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The Intangibles Song in Takeover Announcements:Good Tempo, Hollow Tune

hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorFilipovic, Zoran
hal.structure.identifierSwiss Finance Institute [Geneva]
dc.contributor.authorWagner, Alexander F.
dc.date.accessioned2021-09-30T14:17:12Z
dc.date.available2021-09-30T14:17:12Z
dc.date.issued2020
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/21876
dc.language.isoenen
dc.subjectCorporate announcementsen
dc.subjectintangible assetsen
dc.subjectintangibles talken
dc.subjectmergers and acquisitionsen
dc.subjecttextual analysisen
dc.subject.ddc658.1en
dc.subject.classificationjelG.G1.G14en
dc.subject.classificationjelD.D8.D80en
dc.subject.classificationjelG.G3.G34en
dc.titleThe Intangibles Song in Takeover Announcements:Good Tempo, Hollow Tuneen
dc.typeCommunication / Conférence
dc.description.abstractenMergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete more quickly. However, the value of these deals to the acquirer is questionable: One standard deviation more in intangibles talk results in 0.45 percentage points lower abnormal announcement returns of bidders. Agency problems explain little of these results. Instead, payment mode choices and insider trades suggest that intangibles talk reflects managerial overoptimism. Overall,takeover announcements can provide important information regarding the quality of deals.en
dc.subject.ddclabelGestion financière, capital risque, création de valeuren
dc.relation.conftitleCFA Society France - Academic Sessionen
dc.relation.confdate2020-10
dc.relation.confcityParisen
dc.relation.confcountryFranceen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2021-09-28T09:50:11Z
dc.subject.classificationjelHALG - Financial Economics::G1 - General Financial Markets::G14 - Information and Market Efficiency; Event Studies; Insider Tradingen
dc.subject.classificationjelHALD - Microeconomics::D8 - Information, Knowledge, and Uncertainty::D80 - Generalen
dc.subject.classificationjelHALG - Financial Economics::G3 - Corporate Finance and Governance::G34 - Mergers; Acquisitions; Restructuring; Corporate Governanceen
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