메뉴 건너뛰기




Volumn 56, Issue 10, 2010, Pages 1781-1793

Investor inattention and the market reaction to merger announcements

Author keywords

Investor inattention; Market efficiency; Merger announcements

Indexed keywords

CORPORATE EVENTS; INFORMATION PROCESSING; INVESTOR INATTENTION; MARKET EFFICIENCY; MARKET REACTIONS; MERGER ANNOUNCEMENTS; STOCK RETURNS; TRADING VOLUMES;

EID: 77958077971     PISSN: 00251909     EISSN: 15265501     Source Type: Journal    
DOI: 10.1287/mnsc.1100.1212     Document Type: Article
Times cited : (114)

References (41)
  • 3
    • 38049051830 scopus 로고    scopus 로고
    • All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors
    • Barber, B., T. Odean. 2008. All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. Rev. Financial Stud. 21 785-818.
    • (2008) Rev. Financial Stud. , vol.21 , pp. 785-818
    • Barber, B.1    Odean, T.2
  • 5
    • 0039403205 scopus 로고    scopus 로고
    • Takeovers of privately held targets, methods of payment, and bidder returns
    • Chang, S. 1998. Takeovers of privately held targets, methods of payment, and bidder returns. J. Finance 53 773-784.
    • (1998) J. Finance , vol.53 , pp. 773-784
    • Chang, S.1
  • 6
    • 47749123257 scopus 로고    scopus 로고
    • Economic links and predictable returns
    • Cohen, L., A. Frazzini. 2008. Economic links and predictable returns. J. Finance 63 1977-2011.
    • (2008) J. Finance , vol.63 , pp. 1977-2011
    • Cohen, L.1    Frazzini, A.2
  • 7
    • 0036145215 scopus 로고    scopus 로고
    • Investor psychology in capital markets: Evidence and policy implications
    • Daniel, K., D. Hirshleifer, S. H. Teoh. 2002. Investor psychology in capital markets: Evidence and policy implications. J. Monetary Econom. 49 139-209.
    • (2002) J. Monetary Econom. , vol.49 , pp. 139-209
    • Daniel, K.1    Hirshleifer, D.2    Teoh, S.H.3
  • 8
    • 0039561990 scopus 로고    scopus 로고
    • Measuring mutual fund performance with characteristic-based benchmarks
    • Daniel, K., M. Grinblatt, S. Titman, R. Wermers. 1997. Measuring mutual fund performance with characteristic-based benchmarks. J. Finance 52 1035-1058.
    • (1997) J. Finance , vol.52 , pp. 1035-1058
    • Daniel, K.1    Grinblatt, M.2    Titman, S.3    Wermers, R.4
  • 9
    • 38049102859 scopus 로고    scopus 로고
    • Demographics and industry returns
    • DellaVigna, S., J. Pollet. 2007. Demographics and industry returns. Amer. Econom. Rev. 97 1167-1702.
    • (2007) Amer. Econom. Rev. , vol.97 , pp. 1167-1702
    • Dellavigna, S.1    Pollet, J.2
  • 10
    • 62449165111 scopus 로고    scopus 로고
    • Investor inattention and friday earnings announcements
    • DellaVigna, S., J. Pollet. 2009. Investor inattention and Friday earnings announcements. J. Finance 64 709-749.
    • (2009) J. Finance , vol.64 , pp. 709-749
    • Dellavigna, S.1    Pollet, J.2
  • 12
    • 0042671261 scopus 로고    scopus 로고
    • What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions
    • Fuller, K., J. Netter, M. Stegemoller. 2002. What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. J. Finance 57 1763-1793.
    • (2002) J. Finance , vol.57 , pp. 1763-1793
    • Fuller, K.1    Netter, J.2    Stegemoller, M.3
  • 13
    • 33646375435 scopus 로고    scopus 로고
    • Shrouded attributes and information suppression in competitive markets
    • Gabaix, X., D. Laibson. 2006. Shrouded attributes and information suppression in competitive markets. Quart. J. Econom. 121 505-540.
    • (2006) Quart. J. Econom. , vol.121 , pp. 505-540
    • Gabaix, X.1    Laibson, D.2
  • 15
    • 77958030453 scopus 로고    scopus 로고
    • And now, for those other deals
    • (January 11)
    • Glasner, J. 2000. And now, for those other deals. Wired (January 11), http://www.wired.com/techbiz/media/news/2000/01/33549.
