Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/65726
Título: | Bargaining merger terms and the effect on the announcement returns |
Autor(es): | Pereira, Paulo J. Rodrigues, Artur |
Palavras-chave: | Merger terms Merger timing Bargaining Uncertainty Real options Event studies |
Data: | 1-Jan-2019 |
Editora: | Elsevier Science BV |
Revista: | International Review of Economics & Finance |
Citação: | Pereira, P. J., & Rodrigues, A. (2019, January). Bargaining merger terms and the effect on the announcement returns. International Review of Economics & Finance. Elsevier BV. http://doi.org/10.1016/j.iref.2018.10.015 |
Resumo(s): | This paper develops a dynamic model for the timing and terms of mergers. In contrast to other models, we show that firms agree about the timing independently from how the merger surplus is shared or their bargaining power. We show that, under asymmetry of information, the combination of surprises on the merger timing and the merger terms, can produce negative or positive abnormal announcement returns for the merging firms. The abnormal returns are also possible under perfect information, even if the announcements are expected by the market, and occur as a result of the event-study methodology. |
Tipo: | Artigo |
URI: | https://hdl.handle.net/1822/65726 |
DOI: | 10.1016/j.iref.2018.10.015 |
ISSN: | 1059-0560 |
Versão da editora: | https://www.sciencedirect.com/science/article/pii/S1059056017302484 |
Arbitragem científica: | yes |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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pr2016_mergers.pdf | 131,11 kB | Adobe PDF | Ver/Abrir |