Price Pressure Around Mergers

By Mark L. Mitchell, Todd C. Pulvino, Erik Stafford. 2004

385 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/b10b03be3148b4ef3f808f676904e91461b2a789

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Citations in the corpus

Asset Fire Sales (and Purchases) in Equity Markets (2007, result): “9 This empirical approach is similar to the one used by Mitchell, Pulvino, and Stafford (2004) who study price pressure around mergers.”
Who Writes the News? Corporate Press Releases During Merger Negotiations (2014, neutral): “These percentages are comparable to the sample used to study merger arbitrage in Mitchell, Pulvino, and Stafford (2004).”
Management Forecast Quality and Capital Investment Decisions (2014, neutral): “We control for Stock M&A because arbitrageurs put pressure on the stock price of the acquiring firm for 100% equity offers for public firms (Mitchell et al. 2004).”
Investors' Horizons and the Amplification of Market Shocks (2013, result): “First, our results contribute to the literature on asset fire sales, which has shown that transaction prices may temporarily deviate from fundamental values (Pulvino (1998), Mitchell, Pulvino, and Stafford (2004), Coval and Stafford (2007), Mitchell, Pedersen and Pulvino (2007), Campbell, Giglio and”
Firm Size, Takeover Profitability, and the Effectiveness of the Market for Corporate Control: Does the Absence of Anti-Takeover Provisions Make a Difference? (2011, neutral): “…observe the same downward pressure in cash deals, this would suggest some evidence of merger arbitrage activity in stock deals, as also reported by Mitchell et al. (2004).22 Nevertheless, any downward pressure exerted by merger arbitrage is only temporary, since the short positions are reversed…”
Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment (2009, neutral): “8 Of course, even within a single capital market, relative mispricing can appear, as demonstrated by Cornell and Liu (2001); Mitchell, Pulvino, and Stafford (2002); Lamont and Thaler (2003); and Schill and Zhou (2001).”
Cross-Ownership, Returns and Voting in Mergers (2008, background): “…(Roll, 1986; Malmendier and Tate, 2004), empire-building and other personal objectives of managers (Jensen, 1986; Morck, Shleifer, and Vishny, 1990; Shleifer and Vishny, 1988, 1989), and a price pressure effect on acquirer’s stock price around mergers (Mitchell, Pulvino, and Stafford, 2004).”
The impact of acquisitions on firm performance: A review of the evidence (2007, neutral): “Transactions paid with equity will result in a dilution of the share price, as the number of outstanding shares increases, while the value of the firm remains the same until expected synergies take effect ( Mitchell et al. 2004 ).”