Policy Uncertainty and Mergers and Acquisitions

被引：353
|
作者：
Nguyen, Nam H. [1 ]
Phan, Hieu V. [2 ]
机构：
[1] Univ Quebec Montreal, Sch Management, Montreal, PQ, Canada
[2] Univ Massachusetts Lowell, Manning Sch Business, Lowell, MA 01854 USA
来源：
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2017年 / 52卷 / 02期
关键词：
ABNORMAL STOCK RETURNS; CORPORATE GOVERNANCE; POLITICAL UNCERTAINTY; SAMPLE SELECTION; EMPIRICAL POWER; TEST STATISTICS; INVESTMENT; SPECIFICATION; RISK; VOLATILITY;
D O I：
10.1017/S0022109017000175
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This research examines the relationship between policy uncertainty and mergers and acquisitions (M&As). We find that policy uncertainty is negatively related to firm acquisitiveness and positively related to the time it takes to complete M&A deals. In addition, policy uncertainty motivates acquirers to use stock for payment and to pay lower bid premiums. Acquirers, on average, create larger shareholder value from M&A deals undertaken during periods of high policy uncertainty, which is attributable to their prudence as well as the wealth transfer from the financially constrained targets to acquirers.
引用
收藏
页码：613 / 644
页数：32
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