Overpriced Shares, Ill-Advised Acquisitions, and Goodwill Impairment

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Acquisitions Driven by Stock Overvaluation: Are They Good Deals? (2013, background): “Following Harford and Li (2007), we find that acquirer CEOs in overvaluation-driven acquisitions obtain substantial pecuniary benefits following these transactions, specifically large new restricted stock and option grants. These large increases in compensation often outweigh the relatively small de”
Common Auditors in M&A Transactions (2016, unknown): “…change in ROA, ∆ROA, (Healy et al., 1992; Chen et al., 2007; Wang and Xie, 2009; Lin et al., 2011; Fu et al., 2013; Goodman et al., 2014), and (2) the probability of a post-acquisition goodwill impairment, Prob_GW_Impair (Doellman and Ryngaert, 2010; Gu and Lev, 2011; Goodman et al., 2014).”
Causes and consequences of goodwill impairment losses (2011, methodology): “In concurrent work, Hayn and Hughes (2006) use acquisitions made during 1988-1998 to develop an impairment prediction model based on acquisition characteristics and economic indicators of impairment in the pre-SFAS-142 period.”
The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility (2018, unknown): “As discussed by Gu and Lev (2011), “goodwill write-off . . . results from a misvaluation of expected synergies or unexpected decline in synergies” (p. 2001). Therefore, under our CSR similarity paradigm, we expect to observe fewer goodwill write-offs in mergers between partners with stronger fit com”