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dc.contributor.authorde La Bruslerie, Hubert*
dc.contributor.authorLe Maux, Julien*
dc.date.accessioned2018-12-04T14:59:39Z
dc.date.available2018-12-04T14:59:39Z
dc.date.issued2018
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/18253
dc.language.isoenen
dc.subjectacquisition premiumen
dc.subjectidiosyncratic risken
dc.subjectlitigation proxyen
dc.subjectlitigation risken
dc.subjectmeans of paymenten
dc.subject.ddc658.1en
dc.subject.classificationjelK.K2.K22en
dc.subject.classificationjelG.G3.G34en
dc.titleLitigation risk: Measurement and impact on M&A transaction termsen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThe purpose of the paper is to propose an original proprietary proxy of a firm's litigation risk. We extend the scope of litigation risk outside of the conflicts with shareholders and the domain of security litigation. We demonstrate that the source of the risk of litigation can be found in the firm's policies and in its management's operational or strategic decisions, even if a sector conditioning effect exists. Based on a sample of 465 US M&A transactions between 2000 and 2014, we provide evidence that the level of litigation risk, at the acquirer's level, has a positive and significant impact on the takeover premium. We also provide evidence that a significant relationship exists between the acquirer's litigation risk and the means of payment. An extension of the sample to international transactions is used as a robustness check; it confirms the previous results.en
dc.relation.isversionofjnlnameJournal of Business Finance and Acounting
dc.relation.isversionofjnlvol45en
dc.relation.isversionofjnlissue7-8en
dc.relation.isversionofjnldate2018-08
dc.relation.isversionofjnlpages952-996en
dc.relation.isversionofdoi10.1111/jbfa.12318en
dc.subject.ddclabelCapital risqueen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenonen
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2018-11-29T16:05:39Z
hal.person.labIds1032*
hal.person.labIds*
hal.identifierhal-01944421*


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