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Citations for "Does Investor Misvaluation Drive the Takeover Market?"

by MING DONG & David Hirshleifer & SCOTT RICHARSON & Siew Hong Teoh

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  1. Nagano, Mamoru, 2007. "Cross-border Acquisitions in a Transition Economy: Recent Experiences of China and India," MPRA Paper 24568, University Library of Munich, Germany, revised 2010.
  2. Woan-lih Liang & Konan Chan & Wei-Hsien Lai & Yanzhi Wang, 2013. "Motivation for Repurchases: A Life Cycle Explanation," Journal of Financial Services Research, Springer, vol. 43(2), pages 221-242, April.
  3. Harford, Jarrad & Humphery-Jenner, Mark & Powell, Ronan, 2012. "The sources of value destruction in acquisitions by entrenched managers," Journal of Financial Economics, Elsevier, vol. 106(2), pages 247-261.
  4. Laih, Yih-Wenn & Lai, Hung-Neng & Li, Chun-An, 2015. "Analyst valuation and corporate value discovery," International Review of Economics & Finance, Elsevier, vol. 35(C), pages 235-248.
  5. Patricia M. Danzon & Andrew Epstein & Sean Nicholson, 2007. "Mergers and acquisitions in the pharmaceutical and biotech industries," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(4-5), pages 307-328.
  6. Sara B. Moeller & Frederik P. Schlingemann & Rene M. Stulz, 2004. "Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions?," NBER Working Papers 10773, National Bureau of Economic Research, Inc.
  7. Ming Dong & David Hirshleifer & Siew Hong Teoh, 2012. "Overvalued Equity and Financing Decisions," Review of Financial Studies, Society for Financial Studies, vol. 25(12), pages 3645-3683.
  8. Elliott, William B. & Koëter-Kant, Johanna & Warr, Richard S., 2008. "Market timing and the debt-equity choice," Journal of Financial Intermediation, Elsevier, vol. 17(2), pages 175-197, April.
  9. Warusawitharana, Missaka, 2008. "Corporate asset purchases and sales: Theory and evidence," Journal of Financial Economics, Elsevier, vol. 87(2), pages 471-497, February.
  10. García-Feijóo, Luis & Madura, Jeff & Ngo, Thanh, 2012. "Impact of industry characteristics on the method of payment in mergers," Journal of Economics and Business, Elsevier, vol. 64(4), pages 261-274.
  11. Ming Dong & David Hirshleifer, 2004. "A Generalized Earnings-Based Stock Valuation Model," Finance 0412008, EconWPA.
  12. Ismail, Ahmad, 2008. "Which acquirers gain more, single or multiple? Recent evidence from the USA market," Global Finance Journal, Elsevier, vol. 19(1), pages 72-84.
  13. Ng, Alex & Donker, Han, 2013. "Purchasing reserves and commodity market timing as takeover motives in the oil and gas industry," Energy Economics, Elsevier, vol. 37(C), pages 167-181.
  14. Hirshleifer, David & Teoh, Siew Hong, 2005. "Limited Investor Attention and Stock Market Misreactions to Accounting Information," Working Paper Series 2005-24, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  15. Madura, Jeff & Ngo, Thanh & Viale, Ariel M., 2011. "Convergent synergies in the global market for corporate control," Journal of Banking & Finance, Elsevier, vol. 35(9), pages 2468-2478, September.
  16. Huizinga, Harry & Voget, Johannes & Wagner, Wolf, 2009. "International Taxation and Takeover Premiums in Cross-border M&As," CEPR Discussion Papers 7182, C.E.P.R. Discussion Papers.
  17. Di Giuli, Alberta, 2013. "The effect of stock misvaluation and investment opportunities on the method of payment in mergers," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 196-215.
  18. Ulrike Malmendier & Geoffrey Tate, 2004. "Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction," NBER Working Papers 10813, National Bureau of Economic Research, Inc.
