{"title":"Information Asymmetry and Listing of Acquiring Firms","authors":"Patrick Cusatis","doi":"10.2139/ssrn.1097399","DOIUrl":null,"url":null,"abstract":"In this study, I examine announcement period returns and long-term returns to acquiring firms following the completion of a merger. I offer an explanation for negative merger performance based on asymmetric information. My evidence indicates that there is a link between trading venue and information asymmetry. In addition, the losses from the merger wave of 1998-2002 appear to be linked to trading venue.","PeriodicalId":170505,"journal":{"name":"Macroeconomics eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2008-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Macroeconomics eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1097399","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
In this study, I examine announcement period returns and long-term returns to acquiring firms following the completion of a merger. I offer an explanation for negative merger performance based on asymmetric information. My evidence indicates that there is a link between trading venue and information asymmetry. In addition, the losses from the merger wave of 1998-2002 appear to be linked to trading venue.
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