The impact of securities regulation on the information environment around stock-financed acquisitions

Detalhes bibliográficos
Autor(a) principal: Loureiro, Gilberto
Data de Publicação: 2021
Outros Autores: Silva, Sónia
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/73552
Resumo: WP 07/2021
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spelling The impact of securities regulation on the information environment around stock-financed acquisitionsSecurities RegulationMergers & AcquisitionsEarnings ManagementInformation AsymmetryTransparency DirectiveEuropean UnionWP 07/2021We investigate the effects of securities regulation, enacted by the European Union (EU) (namely, the Transparency Directive - TPD) to improve the quality of financial reporting and disclosure, on the information environment around stock-financed acquisition announcements. EU directives comprised in the Financial Services Action Plan aim to improve the information quality that flows to investors, which may help reduce the adverse selection discount when stock is used as the method of payment in Mergers and Acquisitions (M&As). We use a difference-in-differences methodology and document a significant increase in announcement returns of stock-paid acquisitions by European acquirers after the change in regulation. We also find that this result accrues essentially to companies with better firm-specific information quality and companies domiciled in EU countries with better institutional quality and shareholder protection. Our results highlight how the impact of the same regulation may differ depending on country and firm-level attributes associated with the information environment.Fundação para a Ciência e Tecnologia (FCT)Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)Universidade do MinhoLoureiro, GilbertoSilva, Sónia20212021-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/73552enghttps://nipe.eeg.uminho.pt/publicacoes-nipe/#documentos-de-trabalhoinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-21T12:01:08ZPortal AgregadorONG
dc.title.none.fl_str_mv The impact of securities regulation on the information environment around stock-financed acquisitions
title The impact of securities regulation on the information environment around stock-financed acquisitions
spellingShingle The impact of securities regulation on the information environment around stock-financed acquisitions
Loureiro, Gilberto
Securities Regulation
Mergers & Acquisitions
Earnings Management
Information Asymmetry
Transparency Directive
European Union
title_short The impact of securities regulation on the information environment around stock-financed acquisitions
title_full The impact of securities regulation on the information environment around stock-financed acquisitions
title_fullStr The impact of securities regulation on the information environment around stock-financed acquisitions
title_full_unstemmed The impact of securities regulation on the information environment around stock-financed acquisitions
title_sort The impact of securities regulation on the information environment around stock-financed acquisitions
author Loureiro, Gilberto
author_facet Loureiro, Gilberto
Silva, Sónia
author_role author
author2 Silva, Sónia
author2_role author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Loureiro, Gilberto
Silva, Sónia
dc.subject.por.fl_str_mv Securities Regulation
Mergers & Acquisitions
Earnings Management
Information Asymmetry
Transparency Directive
European Union
topic Securities Regulation
Mergers & Acquisitions
Earnings Management
Information Asymmetry
Transparency Directive
European Union
description WP 07/2021
publishDate 2021
dc.date.none.fl_str_mv 2021
2021-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1822/73552
url http://hdl.handle.net/1822/73552
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://nipe.eeg.uminho.pt/publicacoes-nipe/#documentos-de-trabalho
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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repository.mail.fl_str_mv
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