  19. Hirshleifer, David, 2014. "Behavioral Finance," MPRA Paper 59028, University Library of Munich, Germany.
  20. Fu, Fangjian & Lin, Leming & Officer, Micah S., 2013. "Acquisitions driven by stock overvaluation: Are they good deals?," Journal of Financial Economics, Elsevier, vol. 109(1), pages 24-39.
  21. Harris, Oneil & Madura, Jeff & Glegg, Charmaine, 2010. "Do managers make takeover financing decisions that circumvent more effective outside blockholders?," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(2), pages 180-190, May.
  22. Harford, Jarrad, 2005. "What drives merger waves?," Journal of Financial Economics, Elsevier, vol. 77(3), pages 529-560, September.
  23. Vancea Mariana, 2012. "An Overview On The Determinants Of Mergers And Acquisitions Waves," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 390-397, December.
  24. repec:dgr:kubcen:2006103 is not listed on IDEAS
  25. Eckbo, B. Espen, 2009. "Bidding strategies and takeover premiums: A review," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 149-178, February.
  26. Gao, Ning, 2011. "The adverse selection effect of corporate cash reserve: Evidence from acquisitions solely financed by stock," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 789-808, September.
  27. Gregory, Alan & O'Donohoe, Sheila, 2014. "Do cross border and domestic acquisitions differ? Evidence from the acquisition of UK targets," International Review of Financial Analysis, Elsevier, vol. 31(C), pages 61-69.
  28. Furfine, Craig H. & Rosen, Richard J., 2011. "Mergers increase default risk," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 832-849, September.
  29. repec:van:wpaper:1124 is not listed on IDEAS
  30. Ulrike Malmendier & Marcus Matthias Opp & Farzad Saidi, 2012. "Cash is King - Revaluation of Targets after Merger Bids," NBER Working Papers 18211, National Bureau of Economic Research, Inc.
  31. Humphery-Jenner, Mark L. & Powell, Ronan G., 2011. "Firm size, takeover profitability, and the effectiveness of the market for corporate control: Does the absence of anti-takeover provisions make a difference?," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 418-437, June.
  32. Erel, Isil & Liao, Rose C. & Weisbach, Michael S., 2009. "World Markets for Mergers and Acquisitions," Working Paper Series 2009-11, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  33. Hirshleifer, David & Subrahmanyam, Avanidhar & Titman, Sheridan, 2006. "Feedback and the success of irrational investors," Journal of Financial Economics, Elsevier, vol. 81(2), pages 311-338, August.
  34. Sara B. Moeller & Frederik P. Schlingemann & Rene M. Stulz, 2003. "Do shareholders of acquiring firms gain from acquisitions?," NBER Working Papers 9523, National Bureau of Economic Research, Inc.
  35. Song, Moon H. & Walkling, Ralph A., 2004. "Anticipation, Acquisitions and the Bidder Return Puzzle," Working Paper Series 2004-15, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  36. Lin, Hsuan-Chu & Chou, Ting-Kai & Cheng, Jia-Chi, 2011. "Does market misvaluation drive post-acquisition underperformance in stock deals?," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 690-706, October.
  37. Qingzhong Ma, 2013. "Investment banks advising takeover targets," Journal of Economics and Finance, Springer, vol. 37(3), pages 339-374, July.
  38. Weitzel, Utz & Kling, Gerhard, 2012. "Sold below value? Why some targets accept very low and even negative takeover premiums," MPRA Paper 42832, University Library of Munich, Germany.
  39. Stráska, Miroslava & Waller, Gregory, 2010. "Do antitakeover provisions harm shareholders?," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 487-497, September.
  40. Dong, Ming & Hirshleifer, David & Teoh, Siew Hong, 2007. "Stock market misvaluation and corporate investment," MPRA Paper 3109, University Library of Munich, Germany, revised 05 May 2007.
  41. Madura, Jeff & Susnjara, Jurica, 2013. "The appeal of private targets in international acquisitions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 24(C), pages 198-222.
  42. Ma, Qingzhong & Whidbee, David A. & Zhang, Athena Wei, 2011. "Value, valuation, and the long-run performance of merged firms," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 1-17, February.
