Does short-selling potential influence merger and acquisition payment choice?
Does short-selling potential influence merger and acquisition payment choice?
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卖空潜力是否会影响并购付款选择？
DOI：
10.1016/j.jfineco.2022.03.002
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发表时间：
2022
影响因子：
8.9
通讯作者：
Ping‐Wen Sun
中科院分区：
文献类型：
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作者：
Marie Dutordoir;N. Strong;Ping‐Wen Sun
股票融资并购(M&A)的公告可能会吸引并购套利者卖空竞购者的股票。我们假设，具有较高卖空潜力的竞购者在他们的并购支付中包括更高比例的现金，以缓解套利卖空导致的股价下跌。与这一假设相一致，我们发现投标人股份的事前净贷款供应量对现金在公共目标付款中的百分比有正向影响。进一步的测试，包括对公私交易的安慰剂分析和对预期价格压力代理的分析，证实了预期的套利相关价格压力对支付选择的影响。
Announcements of stock-financed mergers and acquisitions (M&As) may attract short selling of bidder shares by merger arbitrageurs. We hypothesize that bidders with higher short-selling potential include a higher proportion of cash in their M&A payments to mitigate stock price declines resulting from arbitrage short sales. Consistent with this hypothesis, we find that the ex ante net lending supply of bidder shares has a positive impact on the percentage of cash in public target payments. Further tests, including a placebo analysis of public-to-private deals and an analysis of expected price pressure proxies, corroborate the impact of anticipated arbitrage-related price pressure on payment choice.
DOI：
10.2139/ssrn.99580
发表时间：
1999-03
期刊：
The American Economic Review
影响因子：
--
作者：
Michael C. Jensen
通讯作者：
Michael C. Jensen