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Stock Returns in Mergers and Acquisitions
Open accessAbstract
This paper develops a real options framework to analyze the behavior of stock returns in mergers and acquisitions. In this framework, the timing and terms of takeovers are endogenous and result from value‐maximizing decisions. The implications of the model for abnormal announcement returns are consistent with the available empirical evidence. In addition, the model generates new predictions regarding the dynamics of firm‐level betas for the period surrounding control transactions. Using a sample of 1,086 takeovers of publicly traded U.S. firms between 1985 and 2002, we present new evidence on the dynamics of firm‐level betas, which is strongly supportive of the model's predictions.
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Citations
Cited by
Campbell, J. T., Sirmon, D. G., & Schijven, M. (2016) · Academy of Management Journal · doi:10.5465/amj.2013.0663 · Cited by 325
Dynamic Models and Structural Estimation in Corporate Finance
Strebulaev, I. A. (2011) · Foundations and Trends® in Finance · doi:10.1561/0500000035 · Cited by 259
Metadata
- Authors
- HACKBARTH, D., & MORELLEC, E.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2008-05-09
- Volume
- 63
- Issue
- 3
- Pages
- 1213-1252
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3122150082
- Cited by
- 262
- References
- 0
- FWCI
- 59.23
- Type
- journal article
- Language
- en
- Open access
- green
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- HACKBARTH, D., & MORELLEC, E. (2008). Stock Returns in Mergers and Acquisitions. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2008.01356.x
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
