Do Firms Strategically Internalize Disclosure Spillovers? Evidence from Cash‐Financed M&As
研究了管理者在现金收购中是否策略性地发布利空消息压低目标公司股价，从而降低收购溢价，对并购定价和监管有启示。
ABSTRACT We investigate whether managers internalize the spillover effects of their disclosure on the stock price of related firms and strategically alter their disclosure decisions when doing so is beneficial. Using data on firm‐initiated disclosures during all‐cash acquisitions, we find evidence consistent with acquirers strategically generating news that they expect will depress the target's stock price. Our results suggest the disclosure strategy leads to lower target returns during the negotiation period when the takeover price is being determined and results in a lower target premium. These findings are robust to a battery of specifications and falsification tests. Our results are consistent with expected spillovers influencing the timing and content of firms’ disclosures in M&A transactions.