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| 022 ## - INTERNATIONAL STANDARD SERIAL NUMBER |
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| International Standard Serial Number |
0304-405X |
| 245 ## - TITLE STATEMENT |
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| Title |
Bid anticipation, information revelation, and merger gains / by Wenyu Wang |
| Statement of responsibility, etc |
Wenyu Wang |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
Amsterdam |
| Name of publisher, distributor, etc |
Elsevier |
| Date of publication, distribution, etc |
May 2018 |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
Pages 320-343 |
| 440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE |
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| Title |
Journal of Financial Economics |
| Volume number/sequential designation |
128 (2) |
| International Standard Serial Number |
0304-405X |
| 500 ## - GENERAL NOTE |
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| General note |
Abstract
Because firms’ takeover motives are unobservable to investors, mergers are only partially anticipated and often appear as mixed blessings for acquirers. I construct and estimate a model to study the causes and consequences of bid anticipation and information revelation in mergers. Controlling for the market’s reassessment of the acquirer’s stand-alone value, I estimate that acquirers gain 4% from a typical merger. The total value of an active merger market averages 13% for acquirers, part of which is capitalized in their pre-merger market values. My model also explains the correlation between announcement returns and firm characteristics, as well as the low predictability of mergers. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
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| Topical term or geographic name as entry element |
Mergers and acquisitions |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
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| Topical term or geographic name as entry element |
Revelation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
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| Topical term or geographic name as entry element |
Anticipation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
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| Topical term or geographic name as entry element |
Merger gains |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Source of classification or shelving scheme |
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| Item type |
Periodicals |