The effect of reference point prices on mergers and acquisitions

被引：229

作者：

Baker, Malcolm ^{[2
,3
]}

Pan, Xin

Wurgler, Jeffrey ^{[1
,2
]}

机构：

[1] NYU Stern Sch Business, New York, NY USA

[2] NBER, Cambridge, MA 02138 USA

[3] Harvard Univ, Sch Business, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2012年 / 106卷 / 01期

关键词：

Mergers; Acquisitions; Offer price; Reference point; Behavioral corporate finance; PROSPECT-THEORY; STOCK-MARKET; DISPOSITION; MANAGEMENT; PREFERENCE; VALUATION; BEHAVIOR; DRIVES; POISON; LONG;

D O I：

10.1016/j.jfineco.2012.04.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a peak price. Conversely, bidder shareholders react more negatively as the offer price is influenced upward toward a peak. Merger waves occur when high returns on the market and likely targets make it easier for bidders to offer a peak price. Parties thus appear to use recent peaks as reference points or anchors to simplify the complex tasks of valuation and negotiation. (c) 2012 Elsevier B.V. All rights reserved.

引用

页码：49 / 71

页数：23

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