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    Exploring the Double-Sided Effect of Information Asymmetry and Uncertainty in Mergers and Acquisitions

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    Publication type
    Vlerick strategic journal article
    Author
    Luypaert, Mathieu
    Van Caneghem, Tom
    Publication Year
    2017
    Journal
    Financial Management
    Publication Volume
    46
    Publication Issue
    4
    Publication Begin page
    873
    Publication End page
    917
    
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    Abstract
    We examine the joint effect of bidder and target information asymmetry and uncertainty on the payment consideration and subsequent wealth effects in a large sample of acquisitions with both listed and private targets. In line with a risk-sharing argument, we find that acquisitions of targets characterized by higher uncertainty are more likely to be settled with stock. In contrast, higher target information asymmetry increases the likelihood of a cash payment, consistent with bidders strategically exploiting superior information. Acquirers of more opaque targets obtain a larger fraction of total acquisition gains and avoid sharing these gains with target shareholders by offering cash.
    Keyword
    Accounting & Finance, Mergers & Acquisitions
    Knowledge Domain/Industry
    Accounting & Finance
    DOI
    10.1111/fima.12170
    URI
    http://hdl.handle.net/20.500.12127/5716
    ae974a485f413a2113503eed53cd6c53
    10.1111/fima.12170
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