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A test of the free cash flow hypothesis*1: The case of bidder returns

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  1. Gokkaya, Sinan & Liu, Xi & Stulz, René M., 2023. "Do firms with specialized M&A staff make better acquisitions?," Journal of Financial Economics, Elsevier, vol. 147(1), pages 75-105.
  2. Tseng‐Chung Tang & Li‐Chiu Chi, 2009. "Does Reorganization Adjudication Convey Firm‐Specific Or Industry‐Wide Information? Evidence From Taiwan," Manchester School, University of Manchester, vol. 77(1), pages 82-95, January.
  3. Rolf Bühner & Jörg Digmayer, 2003. "Aktienmarktreaktionen auf die Ankündigungen von Spin-offs und Sell-offs," Schmalenbach Journal of Business Research, Springer, vol. 55(7), pages 657-677, November.
  4. Murhadi, Werner-Ria, 2008. "Study On Dividend Policy: Antecedent and Its Impact On Share Price," MPRA Paper 25596, University Library of Munich, Germany.
  5. Komlan Sedzro, 2010. "A Unifying Approach For Comparing Onetime Payouts And Recurring Dividends," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 4(2), pages 141-154.
  6. Shao‐Chi Chang & Sheng‐Syan Chen & Jung‐Ho Lai, 2008. "The Wealth Effect of Japanese‐US Strategic Alliances," Financial Management, Financial Management Association International, vol. 37(2), pages 271-301, June.
  7. Georgieva, Dobrina & Jandik, Tomas, 2012. "Alternative paths of convergence toward U.S. market and legal regulations: Cross-listing vs. merging with U.S. bidders," Journal of Multinational Financial Management, Elsevier, vol. 22(5), pages 230-251.
  8. Peng, Fei & Kang, Lili & Jiang, Jun, 2011. "Selection and institutional shareholder activism in Chinese acquisitions," MPRA Paper 38701, University Library of Munich, Germany.
  9. Alexandridis, G. & Antypas, N. & Travlos, N., 2017. "Value creation from M&As: New evidence," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 632-650.
  10. Leon Zolotoy & Don O’Sullivan & Keke Song, 2021. "The Role of Ethical Standards in the Relationship Between Religious Social Norms and M&A Announcement Returns," Journal of Business Ethics, Springer, vol. 170(4), pages 721-742, May.
  11. Han T.J. Smit & Ward A. van den Berg & Wouter De Maeseneire, 2004. "Acquisitions as a Real Options Bidding Game," Tinbergen Institute Discussion Papers 04-084/2, Tinbergen Institute, revised 23 Feb 2005.
  12. Chen, Shimin & Sun, Zheng & Tang, Song & Wu, Donghui, 2011. "Government intervention and investment efficiency: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 259-271, April.
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  14. Chen, Sheng-Syan & Ho, Kim Wai & Lee, Cheng-few & Yeo, Gillian H. H., 2000. "Investment opportunities, free cash flow and market reaction to international joint ventures," Journal of Banking & Finance, Elsevier, vol. 24(11), pages 1747-1765, November.
  15. El-Khatib, Rwan & Fogel, Kathy & Jandik, Tomas, 2015. "CEO network centrality and merger performance," Journal of Financial Economics, Elsevier, vol. 116(2), pages 349-382.
  16. Craninckx, Katrien & Huyghebaert, Nancy, 2015. "Large shareholders and value creation through corporate acquisitions in Europe. The identity of the controlling shareholder matters," European Management Journal, Elsevier, vol. 33(2), pages 116-131.
  17. Bouzgarrou, Houssam & Navatte, Patrick, 2013. "Ownership structure and acquirers performance: Family vs. non-family firms," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 123-134.
  18. Mar𨀠 Bel鮠Lozano, 2012. "Analysing the effect of excess cash accumulation on financial decisions," Applied Economics, Taylor & Francis Journals, vol. 44(21), pages 2687-2698, July.
