haku: @indexterm SHARE PRICES / yhteensä: 1009
viite: 14 / 1009
| Tekijä: | Martinez-Jerez, F.A. |
| Otsikko: | Governance and merger accounting: Evidence from stock price reactions to purchase versus pooling |
| Lehti: | European Accounting Review
2008 : VOL. 17:1, p. 5-35 |
| Asiasana: | accounting mergers corporate governance share prices |
| Kieli: | eng |
| Tiivistelmä: | This paper explores the effect of corporate governance (henceforth as: c-c.) on investor reactions to accounting (here as: accg.) choice in the context of accg. for business combinations. Based on a sample of over 320 recent stock swap acquisitions, it is found that, contrary to practitioners' belief of capital markets penalising purchase accg., the opposite seems to be true: there is a negative and significant differential market reaction of circa 4 percent for acquiring firms that announce pooling transactions. This return differential declines to negative 8 percent for firms with ineffective c-c. |
SCIMA