G340 - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corp. Governance最新文献

筛选
英文 中文
The Underpricing of Private Targets 私募股权的定价过低
John W. Cooney, T. Moeller, Mike Stegemoller
{"title":"The Underpricing of Private Targets","authors":"John W. Cooney, T. Moeller, Mike Stegemoller","doi":"10.2139/ssrn.820164","DOIUrl":"https://doi.org/10.2139/ssrn.820164","url":null,"abstract":"We examine acquisitions of private firms with valuation histories and find a positive relation between acquirer announcement returns and target valuation revisions. Similar to other studies, acquirer announcement returns are positive, on average. However, positive acquirer announcement returns are mainly driven by targets that are acquired for more than their prior valuation. This relation is consistent with pricing effects associated with target valuation uncertainty and behavioral biases in negotiation outcomes.","PeriodicalId":298707,"journal":{"name":"G340 - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corp. Governance","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133045044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 77
Value of Shareholder Activism: Evidence from the Switchers 股东行动主义的价值:来自转换者的证据
Woochan Kim, Woojin Kim, Kap-Sok Kwon
{"title":"Value of Shareholder Activism: Evidence from the Switchers","authors":"Woochan Kim, Woojin Kim, Kap-Sok Kwon","doi":"10.2139/ssrn.1078782","DOIUrl":"https://doi.org/10.2139/ssrn.1078782","url":null,"abstract":"This paper measures the value of shareholder activism focusing on outside block holders who switch their investment purpose from passive to active. Unlike the usual 5% ownership disclosure, switch does not necessarily involve additional share purchase and thus provides a cleaner test in effectively ruling out alternative theories such as stock picking skills, private information, or herding. We apply the test to outside block holders in the Korean market, which experienced a concentrated number of switchers in the first half of 2005 when the government adopted a new disclosure rule. Using this natural experimental setting with an exogenous shock, we find that firms with high cash flows but low dividend payouts typically become the targets of such a switch. Target price reaction is significantly positive around the time of the switch disclosure and this effect is more pronounced when the switcher is foreign or declares to use a wider scope of activist measures. Following the switch, we find evidence of relative increases in dividend payouts, but no evidence of excessive trading volume or a quick sell out of the switchers.","PeriodicalId":298707,"journal":{"name":"G340 - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corp. Governance","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126137891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信