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Expected Market Reaction and the Choice of Method of Payment for Acquisitions

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  • Gary W Emery
  • Jeannette A Switzer

Abstract

An acquiring firm's managers anticipate the stock market's reaction to their choice of stock or cash in pay for the acquisition and choose the method of payment that they expect to result in the greater abnormal returns.

Suggested Citation

  • Gary W Emery & Jeannette A Switzer, 1999. "Expected Market Reaction and the Choice of Method of Payment for Acquisitions," Financial Management, Financial Management Association, vol. 28(4), Winter.
    • Handle: RePEc:fma:fmanag:emery99
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    Cited by:

    1. Andriosopoulos, Dimitris & Yang, Shuai & Li, Wei-an, 2016. "The market valuation of M&A announcements in the United Kingdom," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 350-366.
    2. Bugeja, Martin, 2007. "Voluntary use of independent valuation advice by target firm boards in takeovers," Pacific-Basin Finance Journal, Elsevier, vol. 15(4), pages 368-387, September.
    3. Martin Bugeja & Raymond da Silva Rosa, 2008. "Taxation of shareholder capital gains and the choice of payment method in takeovers," Accounting and Business Research, Taylor & Francis Journals, vol. 38(4), pages 331-350.
    4. Eckbo, B. Espen, 2009. "Bidding strategies and takeover premiums: A review," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 149-178, February.
    5. Brander, James A. & Egan, Edward J., 2017. "The winner’s curse in acquisitions of privately-held firms," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 249-262.
    6. Daher, Mai M. & Ismail, Ahmad K., 2018. "Debt covenants and corporate acquisitions," Journal of Corporate Finance, Elsevier, vol. 53(C), pages 174-201.
    7. Huasheng Gao, 2010. "Market Misvaluation, Managerial Horizon, and Acquisitions," Financial Management, Financial Management Association International, vol. 39(2), pages 833-850, June.
    8. Yasmeen Akhtar & Attiya Yasmin Javid & Tariq Abbasi, 2014. "What Determines Payment Methods and Deal Amount in Corporate Merger and Acquisitions in Pakistan," PIDE-Working Papers 2014:97, Pakistan Institute of Development Economics.

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