Matches in SemOpenAlex for { <https://semopenalex.org/work/W2347120762> ?p ?o ?g. }
- W2347120762 abstract "For a comprehensive sample of mergers and acquisitions that involve both public and private targets, we find a reference price effect: acquirers earn higher (lower) announcement period returns when their pre-announcement stock prices are well below (near) their 52-week highs. The reference price effect is not explained by size or valuation levels and is independent of the target-firm offer price anchoring phenomenon documented in Baker, Pan, and Wurgler (2012). Further, the reference price effect is stronger in deals involving greater uncertainty (more volatile acquirers, acquirers followed by fewer analysts, greater relative size, and non-cash payment) and greater individual investor ownership. Consistent with investors exhibiting an anchoring bias, the reference price effect persists for 20 days, but is reversed in the subsequent year. Our results survive a battery of control variables, robustness checks, and falsification tests." @default.
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- W2347120762 date "2016-01-01" @default.
- W2347120762 modified "2023-09-27" @default.
- W2347120762 title "Anchoring and Acquisitions" @default.
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- W2347120762 doi "https://doi.org/10.2139/ssrn.2716329" @default.
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