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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/149413

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/149413

Title:	Extreme negative events and corporate acquisitions: Terrorist attacks
Authors:	黃嘉威 Huang, Chia-Wei;Lin, Chih-Yen
Contributors:	財管系
Keywords:	Risk perception;Mergers and acquisitions;Terrorist attacks;Corporate performance
Date:	2023-11
Issue Date:	2024-01-29 09:12:03 (UTC+8)
Abstract:	We examine the effect of extreme negative events on the perception of corporate managers and their merger and acquisition decisions. As terrorist attacks cause fear and anxiety, leading to political or private benefit to the perpetrator, and are not executed to affect corporate policy decision-making, these events represent clean, exogenous shocks to the crucial assumption and create appropriate conditions for applying the difference-in-differences approach. Taking advantage of these exogenous shock events, we apply a difference-in-differences methodology to minimize the risk of endogeneity bias. Our empirical results show that terrorist attacks significantly and negatively affect the acquisition activities and acquisition performance of acquirers.
Relation:	Global Finance Journal, Vol.58, 100888
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.gfj.2023.100888
DOI:	10.1016/j.gfj.2023.100888
Appears in Collections:	[財務管理學系] 期刊論文

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