dc.contributor.author | Gregory, Alan | en_GB |
dc.contributor.author | Bi, Xiao Gang | en_GB |
dc.date.accessioned | 2012-02-23T10:50:45Z | en_GB |
dc.date.accessioned | 2012-09-28T18:05:44Z | en_GB |
dc.date.accessioned | 2012-12-14T10:56:52Z | en_GB |
dc.date.accessioned | 2013-03-20T11:13:40Z | |
dc.date.issued | 2011-06 | en_GB |
dc.description.abstract | Using a sample of UK mergers and acquisitions from 1985-2004, we show that equity over-valuation appears to play an important role in the determination of financing method. Our results are broadly consistent with those theories based upon market over-valuation driving mergers and their financing, rather than a Q-theory explanation. In some contrast to the US results of Dong et al. (2006) we find that proxies for over-valuation appear to be the more persuasive explanation for acquisition financing behaviour in the UK. Given the evidence in favour of valuation effects, we argue that a treatment effects model is necessary in investigating the long-run performance of acquirers. Taken together with results from a univariate analysis, such a model reveals some modest support for the Shleifer and Vishny (2003) hypothesis. | en_GB |
dc.identifier.citation | Vol. 38, Issue 5-6, pp. 628 - 656 | en_GB |
dc.identifier.uri | http://hdl.handle.net/10036/4079 | en_GB |
dc.language.iso | en | en_GB |
dc.publisher | Wiley-Blackwell | en_GB |
dc.relation.ispartofseries | Xfi - Centre for Finance and Investment Discussion Paper no: 08/05 | en_GB |
dc.subject | corporate acquisitions | en_GB |
dc.subject | acquiring firms | en_GB |
dc.subject | earnings | en_GB |
dc.subject | performance | en_GB |
dc.subject | forecasts | en_GB |
dc.subject | equity | en_GB |
dc.subject | tests | en_GB |
dc.title | Stock market driven acquisitions versus the Q theory of takeovers – The UK evidence | en_GB |
dc.type | Article | en_GB |
dc.date.available | 2012-02-23T10:50:45Z | en_GB |
dc.date.available | 2012-09-28T18:05:44Z | en_GB |
dc.date.available | 2012-12-14T10:56:52Z | en_GB |
dc.date.available | 2013-03-20T11:13:40Z | |
dc.identifier.issn | 0306-686X | en_GB |
dc.description | Authors' draft issued as working paper dated June 2009. Final version published in Journal of Business Finance and Accounting. Available online at http://onlinelibrary.wiley.com/ | en_GB |
dc.identifier.eissn | 1468-5957 | en_GB |
dc.identifier.journal | Journal of Business Finance & Accounting | en_GB |