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hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorFilipovic, Zoran
hal.structure.identifier
dc.contributor.authorWagner, Alexander
dc.date.accessioned2023-03-23T11:47:25Z
dc.date.available2023-03-23T11:47:25Z
dc.date.issued2022
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/24583
dc.language.isoenen
dc.subjectCorporate announcementsen
dc.subjectIntangible assetsen
dc.subjectIntangibles talken
dc.subjectMergers and acquisitionsen
dc.subjectTakeoversen
dc.subjectTextual analysisen
dc.subject.ddc332en
dc.subject.classificationjelG.G3.G34en
dc.titleThe Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tuneen
dc.typeCommunication / Conférence
dc.description.abstractenMergers 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.en
dc.identifier.urlsitehttps://dx.doi.org/10.2139/ssrn.3330623en
dc.subject.ddclabelEconomie financièreen
dc.relation.conftitleThe 7th Inter Business-School Finance Seminaren
dc.relation.confdate2022-04
dc.relation.confcitySophia Antipolisen
dc.relation.confcountryFranceen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2023-02-10T17:55:24Z
hal.identifierhal-04042892
hal.version1
dc.subject.classificationjelHALG - Financial Economics::G3 - Corporate Finance and Governance::G34 - Mergers; Acquisitions; Restructuring; Corporate Governanceen
hal.date.transferred2023-03-23T11:47:27Z
hal.update.statusnewVersion
hal.author.functionaut
hal.author.functionaut


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