A theory on merger timing and announcement returns

Detalhes bibliográficos
Autor(a) principal: Pereira, Paulo J.
Data de Publicação: 2015
Outros Autores: Rodrigues, Artur
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/37383
Resumo: This paper develops a dynamic model for the timing and terms of mergers and acquisitions. In contrast to other models, we show that firms agree about the timing independently from how the merger surplus is shared. Firms agree on the timing and discuss the sharing rule of the merger surplus according to their bargaining power or some other exogenous factor. We also show that, under asymmetric information, the combination of surprises regarding merger timing and merger terms, can produce either negative or positive abnormal returns for the merging firms.
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spelling A theory on merger timing and announcement returnsMergersMerger termsTimingUncertaintyReal OptionsEvent studiesThis paper develops a dynamic model for the timing and terms of mergers and acquisitions. In contrast to other models, we show that firms agree about the timing independently from how the merger surplus is shared. Firms agree on the timing and discuss the sharing rule of the merger surplus according to their bargaining power or some other exogenous factor. We also show that, under asymmetric information, the combination of surprises regarding merger timing and merger terms, can produce either negative or positive abnormal returns for the merging firms.COMPETE, QREN, FEDER, FCTUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)Universidade do MinhoPereira, Paulo J.Rodrigues, Artur20152015-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/37383enghttp://www.nipe.eeg.uminho.pt/Uploads/WP_2015/NIPE_WP_13_2015.pdfinfo: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:RCAAP2023-07-21T12:36:21Zoai:repositorium.sdum.uminho.pt:1822/37383Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:32:24.038313Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv A theory on merger timing and announcement returns
title A theory on merger timing and announcement returns
spellingShingle A theory on merger timing and announcement returns
Pereira, Paulo J.
Mergers
Merger terms
Timing
Uncertainty
Real Options
Event studies
title_short A theory on merger timing and announcement returns
title_full A theory on merger timing and announcement returns
title_fullStr A theory on merger timing and announcement returns
title_full_unstemmed A theory on merger timing and announcement returns
title_sort A theory on merger timing and announcement returns
author Pereira, Paulo J.
author_facet Pereira, Paulo J.
Rodrigues, Artur
author_role author
author2 Rodrigues, Artur
author2_role author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Pereira, Paulo J.
Rodrigues, Artur
dc.subject.por.fl_str_mv Mergers
Merger terms
Timing
Uncertainty
Real Options
Event studies
topic Mergers
Merger terms
Timing
Uncertainty
Real Options
Event studies
description This paper develops a dynamic model for the timing and terms of mergers and acquisitions. In contrast to other models, we show that firms agree about the timing independently from how the merger surplus is shared. Firms agree on the timing and discuss the sharing rule of the merger surplus according to their bargaining power or some other exogenous factor. We also show that, under asymmetric information, the combination of surprises regarding merger timing and merger terms, can produce either negative or positive abnormal returns for the merging firms.
publishDate 2015
dc.date.none.fl_str_mv 2015
2015-01-01T00:00:00Z
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/1822/37383
url http://hdl.handle.net/1822/37383
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv http://www.nipe.eeg.uminho.pt/Uploads/WP_2015/NIPE_WP_13_2015.pdf
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.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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