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Information Asymmetry, Management Control, and Method of Payment in Acquisitions

We examine the information asymmetry hypothesis and the management control hypothesis by examinin... more We examine the information asymmetry hypothesis and the management control hypothesis by examining the relation between insider trading and insider holdings to the choice of payment method in acquisitions. Our results indicate that both insider ownership and insider trading are significantly related to payment method. These results provide additional evidence in favor of both the management control theory and the asymmetric information theory in the choice of payment method in acquisitions. Furthermore, we find a significant relation between insider trading activity and the market reaction to the announcement of acquisitions. We conclude that information asymmetry exists in the takeover market and it influences the payment method decision.

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MVA and the Cross-Section of Expected Stock Returns

Journal of Portfolio Management, 2001

... 76 MVA AND THE CROSS-SECTION OF EXPECTED STOCK RETURNS SPRING 2001 Page 3. ... 78 MVA AND THE... more ... 76 MVA AND THE CROSS-SECTION OF EXPECTED STOCK RETURNS SPRING 2001 Page 3. ... 78 MVA AND THE CROSS-SECTION OF EXPECTED STOCK RETURNS SPRING 2001 Page 5. ...

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Long-run stock performance following stock repurchases

The Quarterly Review of Economics and Finance, 2010

JEL classification: G30 G32 G35

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A comprehensive examination of the wealth effects of recent stock repurchase announcements

Review of Quantitative Finance and Accounting, 2011

The main purpose of this paper is to examine the wealth effect of stock repurchase announcements ... more The main purpose of this paper is to examine the wealth effect of stock repurchase announcements using a sample of 11,862 repurchase programs announced during 1994–2007. The results of several recent industry surveys indicate that managerial motivations for repurchasing shares may have changed in recent years. To better understand the reasons for repurchasing shares we classify our sample in various ways—by year, by the method used for repurchasing shares, and by the stated purpose of the program. We find that the median size of firms repurchasing shares has increased dramatically recently, and concomitantly, the announcement returns have declined. Signaling undervaluation of share prices appears to become less important than previously assumed. While smaller firms signal undervaluation using open market repurchases, tender offers are chosen to enhance shareholder values by other means.

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Jensen, Myers-Majluf, free cash flow and the returns to bidders

The Quarterly Review of Economics and Finance, 1997

Previous research has shown that returns to bidders are significantly negative for stock acquisit... more Previous research has shown that returns to bidders are significantly negative for stock acquisitions and insignzjkant although slightly positive for cash acquisitions. Two theories (lensen and Myers-Ma@.. would predict positive returns to bidders in cash acquisitions which use up excess cash jlow and slack. This study investigates bidder returns using these theories and the Lang, St&, and Walkling proxy for free cash flow. It jhds that cash bidders that have low q and sizable free cash flow and that reinvest a high percentage of this free cash flow have sign$cant positive returns as Jensen's theory predicts. It finds no evidence suppotiing the Myers-Majluf theory. Cash bidders without Lang, Stulz, and Walkling Ji-ee cash flow have returns that are negative and essentially indistinguishable j?om those of stock bidders.

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DAY OF THE WEEK EFFECTS: A TEST OF THE INFORMATION TIMING HYPOTHESIS

Journal of Business Finance & Accounting, 1993

Many explanations have been offered for the negative Monday effect. An obvious conjecture is that... more Many explanations have been offered for the negative Monday effect. An obvious conjecture is that the negative return might be due to firms timing the release of information after the market closes on Friday. We test this conjecture on a sample of 233 firms for 1986. Using a firm's board meeting date as a proxy for high information days we find that a firm's Monday return near a board meeting date is more likely to be negative than other Monday returns. Also the remaining days of the week tend to be more positive than similar days further away from the board meeting. Our results appear to explain part of the negative Monday effect.

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Insider response to credit watch placements

Managerial Finance, 2000

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