M&A rumors about unlisted firms
نویسندگان
چکیده
We examine 68,044 completed or abandoned M&A transactions involving unlisted targets to determine the effect of transaction rumors on deal-closing propensity and values. Estimation is challenging because may be spread purpose emerge accidentally while values are only observable for deals no regulation requires disclose them. use indirect inference overcome these challenges. find that (a) deal breakers, (b) rumored but closed have higher values, (c) combined economic impact negative: in expectation destroy about 32% value.
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2021
ISSN: ['1879-2774', '0304-405X']
DOI: https://doi.org/10.1016/j.jfineco.2021.05.012