G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w23493
来源IDWorking 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
URLhttps://www.nber.org/papers/w23493
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581167
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Isil Erel,Yeejin Jang,Bernadette A. Minton,et al. Corporate Liquidity, Acquisitions, and Macroeconomic Conditions. 2017.
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