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The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune

Filipovic, Zoran; Wagner, Alexander (2022), The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune, The 85th Anniversary Conference, 2022-09, Belgrade, Serbie

Type
Communication / Conférence
External document link
https://dx.doi.org/10.2139/ssrn.3330623
Date
2022
Conference title
The 85th Anniversary Conference
Conference date
2022-09
Conference city
Belgrade
Conference country
Serbie
Metadata
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Author(s)
Filipovic, Zoran
Dauphine Recherches en Management [DRM]
Wagner, Alexander
Abstract (EN)
Mergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a novel word list of intangibles and apply it to takeover announcements. The value of these deals to the acquirer, as shown by abnormal announcement returns, is questionable: One standard deviation more in intangibles talk lowers returns by 0.50 percentage points. Agency problems explain little of these results. Rather, the cross-section of announcement returns, payment mode choices, and insider trades suggest that intangibles talk reflects managerial overoptimism. In sum, takeover announcements reveal important information regarding the quality of deals.
Subjects / Keywords
Corporate announcements; Intangible assets; Intangibles talk; Mergers and acquisitions; Takeovers; Textual analysis
JEL
G14 - Information and Market Efficiency; Event Studies; Insider Trading

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