The Relationship Between Merger Abnormal Returns and Methods of Payment-A Literature Review

摘要：

Previous payment studies on merger and acquisition have led to mixed findings based on conflicting payment theories in general disciplines. The study found that cash offer acquirers and stock offer acquirers did not produce significantly different abnormal returns on equity for hospitality acquirers. This study attempted to control the size of merger and acquisition and the type of payment to study the impact on acquirersexcess return on equity. Absolute size was found to have significant impact on the excess returns of hospitality acquirers through literature review.

关键词： Merger and acquisition Payment methods Cash offer acquirers Stock offer acquirers

作者: YANG Zhihai ZHAO Kun

作者单位: School of Economic & Management, Beijing Jiaotong University, P.R. China, 100044 School of Logistics, Beijing Wuzi University, P.R. China, 101149

会议类型: 国际会议

会议名称: The Eleventh International Symposium--Management Sciences and Engineering(第十一届管理科学与工程国际研讨会)

会议地点: 兰州

会议语种:英文

页码: 352-356

在线出版日期: 2011-11-12（万方平台首次上网日期，不代表论文的发表时间）