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Outsiders favor the most: Status and the heterogeneity of audience coverage in M&A deals

Wang, Pengfei
Journal article, Peer reviewed
Accepted version
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URI
http://hdl.handle.net/11250/2499684
Date
2018
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  • Publikasjoner fra CRIStin - BI [647]
  • Scientific articles [1338]
Original version
Long range planning. 2018, 51 (2), 234-251.   10.1016/j.lrp.2017.03.006
Abstract
Uncertainty experienced by market audiences is the fundamental premise for status to take effect. Whereas prior research usually assumes that uncertainty is evenly distributed among audiences, this study emphasizes the heterogeneity of audiences. Audiences usually differ in the scope of firms they cover. They acquire more information and confront less uncertainty when evaluating firms under their coverage than those not. Status may thus exert different effects across audiences. My theoretical development is situated in the context of M&A. In particular, I hypothesize that although an acquirer's status is generally beneficial, it is more appealing to investors who do not cover the acquirer, as compared to covering investors. Results of the empirical analysis on the U.S. deals between 1990 and 2014 provide considerable support for my framework.
Publisher
Elsevier
Journal
Long range planning

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