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    The interplay between target firm R&D, acquirer debt financing and takeover premia

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    Publication type
    Journal article with impact factor
    Author
    Mataigne, Virginie
    De Maeseneire, Wouter
    Luypaert, Mathieu
    Publication Year
    2018
    Journal
    Applied Economics Letters
    Publication Volume
    25
    Publication Issue
    7
    Publication Begin page
    451
    Publication End page
    455
    
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    Abstract
    The level of acquisition premia is of paramount importance in light of the vast sums paid to target shareholders and the often disappointing returns realized by corporate buyers. In this letter, we focus on the impact of R&D investments by targets on the acquisition premium contingent upon the acquirer's financing choices. Based on a unique hand-collected sample of 407 listed European transactions, we find a positive effect of target R&D on premia paid. Yet, when acquirers finance the acquisition of an R&D intensive target with debt, the positive relation disappears. Consequently, we establish that financing sources affect bidding strategies of acquiring companies in case of difficult-to-value targets.
    Keyword
    Mergers, Research & Development (R&D), Acquisitions, Financing
    Knowledge Domain/Industry
    Accounting & Finance
    DOI
    10.1080/13504851.2017.1332740
    URI
    http://hdl.handle.net/20.500.12127/5774
    ae974a485f413a2113503eed53cd6c53
    10.1080/13504851.2017.1332740
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