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What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions
We study shareholder returns for firms that acquired five or more public, private, and/or subsidiary targets within a short time period. Since the same bidder chooses different types of targets andExpand
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Market Valuation and Acquisition Quality: Empirical Evidence
Existing research shows that significantly more acquisitions occur when stock markets are booming than when markets are depressed. Rhodes-Kropf and Viswanathan (2004) hypothesize that firm-specificExpand
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Deal Size, Acquisition Premia and Shareholder Gains
This study examines the contradictory predictions regarding the association between the premium paid in acquisitions and deal size. We document a robust negative relation between offer premia andExpand
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Do dividends matter more in declining markets
We find dividends do matter to shareholders, but more in declining markets than advancing ones. Dividend-paying stocks outperform non-dividend-paying stocks by 1 to 2% more per month in decliningExpand
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The Performance of Stock-Price Driven Acquisitions
Existing literature has shown that periods of high merger activity are correlated with high market valuations. Significantly more acquisitions occur when stock markets are booming than when marketsExpand
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Flexibility and Dividends
We develop a model of corporate dividend policy based on the idea that management values operating flexibility. By reducing dividends and conserving cash, management increases its flexibility. ThisExpand
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The Impact of Informed Trading on Dividend Signaling. A Theoretical and Empirical Examination
This paper examines how the trading behavior of various investors impacts a firm's need to employ dividend changes to signal private information to the market. The dividend signaling modelExpand
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Signaling, Free Cash Flow and 'Nonmonotonic' Dividends
Many argue that dividends signal future earnings or dispose of excess cash. Empirical support is inconclusive, potentially because no model combines both rationales. This paper does. Higher qualityExpand
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METHOD-OF-PAYMENT CHOICE FOR INTERNATIONAL TARGETS
Though cross-border acquisitions have grown dramatically in value and frequency in the last ten years, little is known about returns to acquirers or their method-of-payment choice. This paper studiesExpand
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Corporate cash holdings and political connections
We examine the relation between corporate liquidity and political connections measured via lobbying expenditures. This is an interesting question as many of the motives for holding cash should beExpand
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