Acquirer Valuation and Acquisition Decisions: Identifying Mispricing Using Short Interest
利用空头持仓作为投资者层面的错误定价指标，研究发现错误定价是并购决策的重要驱动因素，高空头持仓公司更倾向股票收购、更少现金收购，且股票收购方空头持仓高于目标方。
Abstract We use short interest as an investor-based measure of over- or undervaluation that distinguishes between the misvaluation and Q-theories of mergers. Using this measure, we find that misvaluation is a strong determinant of merger decision-making. Firms in the top quintile of short interest are 54% more likely to engage in stock acquisitions and 22% less likely to engage in cash acquisitions. Stock (but not cash) acquirers have higher short interest than their targets. Overall, our results suggest that the previously documented underperformance of stock acquirers and the overperformance of cash acquirers can be explained by misvaluation, as captured by short interest.