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| Author: | Akhigbe, A. Madura, J. Spencer, C. |
| Title: | Financing decisions and signaling by partially acquired firms |
| Journal: | Journal of Financial Research
2001 : SPRING, VOL. 24:1, p. 99-118 |
| Index terms: | FINANCE SIGNALING STAKEHOLDERS |
| Language: | eng |
| Abstract: | The authors' goal is to determine whether financing decisions by firms can signal valuable information about large stakeholders who have a substantial investment in those firms. In particular, the authors focus on financing decisions by firms after they had been partially acquired to determine whether these decisions signaled information that affected the values of their corresponding partial acquirers. The authors find that some financing policies by partially acquired firms may not only signal valuable information about themselves, but may also signal valuable information about their corresponding partial acquirers. The authors also find that the magnitude of the signal for the partially acquired firm that enacts a financing policy is dependent on the degree of monitoring imposed by the respective partial acquirer. |
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