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- handle: 10670/1.ilu96w
- hal: hal-04079914
Mots-clés
Corporate announcements intangible assets intangibles talk mergers and acquisitions textual analysis G - Financial Economics::G3 - Corporate Finance and Governance::G34 - Mergers; Acquisitions; Restructuring; Corporate Governance G - Financial Economics/G.G1 - General Financial Markets/G.G1.G14 - Information and Market Efficiency • Event Studies • Insider Trading D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D80 - General G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G34 - Mergers • Acquisitions • Restructuring • Corporate GovernanceSujets 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.ilu96w
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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. Deals presented with more “intangibles talk” complete more quickly. However, the value of these deals to the acquirer is questionable: One standard deviation more in intangibles talk results in 0.45 percentage points lower abnormal announcement returns of bidders. Agency problems explain little of these results. Instead, payment mode choices and insider trades suggest that intangibles talk reflects managerial overoptimism. Overall,takeover announcements can provide important information regarding the quality of deals.