  19. Steven N. Kaplan & Mark Mitchell & Karen Wruck, 2000. "A Clinical Exploration of Value Creation and Destruction in Acquisitions, Organizational Design, Incentives, and Internal Capital Markets," NBER Chapters, in: Mergers and Productivity, pages 179-238, National Bureau of Economic Research, Inc.
  20. Kato, Hideaki Kiyoshi & Loewenstein, Uri & Tsay, Wenyuh, 2002. "Dividend policy, cash flow, and investment in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 10(4), pages 443-473, September.
  21. Don Goldstein, 2000. "Hostile Takeovers as Corporate Governance? Evidence from the 1980s," Review of Political Economy, Taylor & Francis Journals, vol. 12(4), pages 381-402.
  22. Abdul Halim, Zairihan & How, Janice & Verhoeven, Peter, 2017. "Agency costs and corporate sukuk issuance," Pacific-Basin Finance Journal, Elsevier, vol. 42(C), pages 83-95.
  23. Dissanaike, Gishan & Drobetz, Wolfgang & Momtaz, Paul P., 2020. "Competition Policy and the Profitability of Corporate Acquisitions," Journal of Corporate Finance, Elsevier, vol. 62(C).
  24. Sehleanu Mariana, 2015. "Creating Or Destroying Value Through Mergers And Acquisitions?," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 593-600, July.
  25. Chang, Kiyoung & Kang, Eun & Li, Ying, 2016. "Effect of institutional ownership on dividends: An agency-theory-based analysis," Journal of Business Research, Elsevier, vol. 69(7), pages 2551-2559.
  26. Shelton, Lois M., 2000. "Merger market dynamics: insights into the behavior of target and bidder firms," Journal of Economic Behavior & Organization, Elsevier, vol. 41(4), pages 363-383, April.
  27. Marc Goergen & Luc Renneboog, 2004. "Shareholder Wealth Effects of European Domestic and Cross‐border Takeover Bids," European Financial Management, European Financial Management Association, vol. 10(1), pages 9-45, March.
  28. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
  29. Sheng‐Syan Chen, 2008. "Organizational Form and the Economic Impact of Corporate New Product Strategies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(1‐2), pages 71-101, January.
  30. Basuil, Dynah A. & Datta, Deepak K., 2019. "Effects of Firm-specific and Country-specific Advantages on Relative Acquisition Size in Service Sector Cross-Border Acquisitions: An Empirical Examination," Journal of International Management, Elsevier, vol. 25(1), pages 66-80.
  31. Cheng, Yingmei & Liu, Baixiao & McConnell, John J. & Rosenblum, Aaron, 2017. "When is good news bad and vice versa? The Fortune rankings of America's most admired companies," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 378-396.
  32. Elnahas, Ahmed M. & Kim, Dongnyoung, 2017. "CEO political ideology and mergers and acquisitions decisions," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 162-175.
  33. Yang Zhang, 2018. "Corporate Governance Effects on Risk Management and Shareholder Wealth: The Case of Mergers and Acquisitions," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 4-2018.
  34. Davila, Antonio & Peñalva, Fernando, 2004. "Corporate governance and the weighting of performance measures in CEO compensation," IESE Research Papers D/556, IESE Business School.
  35. Francis, Bill & Hasan, Iftekhar & Sharma, Zenu, 2011. "Leverage and growth: Effect of stock options," Journal of Economics and Business, Elsevier, vol. 63(6), pages 558-581.
  36. Aybar, Bülent & Thanakijsombat, Thanarerk, 2015. "Financing decisions and gains from cross-border acquisitions by emerging-market acquirers," Emerging Markets Review, Elsevier, vol. 24(C), pages 69-80.
  37. Wu, Xiang & Zhang, Bing & Fu, Junhui & Liu, Yufang, 2022. "IPO over-financing and stock price crash risk: Evidence from China," Finance Research Letters, Elsevier, vol. 47(PA).
  38. Matthias Kiefer & Edward Jones & Andrew Adams, 2016. "Principals, Agents and Incomplete Contracts: Are Surrender of Control and Renegotiation the Solution?," CFI Discussion Papers 1603, Centre for Finance and Investment, Heriot Watt University.
