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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/62429


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    題名: Bidders’ Strategic Timing of Acquisition Announcements and the Effects of Payment Method on Target Returns and Competing Bids
    作者: 陳聖賢;周冠男;Lee, Yun-Chi
    Chen, Sheng-Syan;Chou, Robin K.;Lee, Yun-Chi
    貢獻者: 政大財管系
    關鍵詞: Acquisitions;Payment method;Timing strategy
    日期: 2011-09
    上傳時間: 2013-12-12 17:11:11 (UTC+8)
    摘要: Using a sample of acquisition announcements released during trading versus nontrading hours, this study examines how the strategic timing of acquisition announcements determines the impact of the method of payment on target stock returns and competition among bidders. For overnight acquisition announcements, we find that cash payment offers positively and significantly affect acquisition premiums and target returns, yet these results do not hold for daytime announcements. Cash payment offers made during nontrading hours are more likely to deter potential bidders and complete proposed transactions. However, we find no such relationship for daytime announcements. These findings suggest that the timing of acquisition announcements by bidders is important for assessing the effects of payment method as a signal of target valuation and a preemption of competing bids.
    關聯: Journal of Banking and Finance, 35(9), 2231-2244
    資料類型: article
    DOI 連結: http://dx.doi.org/http://dx.doi.org/10.1016/j.jbankfin.2011.01.029
    DOI: 10.1016/j.jbankfin.2011.01.029
    顯示於類別:[財務管理學系] 期刊論文

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