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来源类型Working Paper
规范类型报告
DOI10.3386/w27976
来源IDWorking 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
URLhttps://www.nber.org/papers/w27976
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/585649
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Itzhak Ben-David,Utpal Bhattacharya,Stacey E. Jacobsen. The (Missing) Relation Between Announcement Returns and Value Creation. 2020.
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