Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/102370 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Manchester Business School Working Paper No. 624
Verlag: 
The University of Manchester, Manchester Business School, Manchester
Zusammenfassung: 
Cash-rich bidders in UK have better announcement abnormal returns than cash-poor ones during 1984-2007, contrasting previous findings in the US. The positive cash reserve effect is mainly from bidders of high long-run growth or those with non-trivial institutional holdings. Moreover, cash-rich bidders' post-acquisition operating performance is positively related to bidder cash reserve and institutional holdings. Our results suggest the precautionary motive underlies bidder cash reserve effects. Specifically, cash-rich bidders are better positioned to capture growth opportunities arising from acquisitions. Our results also suggest that strong shareholder power is necessary to ensure cash reserved in the interests of shareholders.
Schlagwörter: 
precuationary motive of cash reserve
excess cash reserve
acquisition
institutional holding
shareholder power
announcement effect
JEL: 
G34
D82
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
269.99 kB





Publikationen in EconStor sind urheberrechtlich geschützt.