| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13560 |
| DP13560 The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune | |
| Zoran Filipović; Alexander F. Wagner | |
| 发表日期 | 2019-03-01 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Mergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a novel word list of intangibles and apply it to takeover announcements. The value of these deals to the acquirer, as shown by abnormal announcement returns, is questionable: One standard deviation more in intangibles talk lowers returns by 0.50 percentage points. Agency problems explain little of these results. Rather, the cross-section of announcement returns, payment mode choices, and insider trades suggest that intangibles talk reflects managerial overoptimism. In sum, takeover announcements reveal important information regarding the quality of deals. |
| 主题 | Financial Economics |
| 关键词 | Corporate announcements Intangible assets Intangibles talk Mergers and acquisitions Takeovers Textual analysis |
| URL | https://cepr.org/publications/dp13560-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542415 |
| 推荐引用方式 GB/T 7714 | Zoran Filipović,Alexander F. Wagner. DP13560 The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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