| 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 | |
| Alexander F. Wagner; Zoran Filipović | |
| 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. Deals presented with more “intangibles talk” complete more quickly. However, the value of these deals to the acquirer is questionable: One standard deviation more in intangibles talk results in 0.45 percentage points lower abnormal announcement returns of bidders. Agency problems explain little of these results. Instead, payment mode choices and insider trades suggest that intangibles talk reflects managerial overoptimism. Overall, takeover announcements can provide 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 |
| 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/542416 |
| 推荐引用方式 GB/T 7714 | Alexander F. Wagner,Zoran Filipović. 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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