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Essays on merger gains and short sel...

Yu, Han.

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Essays on merger gains and short selling ahead of going concern reports.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on merger gains and short selling ahead of going concern reports./
作者:	Yu, Han.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2015,
面頁冊數:	198 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
Contained By:	Dissertation Abstracts International76-11A(E).
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3708801
ISBN:	9781321842340

Essays on merger gains and short selling ahead of going concern reports.
Yu, Han.

Essays on merger gains and short selling ahead of going concern reports. - Ann Arbor : ProQuest Dissertations & Theses, 2015 - 198 p.

Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.

Thesis (Ph.D.)--University of Kansas, 2015.

This dissertation focuses on merger gains of the takeover market and stock market short selling ahead of going concern reports.

ISBN: 9781321842340Subjects--Topical Terms:

542899
Finance.

Essays on merger gains and short selling ahead of going concern reports.
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500 $a Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
500 $a Adviser: George Bittlingmayer.
502 $a Thesis (Ph.D.)--University of Kansas, 2015.
520 $a This dissertation focuses on merger gains of the takeover market and stock market short selling ahead of going concern reports.
520 $a In my first essay, Merger Gains and the Dimensions of Advisor Quality, I evaluate the industry and size-class expertise of buy-side (acquirer) advisors relative to sell-side (target) advisors, and examine how these differences in expertise affect stock returns and post-merger performance of acquirers from 1994 to 2012. I find that acquirers hiring advisors with relatively higher industry or size-class expertise than targets experience significantly higher short-term abnormal returns in public acquisitions. The effect is more pronounced in complex deals. I also show that the impact of the relative buy-side expertise is greater than the relative sell-side expertise, suggesting the "side-of-deal" expertise also matters. In addition, relative industry expertise is positively related to post-merger ROA and negatively related to post-merger R&D in public deals. Furthermore, I show that the probability of being hired as an acquirer advisor increases as the industry and size-class expertise of an advisor increases.
520 $a In the second essay of my dissertation, A Sequential Decision of Alliances and Mergers: Do Alliances Enhance Merger Performance? We study the dynamic and cross-sectional impact of alliance relationships on subsequent mergers between the partner firms. The sharing and collaboration in alliance agreements may have a positive impact on subsequent takeover transactions. Using a sample of alliance-based mergers between 1986 and 2011, we find that existing or prior alliances increase the subsequent acquirer merger announcement returns. For an acquirer with average R&D intensity, the returns increase more than 1%, compared to when the same acquirer purchases non-allied targets. The positive alliance effect is more pronounced when in public or larger deals. But the positive alliance effect decreases as the acquirer spends more on R&D and engages in more risky investment. In the long-term analysis, we also find evidence that alliance-based acquisitions result in a greater increase in profitability, better growth opportunities, greater innovation, and higher unit labor cost. Overall, this study fills the gap at the relationship of alliances and mergers and finds that the two activities represent complements.
520 $a In the third essay, Short Sellers' Anticipation of Going Concern Opinions, I study short selling activities around going concern opinions issued over the years of 2005 through 2010. I find short sellers significantly increase short selling volume during the five trading days prior to the first-time going concern opinion release. The level of short selling increases significantly by 66.2% for going concern firms and the increase is 34.7% higher than comparable firms without going concern opinions. In addition, there is a negative relationship between short selling and subsequent returns, but only for stocks trading above two dollars, presumably because low-priced stocks are subject to high transaction costs. Overall, this study presents evidence of short sellers' anticipation of upcoming going concern opinions.
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