  43. Ang, James S. & Ҫolak, Gӧnül & Zhang, Tai-Wei, 2014. "Decoupling by clienteles and by time in the financial markets: The case of two-stage stock-financed mergers," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 360-375.
  44. Ovtchinnikov, Alexei V., 2013. "Merger waves following industry deregulation," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 51-76.
  45. Moeller, Sara B. & Schlingemann, Frederik P. & Stulz, Rene M., 2004. "Firm size and the gains from acquisitions," Journal of Financial Economics, Elsevier, vol. 73(2), pages 201-228, August.
  46. Sanjai Bhagat & Ming Dong & David A. Hirshleifer & Robert B. Noah, 2004. "Do Tender Offers Create Value? New Methods and Evidence," Finance 0412011, EconWPA.
  47. Paul André & Walid Ben-Amar & Samir Saadi, 2014. "Family firms and high technology Mergers & Acquisitions," Journal of Management and Governance, Springer, vol. 18(1), pages 129-158, February.
  48. Lin, Chen & Ma, Yue & Xuan, Yuhai, 2011. "Ownership structure and financial constraints: Evidence from a structural estimation," Journal of Financial Economics, Elsevier, vol. 102(2), pages 416-431.
  49. Gerhard Kling & Utz Weitzel, 2010. "Endogenous mergers: bidder momentum and market reaction," Applied Financial Economics, Taylor & Francis Journals, vol. 20(3), pages 243-254.
  50. Svetlana Grigorieva & Tatiana Petrunina, 2013. "The performance of mergers and acquisitions in emerging capital markets: new evidence," HSE Working papers WP BRP 20/FE/2013, National Research University Higher School of Economics.
  51. Gregory JACKSON & MIYAJIMA Hideaki, 2007. "Varieties of Capitalism, Varieties of Markets: Mergers and Acquisitions in Japan, Germany, France, the UK and USA," Discussion papers 07054, Research Institute of Economy, Trade and Industry (RIETI).
  52. Dennis C. Mueller & B. Burcin Yurtoglu, 2007. "Corporate governance and the returns to acquiring firms' shareholders: an international comparison," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(8), pages 879-896.
  53. Lyandres, Evgeny & Zhdanov, Alexei, 2013. "Investment opportunities and bankruptcy prediction," Journal of Financial Markets, Elsevier, vol. 16(3), pages 439-476.
  54. Elliott, William B. & Koeter-Kant, Johanna & Warr, Richard S., 2007. "A valuation-based test of market timing," Journal of Corporate Finance, Elsevier, vol. 13(1), pages 112-128, March.
  55. Vermaelen, Theo & Xu, Moqi, 2014. "Acquisition finance and market timing," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 73-91.
  56. Harris, Oneil & Madura, Jeff, 2011. "Why are proposed spinoffs withdrawn?," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 69-81, February.
  57. Jeff Madura & Thanh Ngo, 2012. "Determinants of the medium of payment used to acquire privately-held targets," Journal of Economics and Finance, Springer, vol. 36(2), pages 424-442, April.
  58. Donglin Li, 2014. "Dissecting and connecting the growth and accounting distortion components of accruals," Review of Quantitative Finance and Accounting, Springer, vol. 42(1), pages 1-28, January.
  59. Sara B. Moeller & Frederik P. Schlingemann & Rene M. Stulz, 2004. "Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave," NBER Working Papers 10200, National Bureau of Economic Research, Inc.
  60. Huizinga, Harry & Voget, Johannes & Wagner, Wolf, 2012. "Who bears the burden of international taxation? Evidence from cross-border M&As," Journal of International Economics, Elsevier, vol. 88(1), pages 186-197.
  61. Liu, Tingting & Wu, Juan (Julie), 2014. "Merger arbitrage short selling and price pressure," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 36-54.
  62. Malcolm Baker & Jeffrey Wurgler, 2011. "Behavioral Corporate Finance: An Updated Survey," NBER Working Papers 17333, National Bureau of Economic Research, Inc.
