How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns?
检验了理论预测：收购方异常收益与信息不对称和意见分歧负相关，且仅适用于股票收购。控制特质波动后，现金收购与股票收购的收益差异消失。
We examine the theoretical predictions that link acquirer returns to diversity of opinion and information asymmetry. Theory suggests that acquirer abnormal returns should be negatively related to information asymmetry and diversity-of-opinion proxies for equity offers but not cash offers. We find that this is the case and that, more strikingly, there is no difference in abnormal returns between cash offers for public firms, equity offers for public firms, and equity offers for private firms after controlling for one of these proxies, idiosyncratic volatility. , Oxford University Press.