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Three essays in finance.

Li, Feifei.

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Three essays in finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Three essays in finance./
作者:	Li, Feifei.
面頁冊數:	142 p.
附註:	Source: Dissertation Abstracts International, Volume: 66-11, Section: A, page: 4095.
Contained By:	Dissertation Abstracts International66-11A.
標題:	Business Administration, Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3196318
ISBN:	9780542422652

Three essays in finance.
Li, Feifei.

Three essays in finance. - 142 p.

Source: Dissertation Abstracts International, Volume: 66-11, Section: A, page: 4095.

Thesis (Ph.D.)--University of California, Los Angeles, 2005.

This dissertation consists of three essays. In the first, we are trying to answer why mergers and acquisitions continue to take place despite evidence suggesting a negative impact upon the value of the acquiring firms. The empirical evidence linking merger activities to industry shocks motivates us to examine whether value maximizing rationales can justify mergers. We reexamine acquiring firms stock performance after merger announcement in this empirical study, controlling specifically for industry effects. We find that when we carefully control for industry effects, the negative long-run post-merger abnormal returns become less severe in magnitude for the first 18 months post-merger, but worse afterwards. A cross-sectional test for this change of underperformance does not seem significant. This evidence does not support the view that takeover activities may in fact be firm value maximizing responses to negative industry shocks.

ISBN: 9780542422652Subjects--Topical Terms:

626628
Business Administration, Management.

Three essays in finance.
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500 $a Source: Dissertation Abstracts International, Volume: 66-11, Section: A, page: 4095.
500 $a Chairs: Avanidhar Subrahmanyam; Antonio Bernardo.
502 $a Thesis (Ph.D.)--University of California, Los Angeles, 2005.
520 $a This dissertation consists of three essays. In the first, we are trying to answer why mergers and acquisitions continue to take place despite evidence suggesting a negative impact upon the value of the acquiring firms. The empirical evidence linking merger activities to industry shocks motivates us to examine whether value maximizing rationales can justify mergers. We reexamine acquiring firms stock performance after merger announcement in this empirical study, controlling specifically for industry effects. We find that when we carefully control for industry effects, the negative long-run post-merger abnormal returns become less severe in magnitude for the first 18 months post-merger, but worse afterwards. A cross-sectional test for this change of underperformance does not seem significant. This evidence does not support the view that takeover activities may in fact be firm value maximizing responses to negative industry shocks.
520 $a In the second essay, we study an investment strategy---Dollar Cost Averaging. It is a strategy for purchasing equity securities that is widely recommended by professional investment advisors and commentators but has been virtually ignored by academic theorists and textbook writers. In this paper we explore whether the strategy is but another instance of irrational behavior by individual investors or whether it is an investment heuristic that has survival value in an environment in which security prices exhibit mean reversion behavior that has only belatedly been recognized by academic theorists. Our evidence supports the view that the individual investors who follow this strategy are better off than if they followed the 'rational' strategies traditionally recommended by academics.
520 $a In the third essay, we find that acquirers of private targets significantly under-perform three years after their acquisitions, despite a large positive market reaction around the announcement period. The underperformance is only prevalent for stock financed transactions, most severe for low book-to-market acquirers, and unrelated with the relative size of the transactions. The joint behavior of short- and long-run acquiring firms' stock return does not accord with explanations for the favorable short-run market reaction previously advanced in the literature. Overall, our evidence is consistent with Shleifer and Vishny's notion that stock market misvaluation drives corporate takeover activities.
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