How do diversity of opinion and information asymmetry affect acquirer returns?

被引:175
作者
Moeller, Sara B.
Schlingemann, Frederik P.
Stulz, Rene M. [1 ]
机构
[1] Univ Pittsburgh, Pittsburgh, PA 15260 USA
[2] Ohio State Univ, NBER, Columbus, OH 43210 USA
关键词
D O I
10.1093/rfs/hhm040
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We examine the theoretical predictions that link acquirer returns to diversity of opinion and information asymmetry. Theory suggests that acquirer abnormal returns should be negatively related to information asymmetry and diversity-of-opinion proxies for equity offers but not cash offers. We find that this is the case and that, more strikingly, there is no difference in abnormal returns between cash offers for public firms, equity offers for public firms, and equity offers for private firms after controlling for one of these proxies, idiosyncratic volatility.
引用
收藏
页码:2047 / 2078
页数:32
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