Are Stock‐for‐Stock Acquirers of Unlisted Targets Really Less Overvalued?
研究发现，换股收购非上市目标公司的收购方实际上比收购上市目标公司的收购方更被高估，这与现有文献认为私有目标能缓解收购方高估动机的观点相反。
Extant studies assume that targets’ private ownership mitigates acquirers’ incentives and opportunities to finance acquisitions with inflated stocks. This view stems from the observation that, although the average stock‐for‐stock acquirer's merger announcement return is negative when the target is listed, it is positive when the target is unlisted. Accordingly, extant studies often suggest that announcements of stock‐for‐stock acquisitions of unlisted targets convey favorable private information about the acquirers. However, an analysis of stock‐for‐stock acquirers’ stock performance, abnormal accruals, net operating assets, and insider trading suggests the opposite. Acquirers of unlisted targets are generally more overvalued than acquirers of listed targets.