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Do Overvaluation-Driven Stock Acquisitions Really Benefit Acquirer Shareholders?
16 references·13 citing·41 second hopsampled
Do Overvaluation-Driven Stock Acquisitions Really Benefit Acquirer Shareholders? (2013)Do Overvaluation-Driven Stock Acquisition…Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis (2010)Product Market Synergies and …Wealth Destruction on a Massive Scale? A Study of Acquiring‐Firm Returns in the Recent Merger Wave (2005)Wealth Destruction on a Massi…Valuation waves and merger activity: The empirical evidence (2005)Valuation waves and merger ac…Agency Costs of Overvalued Equity (2005)Agency Costs of Overvalued Eq…Market Valuation and Merger Waves (2004)Market Valuation and Merger W…Stock market driven acquisitions (2003)Stock market driven acquisiti…Overconfidence, Arbitrage, and Equilibrium Asset Pricing (2001)Overconfidence, Arbitrage, an…Mental Accounting, Loss Aversion, and Individual Stock Returns (2001)Mental Accounting, Loss Avers…Managerial Decisions and Long‐Term Stock Price Performance (2000)Managerial Decisions and Long…Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Market efficiency, long-term …Industry costs of equity (1997)Industry costs of equityDo Long‐Term Shareholders Benefit From Corporate Acquisitions? (1997)Do Long‐Term Shareholders Ben…Detecting long-run abnormal stock returns: The empirical power and specification of test statistics (1997)Detecting long-run abnormal s…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Long‐Run Performance of initial Public Offerings (1991)The Long‐Run Performance of i…Insiders' profits, costs of trading, and market efficiency (1986)Insiders' profits, costs of t…Equity overvaluation, insider trading activity, and M&A premium: Evidence from China (2023)Equity overvaluation, insider…Disloyal Managers and Shareholders’ Wealth (2022)Disloyal Managers and Shareho…The rationality of M&A targets in the choice of payment methods (2021)The rationality of M&A target…An Integrative Review of the Emerging Behavioral Acquisition Literature: Charting the Next Decade of Research (2020)An Integrative Review of the …Financial Hedging and Corporate Investment (2019)Financial Hedging and Corpora…An Introduction to Mergers, Acquisitions, and Other Restructuring Activities (2019)An Introduction to Mergers, A…Inefficiencies and externalities from opportunistic acquirers (2018)Inefficiencies and externalit…Acquirer reference prices and acquisition performance (2018)Acquirer reference prices and…The source of financing in mergers and acquisitions (2017)The source of financing in me…The Evidence on Mergers and Acquisitions: A Historical and Modern Report ✶ ✶We thank James Netter, Lauren O'Neil, and Haley O'Steen for research assistance. (2017)The Evidence on Mergers and A…Accrual and real-based earnings management by UK acquirers (2017)Accrual and real-based earnin…Merger arbitrage short selling and price pressure (2014)Merger arbitrage short sellin…Synergy disclosures in mergers and acquisitions (2013)Synergy disclosures in merger…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Risk, Return, and Equilibrium: Empirical Tests (1973)The Cross-Section of Expected Stock Returns (1992)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)Using daily stock returns (1985)Capital markets research in accounting (2001)Introductory Econometrics for Finance (2008)RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)Does the Stock Market Overreact? (1985)INITIAL PUBLIC OFFERINGS (1988)Event Studies in Economics and Finance (1997)Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Sentiment and the Cross‐Section of Stock Returns (2006)On Persistence in Mutual Fund Performance (1997)The CEO pay slice (2011)The Strength of Weak Ties (1973)Management ownership and market valuation (1988)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Corporate social responsibility and stakeholder value maximization: Evidence from mergers (2013)Measuring Economic Policy Uncertainty* (2016)Text-Based Network Industries and Endogenous Product Differentiation (2016)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)New Evidence and Perspectives on Mergers (2001)What drives merger waves? (2005)Determinants of Cross‐Border Mergers and Acquisitions (2012)Does Policy Uncertainty Affect Mergers and Acquisitions? (2016)Corporate financing and investment decisions when firms have information that investors do not have (1984)What Do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions (2002)Firm size and the gains from acquisitions (2004)Who makes acquisitions? CEO overconfidence and the market's reaction☆ (2008)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)The Equity Share in New Issues and Aggregate Stock Returns (2000)Chapter 18 A survey of behavioral finance (2003)Market liquidity as a sentiment indicator (2004)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)Investor Psychology and Asset Pricing (2001)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Presidential Address: Discount Rates (2011)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1997Industry costs of equity5,793 cited
  • 1991The Long‐Run Performance of initial Public Offerings3,500 cited
  • 1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics2,690 cited
  • 1998Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.12,572 cited
  • 2003Stock market driven acquisitions2,093 cited
  • 2000Managerial Decisions and Long‐Term Stock Price Performance1,573 cited
  • 2010Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis1,498 cited
  • 2005Wealth Destruction on a Massive Scale? A Study of Acquiring‐Firm Returns in the Recent Merger Wave1,421 cited
  • 2005Valuation waves and merger activity: The empirical evidence1,287 cited
  • 1986Insiders' profits, costs of trading, and market efficiency1,219 cited
  • 2005Agency Costs of Overvalued Equity1,003 cited
  • 2004Market Valuation and Merger Waves987 cited
  • 2001Mental Accounting, Loss Aversion, and Individual Stock Returns

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979 cited
  • 1997Do Long‐Term Shareholders Benefit From Corporate Acquisitions?966 cited
  • 2001Overconfidence, Arbitrage, and Equilibrium Asset Pricing951 cited
  • Cited by

    • 2020An Integrative Review of the Emerging Behavioral Acquisition Literature: Charting the Next Decade of Research79 cited
    • 2018Acquirer reference prices and acquisition performance77 cited
    • 2013Synergy disclosures in mergers and acquisitions64 cited
    • 2018Inefficiencies and externalities from opportunistic acquirers47 cited
    • 2022Disloyal Managers and Shareholders’ Wealth38 cited
    • 2017The source of financing in mergers and acquisitions38 cited
    • 2017The Evidence on Mergers and Acquisitions: A Historical and Modern Report ✶ ✶We thank James Netter, Lauren O'Neil, and Haley O'Steen for research assistance.38 cited
    • 2014Merger arbitrage short selling and price pressure30 cited
    • 2019Financial Hedging and Corporate Investment29 cited
    • 2019An Introduction to Mergers, Acquisitions, and Other Restructuring Activities28 cited
    • 2017Accrual and real-based earnings management by UK acquirers19 cited
    • 2021The rationality of M&A targets in the choice of payment methods17 cited
    • 2023Equity overvaluation, insider trading activity, and M&A premium: Evidence from China17 cited