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Merger Momentum And Investor Sentiment
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Book Synopsis Merger Momentum and Investor Sentiment by : Richard Joseph Rosen
Download or read book Merger Momentum and Investor Sentiment written by Richard Joseph Rosen and published by . This book was released on 2004 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Merger Momentum and Investor Sentiment by : Richard J. Rosen
Download or read book Merger Momentum and Investor Sentiment written by Richard J. Rosen and published by . This book was released on 2006 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of mergers on bidding firms' stock prices. We find evidence of merger momentum: bidder stock prices are more likely to increase when a merger is announced if recent mergers by other firms have been received well (a quot;hotquot; merger market) or if the overall stock market is doing better. However, there is long run reversal. Long-run bidder stock returns are lower for mergers announced when the either merger or stock markets were hot at the time of the merger than for those announced at other times.
Book Synopsis Hot Markets, Momentum and Investor Sentiment in UK Acquisitions by : Hardy M. Thomas
Download or read book Hot Markets, Momentum and Investor Sentiment in UK Acquisitions written by Hardy M. Thomas and published by . This book was released on 2008 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the links between hot markets and momentum in explaining merger waves using a sample of 881 UK acquisitions from 1985 to 2000. We find evidence of short run positive abnormal returns (or merger momentum) in both hot and cold markets. We find evidence of long run reversal. The post acquisition abnormal returns are negative over three years for the whole sample. We also find an interesting pattern in the long run reversal. Mergers announced in hot markets have higher announcement period abnormal returns than mergers announced in cold markets consistent with momentum. Over a one year horizon there is a reversal in the abnormal returns consistent with investor sentiment: mergers announced in hot markets have lower negative returns than mergers announced in cold markets. Interestingly, the abnormal returns over three years show a further reversal and are higher for mergers announced in hot markets than for those announced in cold markets.
Book Synopsis Innovation Waves, Investor Sentiment, and Mergers by :
Download or read book Innovation Waves, Investor Sentiment, and Mergers written by and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Investor Sentiment and the Profitability of Momentum Strategy by : Monica Widyassari
Download or read book The Investor Sentiment and the Profitability of Momentum Strategy written by Monica Widyassari and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investor Sentiment and Corporate Finance by : Owen A. Lamont
Download or read book Investor Sentiment and Corporate Finance written by Owen A. Lamont and published by . This book was released on 2005 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that aggregate stock returns are less informative about future cashflows than are firm-level stock returns--and thus, potentially more strongly influenced by investor sentiment--these results suggest that both equity issuance and mergers are to a significant extent driven by market-timing considerations, as opposed to by purely fundamental factors.
Book Synopsis Do Shareholders Gain from Corporate Acquisitions? by :
Download or read book Do Shareholders Gain from Corporate Acquisitions? written by and published by . This book was released on 2006 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investor Sentiment and Antitrust Law as Determinants of Corporate Ownership Structure by : Brian R. Cheffins
Download or read book Investor Sentiment and Antitrust Law as Determinants of Corporate Ownership Structure written by Brian R. Cheffins and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A great merger wave occurring in the United States between 1897 and 1903 was the single most important event in a process that yielded the pattern of managerial control and dispersed share ownership which currently distinguishes America's corporate economy from arrangements in most other countries. This paper examines the turn-of-the-century consolidation movement in order to offer lessons on how patterns of ownership and control become configured. The United States constitutes the central reference point for analysis but the paper also considers events occurring in Germany. One theme the paper develops is that mergers matter with respect to the evolution of systems of ownership and control. Events occurring in the U.S. and Germany indicate that different patterns of acquisition activity in the two countries had important consequences for the evolution of business forms that persist to the present day. A second topic the paper deals with is the process by which a country's investors become sufficiently comfortable owning publicly traded shares to permit a transition from concentrated to dispersed share ownership. The merger wave of 1897 to 1903 illustrates that surges in demand for shares founded upon optimistic investor sentiment is a potentially important variable. A third theme the paper emphasizes is antitrust law's significance. The experience in the U.S. and Germany suggests that the legal status of anti-competitive alliances is a potentially important determinant of corporate ownership structures.
