{"title":"信息不对称与并购企业上市","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":"{\"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}","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}
Information Asymmetry and Listing of Acquiring Firms
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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