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dc.contributor.authorLadkani, Radha Mukesh
dc.contributor.authorBanerjee, Ashok
dc.descriptionLadkani, Radha Mukesh, Indian Institute of Management Indore, Indore, Madhya Pradesh, India; Banerjee, Ashok, Indian Institute of Management Calcutta, Kolkata, West Bengal, India
dc.descriptionISSN/ISBN - 09726527
dc.descriptionDOI - 10.1177/0972652718797817
dc.description.abstractConsistent with other evidence on short-run effects of mergers and acquisitions (M&A) announcements on acquiring firm�s shareholder wealth in emerging markets, our study reveals that M&A deals in India, irrespective of the payment method, are not value destroying. Cash deals and stock deals create shareholder wealth on deal announcements. We offer �pseudo-cash deal hypothesis� to explain this phenomenon. We also observe that bigger the relative size of the deal, greater is the abnormal return on deal announcements. We observe that acquirers with high promoter holdings are highly reluctant to offer stock when they acquire a majority stake. However, bigger deals, deals for listed target firms, and deals in the information technology sector, command stock offers. JEL Classification: G34, G14. � 2018 Institute of Financial Management and Research.
dc.publisherJournal of Emerging Market Finance
dc.publisherSage Publications India Pvt. Ltd
dc.subjectBidder returns
dc.subjectEmerging markets
dc.subjectMergers and acquisitions
dc.subjectPayment method
dc.subjectPromoter holdings
dc.titleEmerging Market Bidder Returns and the Choice of Payment Method in Mergers and Acquisitions: Evidence from India
Appears in Collections:Finance and Control

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