

We examine acquisitions of private firms with valuation histories and find a positive relation between acquirer announcement returns and target valuation revisions. Similar to other studies, acquirer announcement returns are positive, on average. However, positive acquirer announcement returns are mainly driven by targets that are acquired for more than their prior valuation. This relation is consistent with pricing effects associated with target valuation uncertainty and behavioral biases in negotiation outcomes.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 93, Issue 1, July 2009, Pages 51–66
نویسندگان
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