  63. Pantzalis, Christos & Park, Jung Chul, 2009. "Equity market valuation of human capital and stock returns," Journal of Banking & Finance, Elsevier, vol. 33(9), pages 1610-1623, September.
  64. Ming Dong & David Hirshleifer & Scott Richardson & Siew Hong Teoh, 2006. "Does Investor Misvaluation Drive the Takeover Market?," Journal of Finance, American Finance Association, vol. 61(2), pages 725-762, 04.
  65. Chemmanur, Thomas J. & Paeglis, Imants & Simonyan, Karen, 2009. "The medium of exchange in acquisitions: Does the private information of both acquirer and target matter?," Journal of Corporate Finance, Elsevier, vol. 15(5), pages 523-542, December.
  66. E. Diecidue & Jeroen van de Ven & G.U. Weitzel, 2008. "Shareholders’ expectations, aspiration levels, and mergers," Working Papers 08-06, Utrecht School of Economics.
  67. Gleason, Kim & Johnston, Jarrod & Madura, Jeff, 2007. "Cause and effect of mini-tender offers," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(4), pages 521-534, September.
  68. Gary Gorton & Matthias Kahl & Richard Rosen, 2005. "Eat or Be Eaten: A Theory of Mergers and Merger Waves," NBER Working Papers 11364, National Bureau of Economic Research, Inc.
  69. Srdan Komlenovic & Abdullah Mamun & Dev Mishra, 2011. "Business cycle and aggregate industry mergers," Journal of Economics and Finance, Springer, vol. 35(3), pages 239-259, July.
  70. Chen, Sheng-Syan & Chou, Robin K. & Lee, Yun-Chi, 2011. "Bidders' strategic timing of acquisition announcements and the effects of payment method on target returns and competing bids," Journal of Banking & Finance, Elsevier, vol. 35(9), pages 2231-2244, September.
  71. Bonaimé, Alice Adams & Öztekin, Özde & Warr, Richard S., 2014. "Capital structure, equity mispricing, and stock repurchases," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 182-200.
  72. Tawatnuntachai, Oranee & Yaman, Devrim, 2007. "Do investors overreact to earnings warnings?," Review of Financial Economics, Elsevier, vol. 16(2), pages 177-201.
  73. Simonyan, Karen, 2014. "What determines takeover premia: An empirical analysis," Journal of Economics and Business, Elsevier, vol. 75(C), pages 93-125.
  74. Gugler, Klaus & Mueller, Dennis C. & Weichselbaumer, Michael, 2012. "The determinants of merger waves: An international perspective," International Journal of Industrial Organization, Elsevier, vol. 30(1), pages 1-15.
  75. Richard J. Rosen, 2006. "Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements," The Journal of Business, University of Chicago Press, vol. 79(2), pages 987-1017, March.
  76. Cécile Carpentier & Jean-François L'Her & Stephan Smith & Jean-Marc Suret, 2007. "Risk, Timing and Overoptimism in Private Placements and Public Offerings," CIRANO Working Papers 2007s-27, CIRANO.
  77. Malcolm Baker & C. Fritz Foley & Jeffrey Wurgler, 2004. "The Stock Market and Investment: Evidence from FDI Flows," NBER Working Papers 10559, National Bureau of Economic Research, Inc.
  78. Moshfique Uddin & Agyenim Boateng, 2009. "An analysis of short-run performance of cross-border mergers and acquisitions: Evidence from the UK acquiring firms," Review of Accounting and Finance, Emerald Group Publishing, vol. 8(4), pages 431-453, November.
  79. Jaffe, Jeffrey & Pedersen, David & Voetmann, Torben, 2013. "Skill differences in corporate acquisitions," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 166-181.
  80. Feito-Ruiz, Isabel & Menéndez-Requejo, Susana, 2011. "Cross-border Mergers and Acquisitions in different legal environments," International Review of Law and Economics, Elsevier, vol. 31(3), pages 169-187, September.
  81. Missaka Warusawitharana, 2007. "Corporate asset purchases and sales: theory and evidence," Finance and Economics Discussion Series 2007-27, Board of Governors of the Federal Reserve System (U.S.).
