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dc.contributor.authorAstolfi, Pierre
HAL ID: 3502
ORCID: 0000-0002-9282-700X
dc.contributor.authorPaugam, Luc
dc.contributor.authorRamond, Olivier
dc.date.accessioned2012-04-10T11:15:00Z
dc.date.available2012-04-10T11:15:00Z
dc.date.issued2012-01
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/8797
dc.language.isoenen
dc.subjectPurchase Price Allocationen
dc.subjectMarket Expectationsen
dc.subjectAbnormal Goodwillen
dc.subjectBusiness Combinationen
dc.subject.ddc658.1en
dc.subject.classificationjelG34en
dc.titlePurchase Price Allocations : Do they Matter ?en
dc.typeCommunication / Conférence
dc.description.abstractenStandards setters support that purchase price allocations (PPAs) enhance financial statement decision-usefulness whereas academics and practitioners challenge this statement. We test the consequences of the quality of PPAs, subsequent to business combinations, on change in market expectations. Using the concept of abnormal goodwill - as a proxy for PPAs' quality - we test the association between PPAs' quality and analyst forecasts revisions, change in forecasts dispersion, and analysts' accuracy of 200 major U.S. business combinations. We do not find evidence that PPAs' quality have material impact on change in market expectations, suggesting that market participants fail to fully integrate information content of PPAs. Consistently, we provide evidence that PPAs' quality enables to generate a profitable investment strategy as cumulated abnormal returns can be systematically generated based on abnormal goodwill recognized in PPAs.en
dc.identifier.citationpages36en
dc.identifier.urlsitehttp://halshs.archives-ouvertes.fr/halshs-00671611en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelOrganisation et finances d'entrepriseen
dc.relation.conftitle35th EAA Annual Congressen
dc.relation.confdate2012-05
dc.relation.confcityLjubljanaen
dc.relation.confcountrySlovénieen


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