EconStor >
Universität Augsburg >
Lehrstuhl für Betriebswirtschaftslehre, Schwerpunkt Unternehmensführung und Organisation, Universität Augsburg >
Unternehmensführung und Organisation Working Papers, Universität Augsburg >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/57886
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorBraun, Thorsten V.en_US
dc.contributor.authorLehmann, Erik E.en_US
dc.contributor.authorSchwerdtfeger, Manuel T.en_US
dc.date.accessioned2012-05-11T14:45:28Z-
dc.date.available2012-05-11T14:45:28Z-
dc.date.issued2011en_US
dc.identifier.pidoi:10.2139/ssrn.1803358en_US
dc.identifier.urihttp://hdl.handle.net/10419/57886-
dc.description.abstractWe conduct an event study to assess the stock market evaluation of public takeover announcements. Unlike the majority of previous research, we specifically focus on acquisitions targeted at newly public IPO-firms and show that the stock market positively evaluates these M&As as R&D. However, bidders' abnormal announcement returns are significantly lower for takeovers directed at targets with critical intangible assets and innovative capabilities inalienably bound to their initial owners than for those that have internally accumulated respective resources and capabilities. We explain these findings with the acquirer's post-acquisition dependence on continued access to the IPO-firm founders' target-specific human capital. Our results contribute to literature in that they show that the stock market perceives these potential impediments to successful exploitation of acquired strategic resources and thus identify a potential cause for heretofore mostly inconsistent evidence on bidder abnormal returns in corporate takeovers found in previous research.en_US
dc.language.isoengen_US
dc.publisherUniv., Wirtschaftswiss. Fak., Lehrstuhl für Unternehmensführung und Organisation Augsburgen_US
dc.relation.ispartofseriesUO Working Paper Series 01-11en_US
dc.subject.jelD23en_US
dc.subject.jelG32en_US
dc.subject.jelG34en_US
dc.subject.jelL22en_US
dc.subject.jelM13en_US
dc.subject.ddc650en_US
dc.subject.keywordOwnership Structureen_US
dc.subject.keywordHigh-Tech IPO-Firmsen_US
dc.subject.keywordMergers & Acquisitionsen_US
dc.subject.stwÜbernahmeen_US
dc.subject.stwAnkündigungseffekten_US
dc.subject.stwWertpapieremissionen_US
dc.subject.stwAktienmarkten_US
dc.subject.stwKapitalertragen_US
dc.subject.stwEvent Studyen_US
dc.titleThe stock market evaluation of IPO-firm takeoversen_US
dc.typeWorking Paperen_US
dc.identifier.ppn689368321en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:auguow:0111-
Appears in Collections:Unternehmensführung und Organisation Working Papers, Universität Augsburg

Files in This Item:
File Description SizeFormat
689368321.pdf222.14 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.