Direct Evidence on the Market-Driven Acquisition Theory

By James S. Ang, Yingmei Cheng. 2006

281 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/fd385929230e601acb95f07b9c901905ecd42977

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Malcolm P. Baker
2. Micah S. Officer
3. Jarrad Harford
4. R. Powell
5. Robin Greenwood
6. Fangjian Fu
7. Leming Lin
8. Kathleen P. Fuller

In Finance

1. Malcolm P. Baker
2. Robin Greenwood
3. Micah S. Officer
4. Fangjian Fu
5. Leming Lin
6. Jarrad Harford
7. Kathleen P. Fuller
8. Christa H. S. Bouwman

Citations in the corpus

• Market Valuation and Acquisition Quality: Empirical Evidence (2009, background): “Our paper is related to Loughran and Vijh (1997), Rau and Vermaelen (1998), Ang and Cheng (2006), Dong, Hirshleifer, Richardson, and Teoh (2006), and Rhodes-Kropf, Robinson, and Viswanathan (2005).”
• How Do CEOs Matter? The Effect of Industry Expertise on Acquisition Returns (2013, unknown): “Shleifer and Vishny (2003) build a model in which overvalued bidders lock in real assets; the model was empirically tested by Ang and Chen (2006). Moeller, Schlingemann, and Stulz (2005) find that small companies outperform large ones in mergers.”
• What drives merger waves (2005, background): “Dong et al. (2003) and Ang and Cheng (2003) also use accounting numbers to estimate a fundamental value and find evidence consistent with the behavioral explanation of merger activity.”
• Does Operating Performance Increase Post-takeover for UK Takeovers? A Comparison of Performance Measures and Benchmarks (2005, background): “This ‘market-driven’ theory of takeovers has received some support for takeovers financed by stock (e.g., Shleifer and Vishny, 2003; Ang and Cheng, 2002).”
• 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.”
• A century of corporate takeovers: What have we learned and where do we stand? (2008, unknown): “…1199 396 1047 1553 2060 1970 All deals Pub-Stock Pub-Cash Pub-Mix Priv-Stock Priv-Cash Priv-Mix +0.018 +0.189 +0.396b -0.092 +0.287 +0.206 -0.065 Ang and Cheng (2006), US 1984-01 Size, B/M and pre-merger momentum BHARs (0, +36) 241 350 Pub-Cash Pub-Stock -2.06 -12.45a Bradley and Sundaram…”
• Investor Activism and Takeovers (2009, background): “5 See also Asquith, Bruner and Mullins (1983), Ang and Chen (2003), Malatesta (1983), Mitchell, Pulvino and Stafford (2004), Morck, Shleifer and Vishny (1990), Travlos (1987).”
• Acquisitions Driven by Stock Overvaluation: Are They Good Deals? (2013, methodology): “Overall, our results are consistent with the empirical evidence in Rhodes-Kropf, Robinson, and Viswanathan (2005), Dong, Hirshleifer, Richardson, and Teoh (2006), and Ang and Cheng (2006). The dominant overvaluation of acquirers relative to targets in stock swaps appears consistent with Shleifer and”