Hong, Eunsuk and Shin, Jong Kook (2023) 'Do Managers Always Listen to the Market? Evidence from Cross-Border M and As and Accounting Quality = 기업 매니저는 시장의 신호에 항상 귀를 기울이는가? 국제 인수합병 및 회계 기준의 품질을 중심으로.' 경제연구 = Journal of Economic Studies, 41 (2). pp. 99-117.
Abstract
Using cross-border merger and acquisition (M&A) data from 2000 to 2010 across 29 major economies, we investigate the interplay between market signal and information asymmetry in shaping corporate managers’ decision to complete M&As. We gauge the market-evaluated synergies of deals using the abnormal returns of bidders and targets around the news, and information asymmetry based on firm-year level accounting standards quality. Our findings reveal that the corporate managers’ propensity to follow the market signals is positively associated with high-quality accounting standards, suggesting that information transparency plays a crucial role in informing investment decisions.
| Item Type: | Journal Article |
|---|---|
| SOAS Departments & Centres: | Departments and Subunits > School of Finance & Management |
| ISSN: | 15988260 |
| DOI (Digital Object Identifier): | https://doi.org/10.30776/JES.41.2.5 |
| Date Deposited: | 09 Sep 2023 10:55 |
| URI: | https://eprints.soas.ac.uk/id/eprint/40241 |
| Related URLs: |
https://kiss.ks ... /Ar?key=4021113
(Publisher URL)
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