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Recursos bibliográficos en papel y digitales -
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» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Rau, P-Raghavendra - Vermaelen, Theo - |
| Título: | Glamour, Value and the Post-acquisition Performance of Acquiring Firms |
| Fuente: | Journal of Financial Economics. v.49, n.2. Elsevier Science |
| Páginas: | pp. 223-53 |
| Año: | Aug. 1998 |
| Resumen: | This paper uses a methodology robust to recent criticisms of standard long-horizon event study tests to show that bidders in mergers underperform while bidders in tender offers overperform in the three years after the acquisition. However, the long-term underperformance of acquiring firms in mergers is predominantly caused by the poor post-acquisition performance of low book-to-market ’glamour’ firms. The authors interpret this finding as evidence that both the market and the management overextrapolate the bidder’s past performance (as reflected in the bidder’s book-to-market ratio) when they assess the desirability of an acquisition. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Ikenberry, David - Lakonishok, Josef - Vermaelen, Theo - |
| Título: | Market Underreaction to Open Market Share Repurchases |
| Fuente: | Journal of Financial Economics. v.39, n.2/3. Elsevier Science |
| Páginas: | pp. 181-208 |
| Año: | Oct. 1995 |
| Resumen: | The authors examine long-run firm performance following open market share repurchase announcements, 1980-1990. They find that the average abnormal four-year buy-and-hold return measured after the initial announcement is 12.1 percent. For ’value’ stocks, companies more likely to be repurchasing shares because of undervaluation, the average abnormal return is 45.3 percent. For repurchases announced by ’glamour’ stocks, where undervaluation is less likely to be an important motive, no positive drift in abnormal returns is observed. Thus, at least with respect to value stocks, the market errs in its initial response and appears to ignore much of the information conveyed through repurchase announcements. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
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