Fiche du document
- handle: 10670/1.656xmi
- hal: hal-04042577
Mots-clés
Corporate announcements intangible assets intangibles talk mergers and acquisitions takeovers textual analysis G - Financial Economics::G1 - General Financial Markets::G14 - Information and Market Efficiency; Event Studies; Insider Trading G - Financial Economics/G.G1 - General Financial Markets/G.G1.G14 - Information and Market Efficiency • Event Studies • Insider TradingSujets proches
Intangible assets Incorporeal property Intangible property--Law and legislation IntangiblesCiter ce document
Zoran Filipovic et al., « The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune », HAL-SHS : droit et gestion, ID : 10670/1.656xmi
Métriques
Partage / Export
Résumé
Mergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a novel word list of intangibles and apply it to takeover announcements. The value of these deals to the acquirer, as shown by abnormal announcement returns, is questionable: One standard deviation more in intangibles talk lowers returns by 0.50 percentage points. Agency problems explain little of these results. Rather, the cross-section of announcement returns, payment mode choices, and insider trades suggest that intangibles talk reflects managerial overoptimism. In sum, takeover announcements reveal important information regarding the quality of deals.