Do Institutional Investors Process and Act on Information? Evidence from M&A Targets

被引：1

作者：

Kim, Kirak ^{[1
]}

Luu, Ellie ^{[2
]}

Xu, Fangming ^{[3
]}

机构：

[1] Texas A&M Univ Cent Texas, Killeen, TX USA

[2] Univ Strathclyde, Strathclyde Business Sch, Glasgow, Scotland

[3] Univ Bristol, Business Sch, Bristol, England

来源：

REVIEW OF CORPORATE FINANCE STUDIES | 2025年 / 14卷 / 02期

关键词：

G23; G32; G34; ASYMMETRIC INFORMATION; CORPORATE GOVERNANCE; FINANCIAL ADVISERS; ANALYST COVERAGE; CROSS-OWNERSHIP; SELECTION BIAS; MERGERS; MARKET; PERFORMANCE; EXCHANGE;

D O I：

10.1093/rcfs/cfae006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We document important links between targets' institutional ownership and takeover-bid outcomes. Firms' institutional ownership increases the likelihood of receiving stock-for-stock bids. The impact becomes stronger when information asymmetries are higher, whereas we find little support for alternative channels, such as bidder misvaluation or target-side adverse selection. The information channel is further buttressed in our analyses of institutions' share-retention decisions, targets' demand for top-tier advisors, collar provisions, and targets' share of expected synergies. Our findings suggest that institutions' information advantage facilitates rational payment design and targets' bargaining power gains, alleviating deadweight losses associated with stock-for-stock offers.

引用

页码：482 / 529

页数：49

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