Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/57886 
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dc.contributor.authorBraun, Thorsten V.en
dc.contributor.authorLehmann, Erik E.en
dc.contributor.authorSchwerdtfeger, Manuel T.en
dc.date.accessioned2012-05-11T14:45:28Z-
dc.date.available2012-05-11T14:45:28Z-
dc.date.issued2011-
dc.identifier.pidoi:10.2139/ssrn.1803358en
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
dc.language.isoengen
dc.publisher|aUniversity of Augsburg, Chair of Management and Organization |cAugsburgen
dc.relation.ispartofseries|aUO Working Paper Series |x01-11en
dc.subject.jelD23en
dc.subject.jelG32en
dc.subject.jelG34en
dc.subject.jelL22en
dc.subject.jelM13en
dc.subject.ddc650en
dc.subject.keywordOwnership Structureen
dc.subject.keywordHigh-Tech IPO-Firmsen
dc.subject.keywordMergers & Acquisitionsen
dc.subject.stwÜbernahmeen
dc.subject.stwAnkündigungseffekten
dc.subject.stwWertpapieremissionen
dc.subject.stwAktienmarkten
dc.subject.stwKapitalertragen
dc.subject.stwEvent Studyen
dc.titleThe stock market evaluation of IPO-firm takeovers-
dc.typeWorking Paperen
dc.identifier.ppn689368321en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:auguow:0111en

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