Do Stock Mergers Create Value for Acquirers

By Pavel Savor, Qingchun Lu. 2009

389 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/d3067c1387efc15e15dd25ba3430717d1d9011f1

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Citations in the corpus

Acquisitions Driven by Stock Overvaluation: Are They Good Deals? (2013, background): “However, it is possible that the overpayment we document is justified by significant merger synergies.”
Deal Size, Acquisition Premia and Shareholder Gains (2013, positive): “Huang and Walkling (1987) and Savor and Lu (2009) document that premiums in cash-financed acquisitions are larger than those paid in share-for-share transactions, as target shareholders are to be compensated for the immediate tax implications of cash offers.”
Overpriced Shares, Ill-Advised Acquisitions, and Goodwill Impairment (2011, critical): “Our findings of the negative effect of acquisitions on the subsequent returns of overvalued firms differ from those of Savor and Lu (2009), who report that overvaluation-driven acquisitions increase acquirers’ long-run returns.”
Capital Market-Driven Corporate Finance (2009, background): “Loughran & Vijh (1997) and Savor & Lu (2009) find similar patterns for stock acquirers.”
Failure and success in mergers and acquisitions (2019, positive): “Similarly, Schneider and Spalt (2017b) document that when considering public targets,”
Financial Dependence and Innovation: The Case of Public Versus Private Firms (2017, neutral): “…IPO filing withdrawal with those of withdrawn firms may be confounded by endogeneity of the decision to withdraw.23 We identify firms that withdrew their initial registrations from S&P Capital IQ and 22Seru (2013) and Savor and Lu (2009) adopt a similar empirical design in the context of mergers.”
The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility (2018, positive): “This kind of deal failure, which Savor and Lu (2009) call “exogenous” (p.1063), is unlikely to be related to the CSR similarity of the merging partners.”