The University of Texas at San Antonio, College of Business
نویسندگان
چکیده
Do relatively large mergers create more value? Do larger bid amounts represent wealth transfers or do they signal larger expected merger gains? We hypothesize that the relationship between aggregate merger gains, deal size, and bid premiums is asymmetric across mergers made by valueenhancing versus value-reducing managers. We use a large sample of bank mergers to test these predictions and find that the value response to different explanatory variables is asymmetric. Our findings provide new insights into how the market values merger bids.
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Copyright ©2006 by the UTSA College of Business. All rights reserved. This document can be downloaded without charge for educational purposes from the UTSA College of Business Working Paper Series (business.utsa.edu/wp) without explicit permission, provided that full credit, including © notice, is given to the source. The views expressed are those of the individual author(s) and do not necessar...
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Copyright ©2006 by the UTSA College of Busines. All rights reserved. This document can be downloaded without charge for educational purposes from the UTSA College of Business Working Paper Series (business.utsa.edu/wp) without explicit permission, provided that full credit, including © notice, is given to the source. The views expressed are those of the individual author(s) and do not necessari...
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تاریخ انتشار 2006