کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960468 | 929473 | 2009 | 29 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Are fairness opinions fair? The case of mergers and acquisitions
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
Over the period 1994–2003, 80% of targets and 37% of acquirers obtain a third-party assessment of the fairness of a merger or acquisition. These fairness opinions do not affect deal outcomes when used by targets, but they affect deal outcomes when used by acquirers. The deal premium is lower in transactions if the acquirer obtains a fairness opinion, and is further reduced if multiple advisors provide an opinion. However, the acquirer's announcement-period return is 2.3% lower if the acquirer has a fairness opinion, especially if the acquirer pays a high premium, indicating that investors are skeptical of these transactions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 91, Issue 2, February 2009, Pages 179–207
Journal: Journal of Financial Economics - Volume 91, Issue 2, February 2009, Pages 179–207
نویسندگان
Darren J. Kisgen, Jun “QJ” Qian, Weihong Song,