An efficiency perspective on the gains from mergers and asset purchases
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2007 - Business & Economics - 34 pages
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3-day window acquired assets acquirer abnormal return acquisitions is obtained Adam Copeland adjust for heteroskedasticity analysis Andrew Cohen announcement date April asset purchases Athanasios Orphanides Brian Sack Cashﬂow categorization of deals coefﬁcient corporate governance database and dates deals into mergers demonstrates efficiency gains Financial Economics ﬁnd ﬁndings ﬁrst follows the SDC G-index gains from acquisitions High-Tech impact Industry M&A Inﬂation interaction term Jonathan H Journal of Finance Journal of Financial large ﬁrms Leverage market value mean abnormal returns merger dummy mergers and asset Metrick Model Monetary Policy Number of Bidders October private targets productivity improvement Public Target purchase and merger R-squared reﬂect regression of acquirer regressors relative deal value relative transaction value relative value coefficient reports the results return on relative sample of acquisitions Schlingemann SDC Platinum database SDC variable Form standard errors adjust Stock Dummy stock ﬁnancing stock price run-up Stulz table reports Tender Offer Tobin’s Q