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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/62429

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/62429

Title:	Bidders’ Strategic Timing of Acquisition Announcements and the Effects of Payment Method on Target Returns and Competing Bids
Authors:	陳聖賢;周冠男;Lee, Yun-Chi Chen, Sheng-Syan;Chou, Robin K.;Lee, Yun-Chi
Contributors:	政大財管系
Keywords:	Acquisitions;Payment method;Timing strategy
Date:	2011-09
Issue Date:	2013-12-12 17:11:11 (UTC+8)
Abstract:	Using a sample of acquisition announcements released during trading versus nontrading hours, this study examines how the strategic timing of acquisition announcements determines the impact of the method of payment on target stock returns and competition among bidders. For overnight acquisition announcements, we find that cash payment offers positively and significantly affect acquisition premiums and target returns, yet these results do not hold for daytime announcements. Cash payment offers made during nontrading hours are more likely to deter potential bidders and complete proposed transactions. However, we find no such relationship for daytime announcements. These findings suggest that the timing of acquisition announcements by bidders is important for assessing the effects of payment method as a signal of target valuation and a preemption of competing bids.
Relation:	Journal of Banking and Finance, 35(9), 2231-2244
Data Type:	article
DOI 連結:	http://dx.doi.org/http://dx.doi.org/10.1016/j.jbankfin.2011.01.029
DOI:	10.1016/j.jbankfin.2011.01.029
Appears in Collections:	[財務管理學系] 期刊論文

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