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pro vyhledávání: '"Weihong Song"'
Publikováno v:
SSRN Electronic Journal.
We examine how leveraged buyouts from the most recent wave of public to private transactions created value. Buyouts completed between 1990 and 2006 are more con? servatively priced and less levered than their predecessors from the 1980s. For deals wi
Publikováno v:
Journal of Financial Economics.
Over the period 1994–2003, 80% of targets and 37% of acquirers obtain a third-party assessment of the fairness of a merger or acquisition. These fairness opinions do not affect deal outcomes when used by targets, but they affect deal outcomes when
Publikováno v:
SSRN Electronic Journal.
We document that acquiring firms are more likely than non-acquiring firms to split their stocks before making acquisition announcements, especially when acquisitions are financed by stock and when the deals are large. Our findings support the hypothe
Autor:
Weihong Song
Publikováno v:
SSRN Electronic Journal.
Using managers' personal trading decisions as a window into their belief on firm's valuations, this paper directly examines whether overvaluation is a motive for acquisitions and provides evidence on the consequences of overvalued equity. My findings