Book Synopsis Handbook of Empirical Corporate Finance by : Bjørn Espen Eckbo
Download or read book Handbook of Empirical Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2011-10-13 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second volume of a two-part series examines three major topics. First, it devotes five chapters to the classical issue of capital structure choice. Second, it focuses on the value-implications of major corporate investment and restructuring decisions, and then concludes by surveying the role of pay-for-performance type executive compensation contracts on managerial incentives and risk-taking behavior. In collaboration with the first volume, this handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. Nine original chapters summarize research advances and future topics in the classical issues of capital structure choice, corporate investment behavior, and firm value Multinational comparisons underline the volume's empirical perspectives Complements the presentation of econometric issues, banking, and capital acquisition research covered by Volume 1
Book Synopsis Takeover Activity, Valuation Estimates and Merger Gains by : B. Espen Eckbo
Download or read book Takeover Activity, Valuation Estimates and Merger Gains written by B. Espen Eckbo and published by Academic Press. This book was released on 2010-06-02 with total page 863 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, Takeover Activity, Valuation Estimates and Merger Gains, focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students’ interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Book Synopsis Handbook of Empirical Corporate Finance SET by : Bjørn Espen Eckbo
Download or read book Handbook of Empirical Corporate Finance SET written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2008-12-23 with total page 1137 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume set summarizes recent research on corporate decision-making. The first volume covers measurement and theoretical subjects as well as sources of capital, including banks, public offerings, and private investors. In the second volume, contributors focus on the ways corporations are structured and the practices through which they can be bought and sold. Thus, its major subjects include dividends, capital structure, financial distress, takeovers, restructurings, and managerial incentives. Takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues Discusses everything from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior Contributors are leading empirical researchers that remain active in their respective areas of expertise Writing style makes the chapters accessible to industry practitioners
Book Synopsis The Handbook of Mergers and Acquisitions by : David Faulkner
Download or read book The Handbook of Mergers and Acquisitions written by David Faulkner and published by OUP Oxford. This book was released on 2012-06-07 with total page 774 pages. Available in PDF, EPUB and Kindle. Book excerpt: With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal. What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study? The Handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy, finance, and human relations schools. The Handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results. Toward this end, the Handbook brings together a set of prominent and emerging scholars and practitioners engaged in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific 'lenses' - strategic, financial, socio-cultural, and sectorial approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should be 'synthesized', it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium.
Book Synopsis Applied Mergers and Acquisitions by : Robert F. Bruner
Download or read book Applied Mergers and Acquisitions written by Robert F. Bruner and published by John Wiley & Sons. This book was released on 2016-02-08 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to the world of mergers and acquisitions Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.
Book Synopsis Behavioral Finance by : H. Kent Baker
Download or read book Behavioral Finance written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2010-10-01 with total page 1184 pages. Available in PDF, EPUB and Kindle. Book excerpt: A definitive guide to the growing field of behavioral finance This reliable resource provides a comprehensive view of behavioral finance and its psychological foundations, as well as its applications to finance. Comprising contributed chapters written by distinguished authors from some of the most influential firms and universities in the world, Behavioral Finance provides a synthesis of the most essential elements of this discipline, including psychological concepts and behavioral biases, the behavioral aspects of asset pricing, asset allocation, and market prices, as well as investor behavior, corporate managerial behavior, and social influences. Uses a structured approach to put behavioral finance in perspective Relies on recent research findings to provide guidance through the maze of theories and concepts Discusses the impact of sub-optimal financial decisions on the efficiency of capital markets, personal wealth, and the performance of corporations Behavioral finance has quickly become part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.
Book Synopsis How Novelty and Narratives Drive the Stock Market by : Nicholas Mangee
Download or read book How Novelty and Narratives Drive the Stock Market written by Nicholas Mangee and published by Cambridge University Press. This book was released on 2021-10-14 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: The novelty-narrative hypothesis is used to understand stock market instability using big data textual analytics of financial news.
Book Synopsis Handbook of Research Methods and Applications in Empirical Finance by : Adrian R. Bell
Download or read book Handbook of Research Methods and Applications in Empirical Finance written by Adrian R. Bell and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: This impressive Handbook presents the quantitative techniques that are commonly employed in empirical finance research together with real-world, state-of-the-art research examples. Written by international experts in their field, the unique approach describes a question or issue in finance and then demonstrates the methodologies that may be used to solve it. All of the techniques described are used to address real problems rather than being presented for their own sake, and the areas of application have been carefully selected so that a broad range of methodological approaches can be covered. The Handbook is aimed primarily at doctoral researchers and academics who are engaged in conducting original empirical research in finance. In addition, the book will be useful to researchers in the financial markets and also advanced Masters-level students who are writing dissertations.
Book Synopsis Strategic Management by : Allen Amason
Download or read book Strategic Management written by Allen Amason and published by Routledge. This book was released on 2011-03-17 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leadership, adaptability, value creation. These are the skills necessary for tomorrow's managers. This book is designed to help students think critically and understand fully how to strategically manage their future firms. .