金融机构的资产收购与股权收购

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2024-06-16 DOI:10.1111/jfir.12415

Jennifer Brodmann, Charles Armah Danso, Surendranath Rakesh Jory, Thanh Ngo

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引用次数: 0

摘要

我们研究了资产与股权收购在为金融机构创造公司价值方面的影响。我们发现，与股权收购相比，收购方在资产收购中经历的累积异常收益在统计上和经济上都显著更高。我们分析了公告期内的回报，发现投资者对金融机构资产收购的反应比股权收购更有利。当采用差异中的差异方法时，我们发现资产收购需要改善经营绩效。

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Asset versus equity acquisitions by financial institutions

We examine the impact of asset versus equity acquisitions in generating firm value for financial institutions. We find that acquirers experience statistically and economically significantly higher cumulative abnormal returns in asset acquisitions compared to equity acquisitions. We analyze the announcement-period returns and find that investors' reaction to asset acquisitions by financial institutions is met more favorably than are equity acquisitions. When employing the difference-in-differences approach, we find that asset acquisitions entail improved operating performance.

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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.