| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23493 |
| 来源ID | Working Paper 23493 |
| Corporate Liquidity, Acquisitions, and Macroeconomic Conditions | |
| Isil Erel; Yeejin Jang; Bernadette A. Minton; Michael S. Weisbach | |
| 发表日期 | 2017-06-12 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Firms hold liquid assets to enhance their ability to invest efficiently when external financing costs are high, especially during poor macroeconomic conditions. Using a sample of 47,378 acquisitions from 36 countries between 1997 and 2014, we study how the relation between firms’ cash holdings and their acquisition decisions changes over macroeconomic cycles. We find that higher cash holdings increase the likelihood a firm will make an acquisition. Better macroeconomic conditions, which lower the cost of external finance, also increase the likelihood of an acquisition. However, larger cash holdings decrease the sensitivity of acquisitions to macroeconomic factors, suggesting that cash holdings lower financing constraints during times when the cost of external finance is high. Announcement day abnormal returns for acquirers follow a consistent pattern: they decrease with acquirer cash holdings and with better macroeconomic conditions. The results are consistent with the view that firms choose liquidity levels to insure against poor macroeconomic conditions. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w23493 |
| 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/581167 |
| 推荐引用方式 GB/T 7714 | Isil Erel,Yeejin Jang,Bernadette A. Minton,et al. Corporate Liquidity, Acquisitions, and Macroeconomic Conditions. 2017. |
| 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 | ||
| w23493.pdf（205KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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