    • (2000) Wired
    • Glasner, J.1
  • 16
    • 56349117945 scopus 로고    scopus 로고
    • Earnings management, lawsuits, and stock-for-stock acquirers' market performance
    • Gong, G., H. Louis, A. Sun. 2008. Earnings management, lawsuits, and stock-for-stock acquirers' market performance. J. Accounting Econom. 46 62-77.
    • (2008) J. Accounting Econom. , vol.46 , pp. 62-77
    • Gong, G.1    Louis, H.2    Sun, A.3
  • 17
    • 0141977276 scopus 로고    scopus 로고
    • Are dividend changes a sign of firm maturity?
    • Grullon, G., R. Michaely, B. Swaminathan. 2002. Are dividend changes a sign of firm maturity? J. Bus. 75 387-424.
    • (2002) J. Bus. , vol.75 , pp. 387-424
    • Grullon, G.1    Michaely, R.2    Swaminathan, B.3
  • 18
    • 0742321678 scopus 로고    scopus 로고
    • Limited attention, information disclosure, and financial reporting
    • Hirshleifer, D., S. H. Teoh. 2003. Limited attention, information disclosure, and financial reporting. J. Accounting Econom. 36 337-386.
    • (2003) J. Accounting Econom. , vol.36 , pp. 337-386
    • Hirshleifer, D.1    Teoh, S.H.2
  • 19
    • 70349495343 scopus 로고    scopus 로고
    • Driven to distraction: Extraneous events and underreaction to earnings news
    • Hirshleifer, D., S. Lim, S. H. Teoh. 2009. Driven to distraction: Extraneous events and underreaction to earnings news. J. Finance 64 2289-2325.
    • (2009) J. Finance , vol.64 , pp. 2289-2325
    • Hirshleifer, D.1    Lim, S.2    Teoh, S.H.3
  • 20
  • 21
    • 0012166025 scopus 로고    scopus 로고
    • A unified theory of underreaction, momentum trading, and overreaction in asset markets
    • Hong, H., J. Stein. 1999. A unified theory of underreaction, momentum trading, and overreaction in asset markets. J. Finance 54 2143-2184.
    • (1999) J. Finance , vol.54 , pp. 2143-2184
    • Hong, H.1    Stein, J.2
  • 23
    • 0040291376 scopus 로고    scopus 로고
    • Contagious speculation and a cure for cancer: A nonevent that made stock prices soar
    • Huberman, G., T. Regev. 2001. Contagious speculation and a cure for cancer: A nonevent that made stock prices soar. J. Finance 56 387-396.
    • (2001) J. Finance , vol.56 , pp. 387-396
    • Huberman, G.1    Regev, T.2
  • 25
    • 77958061020 scopus 로고
    • Happy monday-what's the merger du jour?
    • (August 29)
    • Kramer, F. 1995. Happy Monday-What's the merger du jour? Pittsburgh Post-Gazette (August 29) C9.
    • (1995) Pittsburgh Post-gazette
    • Kramer, F.1
  • 26
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification and firm performance
    • Lang, L., R. Stulz. 1994. Tobin's q, corporate diversification and firm performance. J. Political Econom. 102 1248-1280.
    • (1994) J. Political Econom. , vol.102 , pp. 1248-1280
    • Lang, L.1    Stulz, R.2
  • 27
    • 35948988013 scopus 로고
    • Managerial performance, tobin's q and the gain from successful tender offers
    • Lang, L., R. Stulz, R. Walkling. 1989. Managerial performance, Tobin's q and the gain from successful tender offers. J. Financial Econom. 24 137-154.
    • (1989) J. Financial Econom. , vol.24 , pp. 137-154
    • Lang, L.1    Stulz, R.2    Walkling, R.3
  • 28
    • 9944238726 scopus 로고    scopus 로고
    • Earnings management and the market performance of acquiring firms
    • Louis, H. 2004a. Earnings management and the market performance of acquiring firms. J. Financial Econom. 74 121-148.
    • (2004) J. Financial Econom. , vol.74 , pp. 121-148
    • Louis, H.1
  • 29
    • 3042650913 scopus 로고    scopus 로고
    • The cost of using bank mergers as defensive mechanisms against takeover threats
    • Louis, H. 2004b. The cost of using bank mergers as defensive mechanisms against takeover threats. J. Bus. 77 295-310.
    • (2004) J. Bus. , vol.77 , pp. 295-310
