投资者关系在并购活动中的作用

IF 0.9 Q3 BUSINESS, FINANCE
Kate Upton
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引用次数: 3

摘要

在收购竞争中,管理者越来越倾向于使用投资者关系(IR)专家与投资者沟通。本文首次研究了外部IR公司的使用及其与并购交易特征的关系。采用IR的目标表现出更高的交易溢价,解决问题的时间增加,交易完成的可能性较低,这可能与IR公司的媒体宣传以及延迟或阻止交易的努力有关。利用IR资源的竞标者更有可能完成交易,这可能反映了他们教育投资者的能力。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Investor Relations Role in Merger and Acquisition Activity
Managers are increasingly likely to use investor relations (IR) specialists to communicate to their investors during takeover contests. This paper is the first to study the use of external IR firms and their relation to merger and acquisition (M&A) deal characteristics. Targets that employ IR exhibit increased deal premiums, increases in the time to resolution, and a lower likelihood of deal completion, which may be associated with an IR firm’s media campaign and efforts to delay or prevent a deal. Bidders who utilize IR resources have deals that are more likely to be completed, which likely reflects their ability to educate investors.
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来源期刊
Quarterly Journal of Finance
Quarterly Journal of Finance BUSINESS, FINANCE-
CiteScore
1.10
自引率
0.00%
发文量
0
期刊介绍: The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.
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