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Strategic M&A Announcement Timing: Evidence from Merger Monday

hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorFilipovic, Zoran
dc.date.accessioned2021-10-22T10:16:46Z
dc.date.available2021-10-22T10:16:46Z
dc.date.issued2021
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/22081
dc.language.isoenen
dc.subjectmergers and acquisitionsen
dc.subjectmarket reactionen
dc.subjectmarket sentimenten
dc.subject.ddc658.1en
dc.subject.classificationjelG.G3.G34en
dc.subject.classificationjelD.D8.D80en
dc.titleStrategic M&A Announcement Timing: Evidence from Merger Mondayen
dc.typeCommunication / Conférence
dc.description.abstractenDrawing on the day of the week pattern of mergers and acquisitions, I investigate whether managers engage in strategic announcement timing, and if so, whether such a decision pays off. The findings are consistent with managers timing M&A announcements as they seek to avoid the anticipated unfavorable market reaction. I document that this strategy is related to higher stock returns when managers attempt to avoid periods of low investor attention. However, the analysis reveals no evidence of significant gains when the managerial decisive factor is the possibility that the market might interpret the announcement as bad news. Furthermore, I find that strategic timing and negotiation complexity help explain the prevalence of merger announcements on Mondays (the Merger Monday phenomenon)and its flip side, a low percentage of M&A announcements on Friday.en
dc.subject.ddclabelGestion financière, capital risque, création de valeuren
dc.relation.conftitleFinancial Management & Accounting Research Conference (FMARC)en
dc.relation.confdate2021-09
dc.relation.confcityPaphosen
dc.relation.confcountryCyprusen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2021-10-22T09:43:29Z
dc.subject.classificationjelHALG - Financial Economics::G3 - Corporate Finance and Governance::G34 - Mergers; Acquisitions; Restructuring; Corporate Governanceen
dc.subject.classificationjelHALD - Microeconomics::D8 - Information, Knowledge, and Uncertainty::D80 - Generalen
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