A Signaling Theory of Acquisition Premiums: Evidence from IPO Targets
扩展信号理论到收购溢价研究，发现IPO目标公司通过与知名投行、风投和联盟伙伴建立关系，能向收购方传递信号，减少因信息不对称导致的折价，从而提升卖方收益。
This article extends signaling theory to research on acquisition premiums and investigates the value that newly public targets capture in post-IPO acquisitions. We complement previous research on acquisition premiums by suggesting that signals about targets can enhance sellers' gains by reducing acquirers' offer price discounting that is due to information asymmetries. Specifically, we argue that target firms can engage in interorganizational relationships (e.g., associations with prominent investment banks, venture capitalists, and alliance partners) that function as signals and enhance sellers' gains. Empirical evidence shows that the benefits of such signals apply to domestic and cross-border deals alike and that these benefits are even greater for IPO targets selling their companies to acquirers based in different industries.