The Benefits of Overvaluation: Evidence from Mergers and Acquisitions
研究并购中收购方能否利用自身高估的股票购买被低估的目标公司来创造价值，通过准实验设计支持了市场时机假说。
Abstract Theoretical and empirical evidence debates whether acquirers can exploit their overvalued equity and create value by purchasing less overvalued or undervalued target firms. Shleifer and Vishny (2003) and Savor and Lu (2009) argue in favor of this, while Fu, Lin, and Officer (2013) and Akbulut (2013) provide evidence against. I revisit this issue and develop a quasi‐experimental design. The misvaluation effect for stock acquirers that are more overvalued than their targets is isolated and measured. My findings offer direct evidence in favor of the Shleifer and Vishny (2003) market‐timing hypothesis.