The Role of the Media in Takeovers: Theory and Evidence

Buehlmaier, Matthias M. M.

doi:10.2139/ssrn.1673164

Abstract

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The Role of the Media in Takeovers: Theory and Evidence

Matthias M. M. Buehlmaier

The University of Hong Kong

February 26, 2013

Abstract:
Using text-based media content, this paper develops and empirically confirms a theory that explains how the media predicts takeover outcomes. It shows that positive media content about the acquirer predicts takeover success. Relative to other predictors proposed in the literature, the media measure is the most important explanatory variable in terms of marginal effect, significance, and goodness of fit.

Number of Pages in PDF File: 44

Keywords: Mergers and Acquisitions (M&A), Takeovers, Media, News, Text-Based Information

JEL Classification: G34, C11, D82, C72

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Date posted: November 1, 2010 ; Last revised: February 26, 2013

Suggested Citation

Buehlmaier, Matthias M. M., The Role of the Media in Takeovers: Theory and Evidence (February 26, 2013). Available at SSRN: http://ssrn.com/abstract=1673164 or http://dx.doi.org/10.2139/ssrn.1673164

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