The Role of the Media in Takeovers: Theory and Evidence
Matthias M. M. Buehlmaier
The University of Hong Kong
February 26, 2013
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, C72working papers series
Date posted: November 1, 2010 ; Last revised: February 26, 2013
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