IRIS PubliCatt
PubliCatt è il repository istituzionale ad accesso aperto dell'Università Cattolica del Sacro Cuore, dove gli utenti autorizzati afferenti all'Ateneo provvedono direttamente e autonomamente a depositare e a rendere visibili le proprie pubblicazioni, inserendo i dati descrittivi del documento stesso ("metadati", quali il titolo, autore, abstract, etc.) e, laddove possibile, il testo della pubblicazione stessa (full-text).
PubliCatt utilizza la piattaforma IRIS (Institutional Research Information System) sviluppata da CINECA.
EnglishThis paper examines the relationship between asymmetric information and target firm returns in M&As. We argue that if managers possess favourable (unfavourable) asymmetric information, they will offer, ceteris paribus, high (low) premium, affecting target firm returns accordingly. We propose several proxies of asymmetric information. The empirical evidence strongly supports our hypothesis as we find that target firm returns are significantly negatively related to asymmetric information regarding synergy gains. Our results are robust after controlling for several target and deal characteristics.
Croci, E., Petmezas, D., Travlos, N., Asymmetric Information and Target Firm Returns, <<EUROPEAN JOURNAL OF FINANCE>>, 2011; 2011 (-): N/A-N/A. [doi:10.1080/1351847X.2011.599850] [http://hdl.handle.net/10807/9734]
| Autori: | |
| Titolo: | Asymmetric Information and Target Firm Returns |
| Digital Object Identifier (DOI): | http://dx.doi.org/10.1080/1351847X.2011.599850 |
| URL: | http://www.tandfonline.com/doi/abs/10.1080/1351847X.2011.599850 |
| Data di pubblicazione: | 2011 |
| Abstract: | This paper examines the relationship between asymmetric information and target firm returns in M&As. We argue that if managers possess favourable (unfavourable) asymmetric information, they will offer, ceteris paribus, high (low) premium, affecting target firm returns accordingly. We propose several proxies of asymmetric information. The empirical evidence strongly supports our hypothesis as we find that target firm returns are significantly negatively related to asymmetric information regarding synergy gains. Our results are robust after controlling for several target and deal characteristics. |
| Lingua: | Inglese |
| Rivista: | |
| Citazione: | Croci, E., Petmezas, D., Travlos, N., Asymmetric Information and Target Firm Returns, <<EUROPEAN JOURNAL OF FINANCE>>, 2011; 2011 (-): N/A-N/A. [doi:10.1080/1351847X.2011.599850] [http://hdl.handle.net/10807/9734] |
| Appare nelle tipologie: | Articolo in rivista, Nota a sentenza |
File in questo prodotto:
Copyright © 2020