The underpricing of private targets

被引：42

作者：

Cooney, John W. ^{[1
]}

Moeller, Thomas ^{[2
]}

Stegemoller, Mike ^{[1
]}

机构：

[1] Texas Tech Univ, Rawls Coll Business, Lubbock, TX 79409 USA

[2] Texas Christian Univ, Neeley Sch Business, Ft Worth, TX 76129 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2009年 / 93卷 / 01期

关键词：

Private acquisitions; Withdrawn IPOs; Valuation uncertainty; INITIAL PUBLIC OFFERINGS; ACQUIRING FIRMS; RETURNS; GAINS; LIQUIDITY; MARKET; PRICE; IPOS; US;

D O I：

10.1016/j.jfineco.2008.08.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine acquisitions of private firms with valuation histories and find a positive relation between acquirer announcement returns and target valuation revisions. Similar to other studies, acquirer announcement returns are positive, on average. However, positive acquirer announcement returns are mainly driven by targets that are acquired for more than their prior valuation. This relation is consistent with pricing effects associated with target valuation uncertainty and behavioral biases in negotiation outcomes. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：51 / 66

页数：16

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