Policy Uncertainty and Mergers and Acquisitions

被引：414

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

页码：613 / 644

页数：32

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