How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns

By Sara B. Moeller, Frederik Schlingemann, René M. Stulz. 2007

352 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/6961b8a53ebf8d9c8296d97171f0ba7df862867f

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Citations in the corpus

Negotiations Under the Threat of an Auction (2010, positive): “In Tables 8 and 9, we use the Murphy and Topel (1985) theorem to adjust the p-values reported in column (2).”
Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions (2010, neutral): “, Bris and Cabolis (2008) and Moeller et al. (2007)).”
Mergers increase default risk (2011, background): “Moeller et al. (2007) find that proxies for asymmetric information are helpful in predicting acquirer stock returns.”
Target’s earnings quality and bidders’ takeover decisions (2013, neutral): “Moeller et al. (2007) investigate the relation between an acquirer’s announcement returns and the uncertainty in the acquirer’s growth prospects. They find that acquirer abnormal returns for acquisition of public firms paid for with equity decrease as proxies for the acquirer’s diversity of opinion,”
Acquisition Profitability and Timely Loss Recognition (2010, neutral): “Return volatility (STDRET) has a mean of 2.7% and median of 2.2%, both of which are smaller than those reported in Moeller et al. (2007) (mean=3.4% and median=2.8%).”
Venture Capital Conflicts of Interest: Evidence from Acquisitions of Venture-Backed Firms (2010, positive): “Finally, in the spirit of Moeller et al. (2007) we control for the idiosyncratic volatility of acquiring firms, which has been found to partially account for differences in acquirer announcement returns across public and private targets.”
Target-firm information asymmetry and acquirer returns (2009, background): “Moeller, Schlingemann, and Stulz (2007) find a negative relation between announcement returns for acquirers of public firms using stock-swaps and acquirer idiosyncratic return volatility.”
The effect of target-firm accounting quality on valuation in acquisitions (2014, neutral): “Much of the literature on uncertainty and information asymmetry focuses on uncertainty relating to the acquirer (e.g., Moeller et al. 2007; Erickson et al. 2012).”