Do Stock Mergers Create Value for Acquirers?
发现估值过高的公司通过用股票作为支付手段能为长期股东创造价值，并利用外生原因失败的并购样本解决了内生性问题。
ABSTRACT This paper finds support for the hypothesis that overvalued firms create value for long‐term shareholders by using their equity as currency. Any approach centered on abnormal returns is complicated by the fact that the most overvalued firms have the greatest incentive to engage in stock acquisitions. We solve this endogeneity problem by creating a sample of mergers that fail for exogenous reasons. We find that unsuccessful stock bidders significantly underperform successful ones. Failure to consummate is costlier for richly priced firms, and the unrealized acquirer‐target combination would have earned higher returns. None of these results hold for cash bids.