| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27976 |
| 来源ID | Working Paper 27976 |
| The (Missing) Relation Between Announcement Returns and Value Creation | |
| Itzhak Ben-David; Utpal Bhattacharya; Stacey E. Jacobsen | |
| 发表日期 | 2020-10-26 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Acquisition announcement returns are widely considered market-based assessments of value creation. Unfortunately, the data do not support this conjecture. We show that commonly used and new measures of realized acquisition outcomes are correlated among themselves, though derived from different sources. Furthermore, these outcomes are predictable using standard information known at the announcement time. In contrast, announcement returns—also measured at the announcement time—are uncorrelated with these outcomes. Importantly, announcement returns even fail to predict the predictable components of these outcomes. Overall, there is no evidence that announcement returns capture expected or realized value creation. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w27976 |
| 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/585649 |
| 推荐引用方式 GB/T 7714 | Itzhak Ben-David,Utpal Bhattacharya,Stacey E. Jacobsen. The (Missing) Relation Between Announcement Returns and Value Creation. 2020. |
| 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 | ||
| w27976.pdf（585KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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