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How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns?

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Author Info
Sara B. Moeller
Frederik P. Schlingemann
René M. Stulz
Abstract

We examine the theoretical predictions that link acquirer returns to diversity of opinion and information asymmetry. Theory suggests that acquirer abnormal returns should be negatively related to information asymmetry and diversity-of-opinion proxies for equity offers but not cash offers. We find that this is the case and that, more strikingly, there is no difference in abnormal returns between cash offers for public firms, equity offers for public firms, and equity offers for private firms after controlling for one of these proxies, idiosyncratic volatility. , Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/rfs/hhm040
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Article provided by Oxford University Press for Society for Financial Studies in its journal The Review of Financial Studies.

Volume (Year): 20 (2007)
Issue (Month): 6 (November)
Pages: 2047-2078
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Handle: RePEc:oup:rfinst:v:20:y:2007:i:6:p:2047-2078

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