Valuation waves and merger activity: The empirical evidence ☆
By M. Rhodes, Kropf, David T. Robinson, S. Viswanathan, Audra L. Boone, Serguey Braguinsky, Arturo Bris, B. Espen Eckbo, Larry Glosten, John R. Graham and 14 more. 2005
1,396 citations recorded by the source corpus.
Subfields: Accounting, Finance
View Paper: https://www.semanticscholar.org/paper/d3647a51c0298517e0885b23b04e34a4c0618dfb
How researchers see this paper
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In Accounting
- Malcolm P. Baker
- Jarrad Harford
- Jeffrey Wurgler
- Amy K. Dittmar
- Christopher Polk
- Paola Sapienza
- David Thesmar
- M. Humphery‐Jenner
In Finance
- Malcolm P. Baker
- Jarrad Harford
- Jeffrey Wurgler
- Amy K. Dittmar
- Christopher Polk
- David Thesmar
- Ambrus Kecskés
- Aydoğan Alti
Citations in the corpus
- The Sources of Value Destruction in Acquisitions by Entrenched Managers (2012, positive): “Following the approach in Dong et al. (2006), which is similar to that used by Rhodes-Kropf et al. (2005) and Lee et al. (1999), we also include a measure of overvalued equity, price-to-residual-income value (PRIV).4 The results in Table 5 show that dictators have lower announcement returns,…”
- CEO Decision Horizon and Firm Performance: An Empirical Investigation (2010, neutral): “Model III of Rhodes-Kropf et al. (2005) that also accounts for net income and leverage effects.”
- Market timing and the debt-equity choice (2008, positive): “Using the Rhodes-Kropf et al. (2005) method we are able to measure the relative importance of growth options compared to mispricing.”
- Mutual Fund Trading Pressure: Firm‐Level Stock Price Impact and Timing of SEOs (2012, neutral): “The models in Shleifer and Vishny (2003) and Rhodes-Kropf and Viswanathan (2004) also predict the same, while the empirical evidence in Rhodes-Kropf, Robinson, and Viswanathan (2005) suggests that acquirer overvaluation is higher in completed deals than in failed deals.”
- Investor Horizons and Corporate Policies (2013, positive): “We use three residual book-to-market variables as our first three proxies for misvaluation (see Pástor and Veronesi (2003), Rhodes-Kropf, Robinson, and Viswanathan (2005), and Hoberg and Phillips (2010)), and we use the raw book-to-market ratio as our fourth proxy.”
- Capital Market-Driven Corporate Finance (2009, background): “Dong et al. (2006), Bouwman et al. (2009), Ang & Cheng (2006), and Rhodes-Kropf et al. (2005) link valuation levels and merger activity.”