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Firm size, idiosyncratic risk, and s...

Buti, Krisztina.

Firm size, idiosyncratic risk, and shareholder gains in corporate acquisitions.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Firm size, idiosyncratic risk, and shareholder gains in corporate acquisitions.
作者:	Buti, Krisztina.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, 2016
面頁冊數:	73 p.
附註:	Source: Dissertation Abstracts International, Volume: 78-04(E), Section: A.
附註:	Adviser: Avner Kalay.
Contained By:	Dissertation Abstracts International78-04A(E).
標題:	Finance.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10162932
ISBN:	9781369177053

Firm size, idiosyncratic risk, and shareholder gains in corporate acquisitions.
Buti, Krisztina.

Firm size, idiosyncratic risk, and shareholder gains in corporate acquisitions. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 73 p.

Source: Dissertation Abstracts International, Volume: 78-04(E), Section: A.

Thesis (Ph.D.)--The University of Utah, 2016.

Small acquirers experience greater abnormal returns upon acquisition announcements (other things equal) than large acquirers. In efficient markets, the persistence of differential abnormal returns over time and across industries would imply that shareholder wealth effects of corporate acquisitions diminish as firms grow, possibly due to greater agency problems at large firms.

ISBN: 9781369177053Subjects--Topical Terms:

183252
Finance.

Firm size, idiosyncratic risk, and shareholder gains in corporate acquisitions.
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245 1 0 $a Firm size, idiosyncratic risk, and shareholder gains in corporate acquisitions.
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300 $a 73 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-04(E), Section: A.
500 $a Adviser: Avner Kalay.
502 $a Thesis (Ph.D.)--The University of Utah, 2016.
520 $a Small acquirers experience greater abnormal returns upon acquisition announcements (other things equal) than large acquirers. In efficient markets, the persistence of differential abnormal returns over time and across industries would imply that shareholder wealth effects of corporate acquisitions diminish as firms grow, possibly due to greater agency problems at large firms.
520 $a The evidence presented in this paper is consistent with the hypothesis that the differential market response is related to limits to arbitrage, rather than differential value creation among small and large acquirers. I find a difference in abnormal announcement returns only in acquisitions of private and subsidiary targets: events that are interpreted by the market as positive news. My results suggest that announcements made by small acquirers are associated with costlier short sales and larger abnormal trading volume resulting in greater temporary price pressure.
520 $a The evidence is inconsistent with the hypothesis that large acquirers' overpayment for the target and/or greater operating synergies by small acquirers explain the size effect in shareholder gains.
590 $a School code: 0240.
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