    • Louis, H.1
  • 30
    • 27744439728 scopus 로고    scopus 로고
    • Acquirers' abnormal returns and the non-big 4 auditor clientele effect
    • Louis, H. 2005. Acquirers' abnormal returns and the non-Big 4 auditor clientele effect. J. Accounting Econom. 40 75-99.
    • (2005) J. Accounting Econom. , vol.40 , pp. 75-99
    • Louis, H.1
  • 31
    • 0001113843 scopus 로고
    • An analysis of value destruction in AT&T's acquisition of NCR
    • Lys, T., L. Vincent. 1995. An analysis of value destruction in AT&T's acquisition of NCR. J. Financial Econom. 39 353-378.
    • (1995) J. Financial Econom. , vol.39 , pp. 353-378
    • Lys, T.1    Vincent, L.2
  • 32
    • 15944391877 scopus 로고    scopus 로고
    • Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave
    • Moeller, S., F. Schlingemann, R. Stulz. 2005. Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave. J. Finance 60 757-782.
    • (2005) J. Finance , vol.60 , pp. 757-782
    • Moeller, S.1    Schlingemann, F.2    Stulz, R.3
  • 33
    • 35448987305 scopus 로고    scopus 로고
    • How do diversity of opinion and information asymmetry affect acquirer returns?
    • Moeller, S., F. Schlingemann, R. Stulz. 2007. How do diversity of opinion and information asymmetry affect acquirer returns? Rev. Financial Stud. 20 2047-2078
    • (2007) Rev. Financial Stud. , vol.20 , pp. 2047-2078
    • Moeller, S.1    Schlingemann, F.2    Stulz, R.3
  • 34
    • 0011459812 scopus 로고
    • Good news, bad news and the intraday timing of corporate disclosures
    • Patell, J., M. Wolfson. 1982. Good news, bad news and the intraday timing of corporate disclosures. Accounting Rev. 57 509-527.
    • (1982) Accounting Rev. , vol.57 , pp. 509-527
    • Patell, J.1    Wolfson, M.2
  • 35
    • 33646497234 scopus 로고    scopus 로고
    • Investor attention, overconfidence, and category learning
    • Peng, L., W. Xiong. 2006. Investor attention, overconfidence, and category learning. J. Financial Econom. 80 563-602.
    • (2006) J. Financial Econom. , vol.80 , pp. 563-602
    • Peng, L.1    Xiong, W.2
  • 36
    • 38249036784 scopus 로고
    • The distribution of earnings news over time and seasonalities in aggregate stock returns
    • Penman, S. 1987. The distribution of earnings news over time and seasonalities in aggregate stock returns, J. Financial Econom. 18 199-228.
    • (1987) J. Financial Econom. , vol.18 , pp. 199-228
    • Penman, S.1
  • 37
    • 84986468683 scopus 로고
    • Impacts of relative size and industrial relatedness on returns to shareholders of acquiring firms
    • Scanlon, K., J. Trifts, R. Pettway. 1989. Impacts of relative size and industrial relatedness on returns to shareholders of acquiring firms. J. Financial Res. 12 103-112.
    • (1989) J. Financial Res. , vol.12 , pp. 103-112
    • Scanlon, K.1    Trifts, J.2    Pettway, R.3
  • 38
    • 7244231862 scopus 로고    scopus 로고
    • Anomalies and market efficiency
    • Elsevier, North Holland, London
    • Schwert, W. 2003. Anomalies and market efficiency. Handbook of the Economics of Finance, Vol. 21. Elsevier, North Holland, London.
    • (2003) Handbook of the Economics of Finance , vol.21
    • Schwert, W.1
  • 39
    • 84977724620 scopus 로고
    • Tobin's Q and the gains from takeovers
    • Servaes, H. 1991. Tobin's Q and the gains from takeovers. J. Finance 46 409-419.
    • (1991) J. Finance , vol.46 , pp. 409-419
    • Servaes, H.1
  • 41
    • 0011490625 scopus 로고
    • Overpaying in corporate takeovers: The winner's curse
    • Varaiya, N., K. Ferris. 1987. Overpaying in corporate takeovers: The winner's curse. Financial Analysts J. 43 64-70.
    • (1987) Financial Analysts J. , vol.43 , pp. 64-70
    • Varaiya, N.1    Ferris, K.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.