Expected Market Reaction and the Choice of Method of Payment for Acquistions

Gary W. Emery · Jeannette A. Switzer

31 citations0/0 files storedFinancial Management

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Reporting and Valuation Research

Abstract

An acquiring firm's managers anticipate the stock market's reaction to their choice of stock or cash in pay for the acquisition and choose the method of payment that they expect to result in the greater abnormal returns.

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1983Limited-dependent and qualitative variables in econometrics 1987Corporate Takeover Bids, Methods of Payment, and Bidding Firms' Stock Returns 1986Valuation effects of security offerings and the issuance process 1991Tobin's Q and the Gains from Takeovers 1987A Theory for the Choice of Exchange Medium in Mergers and Acquisitions 1996The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership 1989Preemptive Bidding and the Role of the Medium of Exchange in Acquisitions

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2004Abnormal returns for cash vs share funded acquisitions 2015The market valuation of M&A announcements in the United Kingdom 2005Investment Decisions and Managerial Discipline: Evidence from the Takeover Market 2018Debt covenants and corporate acquisitions

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