M & A(dvertising)


Ruenzi, Stefan ; Hillert, Alexander ; Kunzmann, Anja



Dokumenttyp: Präsentation auf Konferenz
Erscheinungsjahr: 2017
Veranstaltungstitel: 20th Annual Conference of the Swiss Society for Financial Market Research (SGF)
Veranstaltungsort: Zürich, Switzerland
Veranstaltungsdatum: 31. March 2017
Sprache der Veröffentlichung: Englisch
Einrichtung: Fakultät für Betriebswirtschaftslehre > Internat. Finanzierung (Ruenzi 2009-)
Fachgebiet: 330 Wirtschaft
Abstract: 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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