  82. Rhodes-Kropf, Matthew & Robinson, David T. & Viswanathan, S., 2005. "Valuation waves and merger activity: The empirical evidence," Journal of Financial Economics, Elsevier, vol. 77(3), pages 561-603, September.
  83. John, Kose & Freund, Steven & Nguyen, Duong & Vasudevan, Gopala K., 2010. "Investor protection and cross-border acquisitions of private and public targets," Journal of Corporate Finance, Elsevier, vol. 16(3), pages 259-275, June.
  84. Madura, Jeff & Ngo, Thanh & Viale, Ariel M., 2012. "Why do merger premiums vary across industries and over time?," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(1), pages 49-62.
  85. Rahaman, Mohammad M., 2014. "Do managerial behaviors trigger firm exit? The case of hyperactive bidders," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(1), pages 92-110.
  86. Jimmy A. Saravia, 2013. "Merger waves and the Austrian business cycle theory," DOCUMENTOS DE TRABAJO CIEF 010929, UNIVERSIDAD EAFIT.
  87. Nilanjan Basu & Mathieu Chevrier, 2011. "Distance, information asymmetry, and mergers: evidence from Canadian firms," Managerial Finance, Emerald Group Publishing, vol. 37(1), pages 21-33, January.
  88. repec:use:tkiwps:0517 is not listed on IDEAS
  89. Killian J. McCarthy & G.U. Weitzel, 2009. "Theory and evidence on mergers and acquisitions by small and medium enterprises," Working Papers 09-21, Utrecht School of Economics.
  90. Nogata, Daisuke & Uchida, Konari & Goto, Naohisa, 2011. "Is corporate governance important for regulated firms' shareholders?: Evidence from Japanese mergers and acquisitions," Journal of Economics and Business, Elsevier, vol. 63(1), pages 46-68, January.
  91. Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
  92. Scott Fung & Hoje Jo & Shih-Chuan Tsai, 2009. "Agency problems in stock market-driven acquisitions," Review of Accounting and Finance, Emerald Group Publishing, vol. 8(4), pages 388 - 430, November.
  93. Tarcisio da Graca & Robert Masson, 2013. "Corporate governance and abnormal returns from M&A: A structural analysis," RePAd Working Paper Series UQO-DSA-wp032013, Département des sciences administratives, UQO.
  94. Chang, Eric C. & Luo, Yan & Ren, Jinjuan, 2013. "Pricing deviation, misvaluation comovement, and macroeconomic conditions," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5285-5299.
  95. Baker, Malcolm & Pan, Xin & Wurgler, Jeffrey, 2012. "The effect of reference point prices on mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 106(1), pages 49-71.
  96. Lazarides, Themistokles & Drmmpetas, Evaggelos, 2009. "Fallacies, Collapses, Crises. Now What?," MPRA Paper 17921, University Library of Munich, Germany.
  97. repec:use:tkiwps:0515 is not listed on IDEAS
  98. Asli M. Arikan & René M. Stulz, 2011. "Corporate Acquisitions, Diversification, and the Firm's Lifecycle," NBER Working Papers 17463, National Bureau of Economic Research, Inc.
  99. Kling, Gerhard & Weitzel, Utz, 2011. "The internationalization of Chinese companies: Firm characteristics, industry effects and corporate governance," Research in International Business and Finance, Elsevier, vol. 25(3), pages 357-372, September.
  100. Wang, Weishen & Whyte, Ann Marie, 2010. "Managerial rights, use of investment banks, and the wealth effects for acquiring firms' shareholders," Journal of Banking & Finance, Elsevier, vol. 34(1), pages 44-54, January.
  101. Malcolm Baker & Richard S. Ruback & Jeffrey Wurgler, 2004. "Behavioral Corporate Finance: A Survey," NBER Working Papers 10863, National Bureau of Economic Research, Inc.
  102. Klaus Gugler & Dennis C. Mueller & B. Burçin Yurtoglu, 2006. "The Determinants of Merger Waves," CIG Working Papers SP II 2006-01, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
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