Do Insiders Learn from Outsiders ? Evidence From Mergers And Acquisitions  

Oleh:

Luo, Yuanzhi

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 4 (Aug. 2005), page 1951-1982.
Topik: mergers; acquisitions & mergers; forecasting techniques; securities markets; perceptions; studies; economic model; regression analysis
Fulltext: p 1951.pdf (191.75KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

I find the market reaction to a merger and acquisitions (M & A) announcement predicts whether the companies later consummate the deal. The relation cannot be explained by the market's anticipation of the closing decision or its perception of the deal quality at the announcement. Merging companies appear to extract information from the market reaction and later consider it in closing the deal. Futhermore, the relation varies with deal characteristics, suggesting that companies seem to have a higher incentive to learn from the market when canceling the announced deal is easier or when the market has more information than the companies do not know.

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