  39. Paul André & Walid Ben-Amar & Samir Saadi, 2014. "Family firms and high technology Mergers & Acquisitions," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(1), pages 129-158, February.
  40. Xiaomeng Chen & Xiao Liang & Hai Wu, 2023. "Cross-Border Mergers and Acquisitions and CSR Performance: Evidence from China," Journal of Business Ethics, Springer, vol. 183(1), pages 255-288, February.
  41. Hussain, Tanveer & Loureiro, Gilberto, 2022. "Portability of firm corporate governance in mergers and acquisitions," Research in International Business and Finance, Elsevier, vol. 63(C).
  42. Boateng, Agyenim & Du, Min & Bi, XiaoGang & Lodorfos, George, 2019. "Cultural distance and value creation of cross-border M&A: The moderating role of acquirer characteristics," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 285-295.
  43. Bing Guo & Dennis C. Hutschenreiter & David Pérez-Castrillo & Anna Toldrà-Simats, 2023. "Institutional Blockholders and Corporate Innovation," Working Papers 1390, Barcelona School of Economics.
  44. Park, Yun W. & Selvili, Zekiye & Song, Moon H., 2008. "Large outside blockholders as monitors: Evidence from partial acquisitions," International Review of Economics & Finance, Elsevier, vol. 17(4), pages 529-545, October.
  45. Hoa Luong & Abeyratna Gunasekarage & Syed Shams, 2021. "CEO pay slice and acquisitions in Australia: the role of tournament incentives," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 18(5), pages 833-868, September.
  46. Rolf Bühner & Patrick Stiller & Anja Tuschke, 2004. "Legitimität und Innovation," Schmalenbach Journal of Business Research, Springer, vol. 56(8), pages 715-736, December.
  47. Rao-Nicholson, Rekha & Ayton, Julie (Salaber), 2016. "Euphoria in financial markets: How Indian companies generate value in their cross-border acquisitions," Research in International Business and Finance, Elsevier, vol. 38(C), pages 494-508.
  48. Song, Moon H. & Walkling, Ralph A., 2005. "Anticipation, Acquisitions and Bidder Returns," Working Paper Series 2005-11, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  49. Erel, Isil & Jang, Yeejin & Minton, Bernadette A. & Weisbach, Michael S., 2021. "Corporate Liquidity, Acquisitions, and Macroeconomic Conditions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(2), pages 443-474, March.
  50. Nan Hu & Yun (Ivy) Zhang & Songtao Tan, 2016. "Determinants of Chinese Cross-Border M&As," Annals of Economics and Finance, Society for AEF, vol. 17(1), pages 209-233, May.
  51. Deng, Lu & Jiang, Ping & Li, Sifei & Liao, Mingqing, 2020. "Government intervention and firm investment," Journal of Corporate Finance, Elsevier, vol. 63(C).
  52. Agarwal, Sumit & Chiu, I-Ming & Souphom, Victor & Yamashiro, Guy M., 2011. "The efficiency of internal capital markets: Evidence from the Annual Capital Expenditure Survey," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 162-172, May.
  53. Chowdhury, Rajib & Doukas, John A. & Park, Jong Chool, 2021. "Stakeholder orientation and the value of cash holdings: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 69(C).
  54. Ma, Qingzhong & Whidbee, David A. & Zhang, Wei, 2019. "Acquirer reference prices and acquisition performance," Journal of Financial Economics, Elsevier, vol. 132(1), pages 175-199.
  55. Peng, Fei & Anwar, Sajid & Kang, Lili, 2020. "Institutional monitoring, coordination and corporate acquisitions in China," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
  56. Álvarez-Botas, Celia & González, Víctor M., 2021. "Does trust matter for the cost of bank loans?," Journal of Corporate Finance, Elsevier, vol. 66(C).
  57. Beneish, Messod D. & Jansen, Ivo Ph. & Lewis, Melissa F. & Stuart, Nathan V., 2008. "Diversification to mitigate expropriation in the tobacco industry," Journal of Financial Economics, Elsevier, vol. 89(1), pages 136-157, July.
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