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M & A(dvertising)
Ruenzi, Stefan
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Kunzmann, Anja
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Hillert, Alexander
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URL:
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https://editorialexpress.com/cgi-bin/conference/do...
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Dokumenttyp:
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Konferenzveröffentlichung
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Erscheinungsjahr:
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2017
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Buchtitel:
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The American Finance Association 2019 Annual Meeting : January 4-6, 2019 in Atlanta, GA, 2019 Preliminary Program and Ph.D. Poster Session
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Seitenbereich:
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1-47
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Veranstaltungstitel:
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American Finance Association 2019 Annual Meeting
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Veranstaltungsort:
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Atlanta, GA
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Veranstaltungsdatum:
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04.-06.01.2019
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Herausgeber:
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Hirshleifer, David
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Ort der Veröffentlichung:
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Salt Lake City, UT
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Verlag:
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American Finance Association
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Fakultät für Betriebswirtschaftslehre > Internat. Finanzierung (Ruenzi 2009-)
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Fachgebiet:
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330 Wirtschaft
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Abstract:
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We investigate the advertising strategies of firms in mergers and acquisitions. Target firms increase their advertising expenses, on average, by 50% in the quarter before the announcement of a stock deal. Higher offer prices for high-advertising target firms suggest product advertising being a tool to attract investors’ attention, which may result in temporarily increased stock prices. For acquiring firms, we observe no increase in advertising before but a significant increase in the week after the announcement of a stock deal. The positive relation between acquirer advertising and the probability of deal completion indicates that advertising can positively influence target shareholders’ attitude towards the deal. Overall, our findings support the role of product market advertising as a strategic tool to affect the outcomes of M&As.
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Zusätzliche Informationen:
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Online-Ressource
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 | Dieser Eintrag ist Teil der Universitätsbibliographie. |
 Suche Autoren in
BASE:
Ruenzi, Stefan
;
Kunzmann, Anja
;
Hillert, Alexander
Google Scholar:
Ruenzi, Stefan
;
Kunzmann, Anja
;
Hillert, Alexander
ORCID:
Ruenzi, Stefan  ORCID: https://orcid.org/0000-0002-6492-1701, Kunzmann, Anja and Hillert, Alexander
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