| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10773 |
| 来源ID | Working Paper 10773 |
| Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions? | |
| Sara B. Moeller; Frederik P. Schlingemann; Rene M. Stulz | |
| 发表日期 | 2004-09-20 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Behavioral finance models imply that an increase in shares outstanding leads to a lower stock price for firms with greater diversity in opinion among investors. Information asymmetry models imply that share issues by firms with greater information asymmetries are accompanied by larger share price decreases. Valuation models predict a negative relation between uncertainty resolution and share prices. Acquisition announcements are used to investigate these predictions. We find acquirer abnormal returns for acquisitions of public firms paid for with equity (but not for acquisitions of private firms paid for with equity) are lower for firms with higher dispersion of analyst forecasts, larger change in dispersion of analyst forecasts, and higher idiosyncratic volatility. The opposite result holds for acquisitions of public firms paid for with cash for idiosyncratic volatility. We show that this evidence can best be explained by models that emphasize information asymmetries, but the behavioral models and valuation models explain part of the evidence. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w10773 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568405 |
| 推荐引用方式 GB/T 7714 | Sara B. Moeller,Frederik P. Schlingemann,Rene M. Stulz. Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions?. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10773.pdf（319KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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