Market Valuation and Acquisition Quality: Empirical Evidence

By Christa H. S. Bouwman, Kathleen P. Fuller, Amrita Nain. 2009

319 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/8c07b984eeb9b3ca40f6c7ec5f87f8ef393ae491

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Citations in the corpus

How have M&As changed? Evidence from the sixth merger wave (2012, unknown): “Goel and Thakor (2010) use a de-trended market P/E ratio measure as in Bouwman et al. (2009) to identify merger waves.”
Gains from Mergers and Acquisitions Around the World: New Evidence (2010, background): “This effect is mainly driven by the UUC samples and may reflect the fact that lower premiums are offered during market up-turns (Bouwman, Fuller, and Nain, 2009).”
The role of investment banker directors in M&A (2014, methodology): “We then use the estimated parameters to calculate the cumulative abnormal returns (CARs) over the three-day ( 1, þ1) event window centered on the announcement date (Hackbarth and Morellec, 2008; Bouwman, Fuller, and Nain, 2009; and Deng, Kang, and Low, 2013).”
The Role of Risk Management in Mergers and Merger Waves (2011, unknown): “Behavioral explanations cite stock market misvaluations (Shleifer and Vishny, 2003; Rhodes-Kropf, Robinson, and Viswanathan (2005)), managerial herding (Bouwman, Fuller, and Nain, 2009), and envious CEOs (Goel and Thakor, 2010).”
Value creation from M&As: New evidence (2017, unknown): “…1988; Lang et al., 1991); xii) a high market valuation indicator ( HIGH MKT VAL ) equal to one when the deal is announced during a month with an abnormally high de-trended market P/E ratio as in Bouwman et al. (2009); finally, we control for industry and company fixed effects where relevant.”
Capital Market-Driven Corporate Finance (2009, methodology): “Dong et al. (2006), Bouwman et al. (2009), Ang & Cheng (2006), and Rhodes-Kropf et al. (2005) link valuation levels and merger activity.”
Riding the Merger Wave: Uncertainty, Reduced Monitoring, and Bad Acquisitions (2013, background): “5 Bouwman, Fuller, and Nain (2009) find a similar pattern when they examine mergers initiated during periods of high stock-market valuation.”
Common Auditors in M&A Transactions (2016, unknown): “To the extent an acquisition results in a greater increase in firm value, it is considered to be of higher quality (Bouwman et al., 2009; Goodman et al., 2014; Harford and Uysal, 2014).”
CEO Overconfidence and International Merger and Acquisition Activity (2013, unknown): “…and Mullins (1983), Jensen and Ruback (1983), Bradley, Desai, and Kim (1988), Franks, Harris, and Titman (1991), Agrawal, Jaffe, and Mandelker (1992), Loughran and Vijh (1997), Rau and Vermaelen (1998), Bruner (2002), Fuller, Netter, and Stegemoller (2002), and Bouwman, Fuller, and Nain (2009).”
Do Envious CEOs Cause Merger Waves (2010, methodology): “This follows from proposition 4, and is consistent with the finding in Bouwman, Fuller, and Nain (2009) that the long-term abnormal returns experienced by firms that acquire in bull markets are significantly lower than the long-term abnormal returns experienced by firms that acquire in bear markets.”
Deal Size, Acquisition Premia and Shareholder Gains (2013, unknown): “In line with Bouwman et al. (2009), estimates provide some support that acquirers pay lower premiums in periods where the market is more highly valued.”