| 日時： （Date&Time) |
2005年10月14日（金）午後1時30分から （Friday, October 14, 2005, 1:30pm〜） |
| 報告者： （Speaker） |
John N. FRIEDMAN |
| 所属： （Affiliation） |
ハーバード大学大学院 Department of Economics, Harvard University |
| 論題： （Topic） |
株式市場に誘発された企業買収：理論と実証 Stock Market Driven Acquisitions: Theory and Evidence  |
| 概要： （Abstract） |
SMDA theories predict that acquirer overvaluation increases target premia in stock mergers but not in cash ones. I find exactly this predicted asymmetry when regressing observed merger premia on several proxies for acquirer overvaluation. Because this test relies only on the differential effects of overvaluation in stock versus cash mergers, it is robust to standard alternative explanations that the literature has, thus far, not ruled out. I also investigate the previously unexplored relationship between merger premia and post-merger abnormal equity returns. Treating returns as a proxy for ex ante overvaluation, I find the same asymmetric relationship across cash and stock deals as with more traditional signals of mispricing. |
| 会場： (Place) |
神戸大学経済経営研究所 調査室 （兼松記念館1階） Seminar Room at RIEB (Kanematsu Memorial Hall 1st Floor) |
| 対象： （Intended Audience) |
教員，院生，および同等の知識をお持ちの方 Faculty, Graduate Students, and People with Equivalent Knowledge |
| 使用言語 （Language) |
英語 English |
| 備考： (Note) |
論文のコピーは研究助成室に御用意しております。 |