Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/65726
Registo completo
Campo DC | Valor | Idioma |
---|---|---|
dc.contributor.author | Pereira, Paulo J. | por |
dc.contributor.author | Rodrigues, Artur | por |
dc.date.accessioned | 2020-06-23T09:18:21Z | - |
dc.date.available | 2021-01-01T07:01:04Z | - |
dc.date.issued | 2019-01-01 | - |
dc.date.submitted | 2017-03 | - |
dc.identifier.citation | 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 | por |
dc.identifier.issn | 1059-0560 | por |
dc.identifier.uri | https://hdl.handle.net/1822/65726 | - |
dc.description.abstract | 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. | por |
dc.description.sponsorship | This research has been financed by the European Regional Development Fund through COMPETE 2020 -Programa Operacional Competitividade e Internacionalizacho (POCI) and by Portuguese public funds through FCT in the framework of the projects POCI-01-0145-FEDER-006683 (Artur Rodrigues) and POCI-01-0145-FEDER-006890 (Paulo J. Pereira). We thank Alcino Azevedo, Bart Lambrecht, Dean Paxson, Elmar Lukas, Luis Aguiar-Conraria, Rosa Branca-Esteves, and participants of the 2015 Annual Real Options Conference for their helpful comments. Any remaining errors are the sole responsibility of the authors. | por |
dc.language.iso | eng | por |
dc.publisher | Elsevier Science BV | por |
dc.rights | openAccess | por |
dc.subject | Merger terms | por |
dc.subject | Merger timing | por |
dc.subject | Bargaining | por |
dc.subject | Uncertainty | por |
dc.subject | Real options | por |
dc.subject | Event studies | por |
dc.title | Bargaining merger terms and the effect on the announcement returns | por |
dc.type | article | - |
dc.peerreviewed | yes | por |
dc.relation.publisherversion | https://www.sciencedirect.com/science/article/pii/S1059056017302484 | por |
oaire.citationStartPage | 510 | por |
oaire.citationEndPage | 521 | por |
oaire.citationVolume | 59 | por |
dc.date.updated | 2020-06-23T08:56:44Z | - |
dc.identifier.doi | 10.1016/j.iref.2018.10.015 | por |
dc.subject.fos | Ciências Sociais::Economia e Gestão | por |
dc.subject.wos | Social Sciences | - |
sdum.export.identifier | 5380 | - |
sdum.journal | International Review of Economics & Finance | por |
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 |