How do diversity of opinion and information asymmetry affect acquirer returns?

• 成果类型: Article
• 署名作者: Moeller, Sara B.; Schlingemann, Frederik P.; Stulz, Rene M.
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University System of Ohio; Ohio State University; National Bureau of Economic Research
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhm040
• 发表日期: 2007
• 页码: 2047
• 关键词: CORPORATE GOVERNANCE; cross-section; takeover bids; STOCK; expectations; constraints; issues; gains; FIRMS; size

摘要

We examine the theoretical predictions that link acquirer returns to diversity of opinion and information asymmetry. Theory suggests that acquirer abnormal returns should be negatively related to information asymmetry and diversity-of-opinion proxies for equity offers but not cash offers. We find that this is the case and that, more strikingly, there is no difference in abnormal returns between cash offers for public firms, equity offers for public firms, and equity offers for private firms after controlling for one of these proxies, idiosyncratic volatility.