{"title":"The Informational Consequences of Good and Bad Mergers","authors":"Samer Adra, Leonidas G. Barbopoulos","doi":"10.2139/ssrn.3808344","DOIUrl":null,"url":null,"abstract":"M&As have informational consequences beyond their immediate effects on stock prices. We find that acquirers receiving a positive market reaction to their M&A announcements experience an increase in the richness of their information environment, consistent with the theoretical predictions of Dow et al. (2017) [Dow, James, Itay Goldstein, and Alexander Guembel. 2017. “Incentives for Information Production in Markets Where Prices Affect Real Investment.” Journal of the European Economic Association 15 (4): 877–909]. Such acquirers attract more informed trading and more analysts in the post-announcement period. Their investments also become more sensitive to the information revealed in their share prices.","PeriodicalId":259640,"journal":{"name":"Information Theory & Research eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Information Theory & Research eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3808344","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1
Abstract
M&As have informational consequences beyond their immediate effects on stock prices. We find that acquirers receiving a positive market reaction to their M&A announcements experience an increase in the richness of their information environment, consistent with the theoretical predictions of Dow et al. (2017) [Dow, James, Itay Goldstein, and Alexander Guembel. 2017. “Incentives for Information Production in Markets Where Prices Affect Real Investment.” Journal of the European Economic Association 15 (4): 877–909]. Such acquirers attract more informed trading and more analysts in the post-announcement period. Their investments also become more sensitive to the information revealed in their share prices.
并购除了对股票价格产生直接影响外，还会产生信息后果。我们发现，获得市场对其并购公告的积极反应的收购方，其信息环境的丰富性会增加，这与Dow等人(2017)的理论预测一致[Dow, James, Itay Goldstein, and Alexander Guembel. 2017]。“价格影响实际投资的市场中信息生产的激励机制”。中国经济研究[j].中国经济研究[j]。这样的收购者在公告发布后会吸引更多消息灵通的交易和更多分析师。他们的投资也对股价透露的信息变得更加敏感。
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