Corporate Cash Holdings and Acquisitions
研究发现收购方公告回报随现金持有增加而下降，但仅当部分支付采用股票形式时成立；进一步证据表明使用股票支付的收购方被高估，高现金持有强化了这一信号。
Abstract We find that acquirers’ announcement returns decline with their cash holdings, but only when at least part of the payment is in the form of stock. We further find evidence that acquirers that use stock payment are overvalued, especially when they have excess cash that they could have used instead. Collectively, our results suggest that investors interpret announcements of stock acquisitions as a signal that the acquirers’ equity is overvalued and that high cash holdings intensify this signal. However, our results are inconsistent with the common belief that cash holdings induce value‐destroying acquisitions.